Why Gold Rate In Pakistan Goes Up And Down Daily?
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Why Gold Rate In Pakistan Goes Up And Down Daily?

by Entertainment Bracket

Gold Rate In Pakistan The local price of gold increased by Rs10,031 per 10-gram and Rs11,700 per tola between January 1 and December 31 of the preceding year, despite a $79 decline in the world market price per ounce.

In comparison to Rs97,994 and Rs114,300 on the final day of 2021, the price of gold was Rs108,025 for ten grams and Rs126,000 for a tola. In the same time frame, international gold rates decreased to $1,820 per ounce from $1,899 on January 1, 2021.

According to Mohammad Arshad, chairman of the All Pakistan Jewellers Manufacturers Association (APJMA), the impact of the declining global gold price over the past year has been partially mitigated by the rupee’s depreciation against the dollar.

The interbank market saw the dollar price drop from Rs176.51 on December 31 to Rs159 on January 1, 2021, increasing the cost of importing completed goods and raw materials.

Gold Rate In Pakistan

He added that on October 26, 2021, when the international market price was $1,803 per ounce, the 10-gram and one-tola gold rates hit all-time highs of Rs113,854 and Rs132,800, respectively. One dollar was then exchangeable for Rs175, according to the interbank market.

According to sales trends for 2021, he claimed that falling disposable income, rising living expenses, and rising utility costs hurt the sales of jewelry sets, leading many consumers to send their old jewelry in to be melted down and remade into new sets that were lighter.

He claimed that purchasers would buy 10-gram gold chains three years ago, but now they prefer chains that weigh between two and four grams.

list of gold rate

Pakistan is a net importer of gold; as a result, an increase in global markets increases domestic market prices.

The All Sindh Saraf Jewellers Association (ASSJA), which operates six days a week from Monday to Saturday, establishes the gold prices in Pakistan for regional markets. The rupee-dollar parity affects local pricing and changes in international prices.

Gold Rate In Pakistan

Gold Rate In Pakistan in Covid-19

Following the devastation caused by the Covid-19 outbreak, many investors flocked to the haven asset, driving gold prices to almost decade-high levels on the global markets.

Daily Times reported that gold prices continue to decline in Pakistan following the rupee’s appreciation against the United States (US) dollar.

According to the All Pakistan Jewellers Manufacturers Association, the per tola price of gold decreased by Rs1500 to Rs139,000 while the price of 10 grams reduced by Rs1286 to Rs119,170.

The Pakistani rupee continued its upward trajectory and gained Rs1.37 against the US dollar, bringing the interbank rate down to Rs219.75.

Gold rates fall in the local market

According to the data from the State Bank of Pakistan (SBP), the Pakistani rupee closed at Rs219.75 after gaining Rs1.37 against the US dollar, up 0.63 percent.

In the open market, the dollar was sale from Rs219 to Rs221. According to data from the Forex Association of Pakistan (FAP).

Gold Rate 24K Gold Rate Today 22K Gold Rate Today 21K Gold Rate Today 18K Gold Rate Today
per Tola Gold Rate Today Rs. 145000 Rs. 132916 Rs. 126875 Rs. 108750
per 10 Gram Gold Rate Today Rs. 124320 Rs. 113959 Rs. 108780 Rs. 93240
per Gram Gold Gold Rate Today Rs. 12432 Rs. 11396 Rs. 10878 Rs. 9324

READ MORE: The Techlines

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