Islamabad, Jan 14: Gold deposits worth Rs. 700 billion have been discovered in Attock, Punjab. Punjab Minister for Minerals Sardar Sher Ali Gorchani claimed that the government discovered 2.8 million tolas of gold in a 32-kilometer-wide area of Attock, with an estimated market value of Rs. 600-700 billion.
Gold Prices in Pakistan
| City | 24K per Tola | 22K per Tola | Gold Market |
|---|---|---|---|
| Karachi | PKR 150,000 | PKR 137,500 | Sarafa Market |
| Lahore | PKR 150,500 | PKR 138,000 | Sarafa Market |
| Islamabad | PKR 150,200 | PKR 137,700 | Sarafa Market |
| Peshawar | PKR 150,250 | PKR 137,750 | Sarafa Market |
| Quetta | PKR 150,300 | PKR 137,800 | Sarafa Market |
| Multan | PKR 150,100 | PKR 137,600 | Sarafa Market |
Note: The prices are for illustrative purposes and are subject to change based on daily market conditions.
Understanding Gold Price Fluctuations in Pakistan
Gold, a precious metal with enduring appeal, is highly sought after in Pakistan for both investment and adornment purposes. The prices of gold in Pakistan are subject to frequent fluctuations influenced by a variety of domestic and international factors.
The global market dynamics set international gold prices. Demand, supply, inflation, interest rates, and geopolitical stability influence these rates. Major world exchanges determine prices, affecting local gold rates in Pakistan.
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The Sarafa Markets in cities determine gold prices daily. They set rates based on the previous day’s international market closing price, adjusted for the current exchange rate of the Pakistani Rupee against the US Dollar.
This linkage means that any fluctuation in the international gold price or the value of the Rupee directly impacts the price of gold in Pakistan.
Additionally, domestic factors such as changes in local demand during wedding seasons, festivals, and other cultural occasions can significantly influence gold prices. During these times, the demand for jewelry increases, pushing prices higher.
The gold market in Pakistan also faces influences from governmental policies, such as import duties and taxes on gold imports. These policies can either increase or decrease the cost of gold, depending on the economic strategies adopted by the government. For example, higher import duties on gold can lead to increased prices in the local market.
It is also a popular form of savings among Pakistani families, often bought as gold jewelry, bars, or coins.
What is the price of 1 tola in Pakistan?
| Gold Rate | 24K Gold |
|---|---|
| Per Tola Gold | 285,500.000 |
| Per 10 Gram Gold | 244,770.000 |
| Per 1 Gram Gold | 24,477.000 |
| Per Ounce | 693,765.000 |
