As of today, gold prices in Pakistan have experienced a slight decline, continuing a recent trend of fluctuation. The current price for 24-karat gold per tola is approximately Rs. 214,000, while the price for 10 grams stands at around Rs. 183,471. For 22-karat gold, the price is about Rs. 196,167 per tola.
Recent Trends in Gold Prices in Pakistan
In recent days, gold prices have fluctuated due to various factors affecting both local and international markets. This latest decrease is particularly notable given that prices had peaked earlier this month at around Rs. 220,000 per tola. The current rate reflects a decrease of about Rs. 6,000 from the previous week.
Such fluctuations can be attributed to changes in the global gold market, currency exchange rates, and local demand and supply dynamics. Investors and consumers are encouraged to stay informed about these trends, especially if they are considering purchasing gold for investment or personal use.
Gold Prices in Other Major Countries
To provide context for Pakistan’s gold pricing, here’s a look at the gold rates in five other major countries:
- India:
- 24K Gold: ₹58,600 per 10 grams
- India is one of the largest consumers of gold globally, with prices often influenced by seasonal demand during festivals and weddings.
- United States:
- 24K Gold: $1,992 per ounce
- The U.S. gold market is highly influential, and fluctuations in the dollar’s value can significantly impact global gold prices.
- United Kingdom:
- 24K Gold: £1,568 per ounce
- The UK market sees price fluctuations based on both local demand and international market trends.
- Australia:
- 24K Gold: AUD 3,127 per ounce
- As one of the top gold-producing countries, Australia’s domestic prices can vary based on export demands and local economic conditions.
- China:
- 24K Gold: ¥400 per gram (approximately $1,890 per ounce)
- China’s status as a major gold consumer and importer greatly influences global prices, especially in the Asian market.
Factors Influencing Gold Prices
Several key factors influence gold prices, including:
- Global Economic Conditions: Gold is often seen as a safe-haven asset during economic downturns. As uncertainties rise in global markets, demand for gold tends to increase, driving prices up.
- Currency Fluctuations: The value of the U.S. dollar has a direct correlation with gold prices. A stronger dollar typically makes gold more expensive in other currencies, while a weaker dollar can lower gold prices.
- Geopolitical Tensions: Political instability, wars, and natural disasters can lead to increased demand for gold, prompting price increases.
- Local Demand and Supply: In countries like Pakistan, seasonal demand during wedding seasons and religious festivals can also cause fluctuations in gold prices.
Conclusion
The gold market remains dynamic, influenced by a variety of factors. As of November 5, 2024, gold prices in Pakistan reflect a slight decrease, aligning with global trends. Monitoring these changes is crucial for potential investors and consumers alike. For the most accurate and updated prices, it is advisable to consult local dealers and reputable financial news sources.
For further information on gold prices and market trends, you can refer to various financial news outlets and market analysis websites.
