On March 22, 2024, the price of 24 Karat gold stood at Rs. 223,000.00 per tola. Additionally, the rate for 24 Karat gold was Rs. 19,119.00 per 10 grams and Rs. 1,919.00 per gram. These rates indicate the current market value of gold in the specified quantities, reflecting fluctuations in global and local economic conditions, demand, and supply dynamics. Investors and consumers closely monitor these rates for making informed decisions regarding gold transactions, investments, and purchases.
Does the gold price remain the same throughout the day?
Gold price in Pakistan does not remain the same throughout the day, it changes many times a day. The main reason behind changing the gold price or increasing gold price is the political situation of the country and the increasing or decreasing price of the dollar.
Pakistan is going through political instability which directly affects Pakistan’s Economy and the prices of gold and also dollar rate as well.
Dollar rate and gold price relationship
The dollar rate has a direct effect on gold prices. In Pakistan, the dollar price doesn’t remain the same so the gold price also fluctuates with the dollar rate and is also influenced by the trends in the global market.
Table showing gold rates today in Pakistan
| Date | Gold Rate (1 Tola) | Gold Rate (10 Grams) | Gold Rate (1 Gram) |
|---|---|---|---|
| Mar 22, 2024 | Rs. 223,000.00 | Rs. 19,119.00 | Rs. 1,919.00 |
This table showcases the gold rates for different quantities on March 22, 2024.
The provided gold prices are obtained from the local markets of Karachi and Multan.
Table of gold prices in different cities
Here’s a table summarizing the gold rates in major cities of Pakistan as provided:
| City | Bidding Rate | Asking Rate |
|---|---|---|
| Karachi | Rs. 223,000 | Rs. 223,100 |
| Lahore | Rs. 223,050 | Rs. 223,150 |
| Islamabad | Rs. 223,100 | Rs. 223,200 |
| Quetta | Rs. 223,200 | Rs. 223,300 |
| Peshawar | Rs. 223,150 | Rs. 223,250 |
This table provides the gold rates in different cities.
For the most up-to-date and accurate information on gold prices, it is recommended that individuals consult with local gold merchants and jewellers.
Reasons behind changing price of gold.
Here are some of the reasons behind gold prices increasing or decreasing.
Supply and Demand
When more people want gold than is available, its price goes up. If there’s a lot of gold and few people want it, the price goes down.
Geopolitical and Economic Uncertainty
Gold is seen as safe when things are uncertain. So, when there’s trouble in the world or the economy, more people buy gold, which makes its price go up.
Inflation
When money loses its value because prices go up, people buy gold to keep their wealth safe. So, when inflation rises, does the price of gold?
Interest Rates
When interest rates are low, people don’t earn much from savings accounts or bonds. So, they buy gold instead, which raises its price. But if interest rates are high, fewer people buy gold, so its price drops.
Currency Strength
Gold is traded worldwide in dollars. If the dollar gets weaker, it takes more dollars to buy gold, so its price goes up.
Central Bank Policies
When central banks print lots of money or make it easy to borrow, it can lead to inflation. So, people buy gold to protect themselves, pushing its price up.
Market Speculation
Sometimes, people buy or sell gold based on rumours or guesses about the future. This can cause gold prices to change quickly.
Jewelry and Industrial Demand
Besides investing, gold is used in jewellery and industry. When more jewellery or electronics are made, it affects how much gold is available, which can change its price.
Gold price in the last few days
Here’s the table summarizing the gold prices in Pakistan for the last few days.
| Date | Closing Rate |
|---|---|
| 21 Mar 2024 | Rs. 223,000 |
| 20 Mar 2024 | Rs. 224,650 |
| 19 Mar 2024 | Rs. 224,250 |
| 18 Mar 2024 | Rs. 224,850 |
| 16 Mar 2024 | Rs. 225,650 |
| 15 Mar 2024 | Rs. 225,150 |
| 14 Mar 2024 | Rs. 224,900 |
| 13 Mar 2024 | Rs. 224,100 |
| 12 Mar 2024 | Rs. 224,450 |
| 11 Mar 2024 | Rs. 224,650 |
| 09 Mar 2024 | Rs. 226,000 |
These rates represent the closing rates of pure gold (24K) per tola for each respective date over the past 15 days.
FAQs.
What is the Price of 1 tola gold in Pakistan Today?
Today gold price in Pakistan per tola is Rs. 223,000.00.
How much is a Tola?
The measurement of tola may vary in different countries. However, the Gold rate in Pakistan one tola is equal to 11.66 grams.
How many grams are there in one tola and one ounce?
In Pakistan, one tola of gold equals approximately 11.667 grams.
Similarly, one ounce of gold in Pakistan is equivalent to about 2.43 tolas.
Overall, one ounce of gold weighs approximately 28.35081 grams.
What influences gold price?
Supply and demand dynamics, Geopolitical, economic uncertainty, Inflation? Interest rates, Currency strength.