On February 26, 2024, the gold rates in Pakistan remained steady, with 1 Tola of gold priced at Rs. 221,400.000. For those looking to purchase smaller quantities, the rate for 10 grams of gold stood at Rs. 189,820.000, while 1 gram of 24K gold was available at Rs. 18,982.000. These prices reflect the prevailing market conditions for gold trading in Pakistan on that day. Investors and buyers could reference these rates to make informed decisions regarding their gold transactions and investments.
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 instability and the increasing price of the dollar.
Pakistan is going through political instability which directly affects Pakistan’s Economy and the prices of gold and the dollar.
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.
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.
FAQs
What is the Price of 1 tola gold in Pakistan Today?
Today gold price in Pakistan per tola is Rs. 221,400.000 as the latest updated rate on 18 Feb 2024.
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 ton 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 is the gold rate in Pakistan today?
Today gold rate in Pakistan is Rs. 221,400.000
What influences gold price? Supply and demand dynamics, Geopolitical, economic uncertainty, Inflation? Interest rates, Currency strength