The price of gold in Pakistan fell for the second time this week, closing at Rs. 232,600 per tola.Gold Price in Pakistan falls for the Second Time this Week
The price of gold (24 carats) fell by Rs. 1,000 per tola to Rs. 232,600, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), while the price of 10 grammes fell by Rs. 857 per tola to Rs. 199,417.
After experiencing price volatility the previous week, the price of gold has stayed reasonably consistent this week. Gold rose by Rs. 1,100 per tola on Monday, then fell by Rs. 2,000 per tola on Tuesday before holding steady on Wednesday.
Pakistani gold rate – Friday, May 19, 2023
|24K Gold||22K Gold||21K Gold||18K Gold|
|Per 10 Grams||199,632.222||182,996.204||174,678.194||149,724.167|
The price of gold increased by Rs. 500 per tola on Thursday. The current week’s reduction indicates that the price of gold has fallen by Rs. 1,400 per tola. This contrasts with a price hike of Rs. 8,500 per tola last week.
By 1110 GMT, spot gold had risen 0.3 percent to $1,964.09 per ounce, while US gold futures had risen 0.4 percent to $1,967.80.
What Factors Influence Gold Price Fluctuations?
Gold is well-known around the world for its investment value as well as its application in jewellery manufacture. Gold prices, as a worldwide market, can be influenced by a variety of variables. The following are some of the primary potential determinants of live gold prices:
- Rates of interest
- Fiscal policy
- Aversion to/appetite for risk
- Currency exchange markets
- Is there inflation or deflation?
- Demand for investment
- The demand for jewellery
- Stock exchanges
Gold is usually valued in US dollars, therefore the value of the dollar can have a big impact on the current gold price. As the dollar strengthens, gold may become relatively more expensive for international investors, causing the price to fall. On the other side, if the dollar weakens, it may make gold less expensive for international investors, driving gold prices higher in the process. variations in the US Dollar Index are a primary driver for daily variations in live gold prices.
Rising or falling gold jewellery demand can also have an impact on gold. India, for example, has a sizable gold jewellery sector. When there is a high demand for such jewellery, gold prices may rise. However, if jewellery demand is sluggish, gold prices may fall as a result.
Another major determinant of gold prices is interest rates. Higher interest rates can make owning gold more expensive because there is an opportunity cost to holding gold because it does not generate dividends or interest. Lower interest rates, on the other hand, may have a beneficial impact on gold. This is because lower interest rates reduce the potential opportunity cost of owning gold, thus making it more appealing to investors.