59.85 F
June 22, 2024
PI Global Investments
Precious Metals

Gold, silver rates on 8-January-2024

Gold rate in Pakistan today on January 8, 2024 is Rs216,100 per tola for 24-carat of the precious metal, while the price for 10 gram gold is Rs185,271 in the local bullion market.

On Monday, the price of 1 tola decreased by Rs1,900. The 10-gram gold price also declined by Rs1,629.

8-Jan-24 Gold Silver
per Tola Rs216,100 (Rs1,900) Rs2,660
per 10 grams Rs185,271 (Rs1,629) Rs2,280

These are live gold prices in Pakistan, including Karachi, Lahore, Islamabad, Rawalpindi, Quetta, Multan, and others. However, a change of a few hundred rupees may be observed.

Internationally, the rate of the yellow metal decreased by $18 to $2,047 per ounce (with a premium of $20 in Pakistani market).

Silver 24kt rate in Pakistan on Monday is Rs2,660 per tola. The price of 10 gram silver is Rs2,280.52.

Gold, silver rates per tola in last 10 sessions:

Dates 24K Gold 24K Silver
6-Jan-24 Rs218,000 Rs2,660
5-Jan-24 Rs217,000 Rs2,660
4-Jan-24 Rs218,200 Rs2,660
3-Jan-24 Rs220,000 Rs2,680
2-Jan-24 Rs221,300 Rs2,680
1-Jan-24 Rs219,700 Rs2,680
30-Dec-23 Rs220,000 Rs2,680
29-Dec-23 Rs220,900 Rs
28-Dec-23 Rs222,800 Rs2,680
27-Dec-23 Rs220,600 Rs2,680

The rates of gold in Pakistan closely follow trajectory of the US dollar and international rates of the commodity as the country remains a net importer of the precious metal.

When the rupee is under pressure, investors take refuge in this safe-haven metal. Other than that, the precious metal is also widely used in making of jewellery.

Gold and silver prices are fixed by respective Sarafa associations in their city.

The precious yellow metal is a store of value across the world, and recognised by cultures as a symbol of wealth.

For thousands of years, gold and silver have been seen as valuable commodities, as the two metals have been widely used for coins for centuries.

What determines the rate of gold?

There happen to be a number of factors that affect the price of gold on daily basis.

Its rates are moved by a combination of various elements such as demand and supply, value of rupee against the US dollar, international prices, interest rates, investor behavior, etc.

Some also consider gold as an inflation hedge, and the precious metal also garners support in case of economic uncertainty in a country like Pakistan. It is a worldwide commodity just like oil.

In Pakistan, it’s not easy to forecast future gold rates as the bullion market remains volatile for multiple reasons.

Since last year, the prices of the yellow metal have seen fluctuation on rupee’s devaluation and economic and political uncertainty.

One tola gold rate in Pakistan hit all-time of Rs240,000 on May 10, 2023.

The domestic currency has devalued significantly in last many months, pushing investors to seek out safe-haven assets such as gold.

Demand for the precious metal increases when investors rush to buy it, which affects its price in the market.

Other than that, jewellery can also be considered one of the drivers of gold prices, but a weaker one, as most people buy jewellery to keep that for years.

Source link

Related posts

A-Mark Precious Metals (NASDAQ:AMRK) Trading 5% Higher


Global Precious Metals E-Waste Recovery Research Report 2024-2030 Featuring Johnson Matthey, Sims, EnviroLeach Technologies, Umicore, Materion, Boliden, and DOWA


Wheaton Precious Metals Announces Solid 2023 Annual Results and Transition to Progressive Dividend Policy


Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.