Karachi, Pakistan – On July 12, 2023, the gold market in Pakistan witnessed fluctuations in prices due to the prevailing economic instability and high inflation. Gold is a highly sought-after precious metal and serves as a reliable indicator of economic conditions. This article delves into the current gold prices in Pakistan, focusing on the rates of 24K and 22K gold, as well as the factors contributing to the volatility in the market.
Gold Prices in Pakistan on July 12, 2023:
As of July 12, 2023, the price of 10 grams of 24K gold in Pakistan stands at Rs. 174,900, while the price of 1 tola (11.66 grams) of 24K gold is Rs. 204,000. These figures have been gathered from reputable sources in the metal markets of Karachi and Multan. Similarly, the price of 22K gold is Rs. 160,324 per 10 grams and Rs. 186,999 per tola. The following section provides further insights into Pakistan’s gold prices.
| City | Gold |
| Lahore | PKR 204,000 |
| Karachi | PKR 204,000 |
| Islamabad | PKR 204,000 |
| Peshawar | PKR 204,000 |
| Quetta | PKR 204,000 |
| Sialkot | PKR 204,000 |
| Attock | PKR 204,000 |
| Gujranwala | PKR 204,000 |
| Jehlum | PKR 204,000 |
| Multan | PKR 204,000 |
| Bahawalpur | PKR 204,000 |
| Gujrat | PKR 204,000 |
| Nawabshah | PKR 204,000 |
| Chakwal | PKR 204,000 |
| Hyderabad | PKR 204,000 |
| Nowshehra | PKR 204,000 |
| Sargodha | PKR 204,000 |
| Faisalabad | PKR 204,000 |
| Mirpur | PKR 204,000 |
Related Article: Gold Price in Pakistan Today – 11 July 2023
Overview of Gold Prices:
Gold Weight | 22K Gold (Rs.) | 24K Gold (Rs.) Per Gram | 16032 | 17490 10 Grams | 160,324, 174,900 | 186,999, 204,000 Please note that these prices are provided for informational purposes only and should not be relied upon for buying or selling gold. To obtain accurate and up-to-date gold prices based on your local market, it is advisable to consult your trusted local gold jeweler.
Factors Influencing Gold Prices in Pakistan:
The gold market in Pakistan is subject to various factors that contribute to its volatility. Economic instability, high inflation rates, and political developments significantly impact the price of gold. The recent increase in the price of silver, with a rise of Rs800 per tola and Rs686 per 10 grams, has added to the uncertainty in the market.
Role of the State Bank of Pakistan:
To monitor the gold prices in Pakistan, data from the Karachi Sarafa gold market and occasionally from the International Monetary Fund (IMF) is considered. The State Bank of Pakistan (SBP), being the governing authority, maintains statistical records and observes the fluctuations in the value of the Pakistani Rupee against major currencies. On the specified date, the Pakistani Rupee appreciated by 0.44 percent against the US dollar, with the exchange rate being Rs278.57 for one dollar.
Related Article: Gold Price in Pakistan Today – 10 July 2023
Conclusion:
In conclusion, the gold market in Pakistan experienced fluctuating prices on July 12, 2023, primarily influenced by economic instability, inflation rates, and political factors. The prices of 24K and 22K gold per gram, 10 grams, and tola were provided as an indicative reference, emphasizing the need to consult local jewelers for accurate and up-to-date prices. With the ever-changing dynamics of the global economy, it is essential for individuals and investors to stay informed about the current gold prices to make well-informed decisions.
