On the 17th of November 2023, Pakistan witnessed a remarkable surge in gold rates, defying the prevailing negative global trend. This surge, notable across various cities in the country, showcased a resilience in the local market despite the challenges posed by the international economic climate.
In the local market, the price of 24-karat gold soared to Rs215,600 per tola, marking a substantial increase. Similarly, the value of 10 grams of 24-karat gold escalated to Rs184,850, portraying a significant uptick in a relatively short period. For those exploring diverse options, the price for a single tola of 22-karat gold stood at Rs197,632, 21 karat at Rs188,650, and 18 karat at Rs161,700. These figures painted a picture of substantial and rapid growth within the local gold market.
Interestingly, despite the challenging international economic climate, the global value of bullion was recorded at approximately $1,961 per ounce, experiencing marginal losses. This stark contrast between the global and local gold rates signals a unique economic trend in Pakistan, diverging from the norm witnessed globally.
Today Gold Rate in Pakistan
| City | Gold | Silver |
| Lahore | PKR 215,600 | PKR 2,548 |
| Karachi | PKR 215,600 | PKR 2,548 |
| Islamabad | PKR 215,600 | PKR 2,548 |
| Peshawar | PKR 215,600 | PKR 2,548 |
| Quetta | PKR 215,600 | PKR 2,548 |
| Sialkot | PKR 215,600 | PKR 2,548 |
| Attock | PKR 215,600 | PKR 2,548 |
| Gujranwala | PKR 215,600 | PKR 2,548 |
| Jehlum | PKR 215,600 | PKR 2,548 |
| Multan | PKR 215,600 | PKR 2,548 |
| Bahawalpur | PKR 215,600 | PKR 2,548 |
| Gujrat | PKR 215,600 | PKR 2,548 |
| Nawabshah | PKR 215,600 | PKR 2,548 |
| Chakwal | PKR 215,600 | PKR 2,548 |
| Hyderabad | PKR 215,600 | PKR 2,548 |
| Nowshehra | PKR 215,600 | PKR 2,548 |
| Sargodha | PKR 215,600 | PKR 2,548 |
| Faisalabad | PKR 215,600 | PKR 2,548 |
| Mirpur | PKR 215,600 | PKR 2,548 |
Across major cities like Lahore, Karachi, Islamabad, Peshawar, Quetta, Sialkot, and various others, the consistency in gold and silver rates was conspicuous. Both gold and silver remained steadfast at PKR 215,600 and PKR 2,548 per unit, respectively. This uniformity across regions within the country hinted at a strong and united stance in the face of fluctuating international trends, showcasing resilience and stability within Pakistan’s gold market.
Comparative Analysis of Gold Rates:
The following table outlines the comparative gold rates as of November 17, 2023, illustrating the variations across different karats:
| Gold Type | Price per Tola (PKR) | Price per 10 Grams (PKR) |
|---|---|---|
| 24 Karat | Rs215,600 | Rs184,850 |
| 22 Karat | Rs197,632 | – |
| 21 Karat | Rs188,650 | – |
| 18 Karat | Rs161,700 | – |
Economic Implications and Market Resilience:
The unexpected surge in local gold rates amidst a global downturn triggers a deeper analysis of Pakistan’s economic landscape. While the international market faces challenges and marginal losses, Pakistan showcases an unprecedented upward trajectory in its gold prices. This phenomenon indicates a certain level of market independence, perhaps influenced by localized factors and economic strategies.
Moreover, the stability in gold rates across diverse cities signifies a robust and resilient local market. Despite external economic pressures, Pakistan’s gold market remains unshaken, offering a sense of stability and predictability for investors and consumers alike.
Related Article: Gold Prices Experience Notable Surge, Increasing by Rs.800 per Tola
Conclusion:
The surge in gold rates observed in Pakistan on November 17, 2023, stands as a testament to the country’s unique economic landscape. Despite the prevailing negative global trend in bullion prices, Pakistan experienced a remarkable upsurge in gold rates, showcasing a resilient and independent local market.
The consistency in prices across various regions further reinforces the stability and strength of Pakistan’s gold market amidst fluctuating international trends. This unforeseen surge prompts a deeper exploration of the localized economic factors contributing to this distinct market behavior, inviting both scrutiny and appreciation for the market’s resilience in the face of global challenges.
