Gold Rate in Pakistan - International Gold Rate
|Location||24k 10g||24k per Tola||22k 10g|
|Pakistan||Rs. 56,756||Rs. 66,200||Rs. 52,020|
|Karachi||Rs. 56,756||Rs. 66,200||Rs. 52,020|
|Lahore||Rs. 56,756||Rs. 66,200||Rs. 52,020|
|Islamabad||Rs. 56,756||Rs. 66,200||Rs. 52,020|
|Rawalpindi||Rs. 56,756||Rs. 66,200||Rs. 52,020|
|Peshawar||Rs. 56,756||Rs. 66,200||Rs. 52,020|
|Quetta||Rs. 56,756||Rs. 66,200||Rs. 52,020|
Today Gold Rates
Characteristics of Gold
Known to be an element, Gold has the highest atomic number among the family of the elements. When in completely raw or pure form, Gold is found to be dense, string highly pliable and bright reddish sort of yellow in color. It is able to withstand harsh conditions and is slightly reactive out of all the chemical elements. In nature, Gold, the element exists in the form of form of rocks, grains or alluvial deposits. An estimated density of gold is 19.3 grams/cm3. The melting point of gold is 1337.33 K and boiling point is 3243 K. The familiar gold alloys are the copper alloy and the rose gold alloy. The copper alloy has usage in making of badges. It is believed that gold originated in the earths’ mantle and then made its way to the surface of the earth, according to research conducted by University of Granada and other scientists back in 2017.
Usage of Gold
According to a research conducted in 2015, around 186,700 tons of gold is believed to exist on the ground. In 2016, China came forward as the largest producer of gold with 4500 tons a year. Out of all the gold production, around 50% of it is used in jewelry making, 40% for investment purposes and 10% in industrial use. In industries, basically gold is used to make connector wires in most of the computerized devices like mobile phone, processors for GPS systems and in calculators since gold connectors do not corrode, have resistance to chemical reactions and are able to withstand harsh conditions. Gold is also used in the production of colored glass, in the production of infrared shield, in the making of gold leaf for various procedures and apart from all these uses gold is also used in various dental procedures like making crowns, bridges, tooth filling, tooth restoration etc. Gold has a lot of medicinal usage as like it is used in the making of certain surgical instruments, it is used as a radiation source in treatment of cancer, used to treat a medical condition lagophthalmos in which a little amount of gold is embedded in the upper eyelid. Gold is used in making components of a satellite and in making of glass shields for climate controlled structures. Since gold can be molded easily into various shapes, its usage in jewelry making has made it very popular and out of reach of a common man. Its unit of trade is ‘Karat’ and in its purest form, gold is market as ‘24 Karat’.
History of Gold
Spanish explorers when arrived in the new civilized world, they had gold in large amounts which they considered as a symbol of purity, beauty and immense power. Then in 2nd Millennium B.C, gold artifacts were discovered in central Europe. In the 4th Millennium B.C, gold artifacts made an appearance in the Balkans like the ones that were found in Lake Varna in Bulgaria. Again in 1990, gold artifacts were discovered in the cave cemetery of Nahal Qana.
Around 610 B.C, gold coinage was developed in Lydia and by 6th century gold coins were being circulated in Chu State. By 106 A.D onwards, new methods were being discovered for the extraction of gold from mines on a larger scale. The majority of the gold that is present now has been extracted since 1910. Since its origin, the lust for owning gold has driven civilizations crazy due to its value. Even the winner at many sports competitions like Olympic Games, gets gold medal as the first prize. According to a survey conducted in 2017, the largest producer of gold is China with 440 metric tons per annum followed by Australia with 300 metric tons, Russia 255 metric tons, United States 245 metric tons, Canada 180 metric tons, Peru 155 metric tons, South Africa 145 metric tons, Mexico 110 metric tons and Uzbekistan with 100 metric tons.
Gold Rate/ Price
Back in 1970, the price of gold started at $35.09 per ounce and since then it has seen highs and lows repeatedly. In 1919, the London Gold Fixing dealt with the pricing of gold in the bullion market. The price of gold peaked to $1,821 per ounce in September 2011. In the recent times, central banks and International Monetary Fund have been playing a key role in fixing of the gold price for the international market. Around 19% of the gold present above ground is officially held by central banks in gold reserves. The price of gold depends a lot on the interest rates. As the interest rates increase, gold rates come down in price. If inflation in a country increases, central banks increase the interest rates leading to reduced prices of gold in the worldwide market. Price of gold is also determined by factors like price of oil, currency exchange rates and equity market returns.
Price of gold in Pakistan is determined according to its international rate determined by the central banks and IMF. Back in 1995, the price of gold in Pakistan started at 11,705 PKR per troy ounce. Since then it has kept on increasing in numbers. In mid 2010, the gold price per ounce in Pakistan crossed the one lac mark and it is estimated to go up until international gold prices don’t settle down.
Factors Affecting Gold Prices
Following are the factors affecting the prices of gold in the trade market;
- Price of gold is highly determined by supply and demand, lesser the supply, greater the demand hence greater the price.
- Greater the interest rate set by the central banks, lesser the price of gold in market. In some countries like Europe and India, increased interest rates drive up the price of gold.
- Inflation affects the value of a currency hence affecting gold rates.