Silver Rate in Pakistan - International Silver Rate
|Location||10 Grams||1 Tola|
|Pakistan||Rs. 754||Rs. 880|
|Karachi||Rs. 754||Rs. 880|
|Lahore||Rs. 754||Rs. 880|
|Islamabad||Rs. 754||Rs. 880|
|Rawalpindi||Rs. 754||Rs. 880|
|Peshawar||Rs. 754||Rs. 880|
|Quetta||Rs. 754||Rs. 880|
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Today Silver Rate in Pakistan
One of the precious metals, Silver, is known to be an element. The use of silver is in electronics, coins, photography and most importantly in jewelry making. It is highly valuable among the family of elements as it has the greatest electrical conductivity among other elements. Though the uses of silver in today's age are numerous but silver is given its due importance and mostly admired in the form of jewelry worn on festivals and weddings.
Today Rate of Silver in Pakistan is Rs. 880 per Tola. The amount depends on many factors including the currency exchange rates, and it changes every other day.
History of Silver
Way back in 3000 B.C, silver mines were discovered for the first time in Anatolia, Turkey. By 1200 B.C silver mines were explored in Greece after the expansion of civilization. By 100 A.D most of the economy of the Roman Empire was driven by the silver mines that were explored that time. With the passing years, as new technology enabled in inspection of more silver mines, popularity of silver kept on increasing. In 1960, the supply of silver worldwide went very low due to which the government of United Stated decided on stopping the usage of silver coins in the form of dimes and quarters. Most of the silver was produced in Nevada, United States back in 1870. Around 20th century, the production of silver rose to 120 million ounces every year.
Value of Silver
Though most of the importance is given to gold but the fact that silver is also used as a form of investment cannot be ignored as well. Investors have always been keen on buying and selling of silver via commodities market while keeping a tight check on global macro trends. The most famous commodities markets are in United States, Europe, London and Japan. These markets mainly deal in purchase and selling of silver in the form of bars, coins and bullions.
In 2009, survey revealed that around 40% of silver demand was for industrial usage while rest of it was needed for jewelry making, coin making and for international trade. A survey conducted in 2010 revealed that 487.4 million ounces silver was used worldwide in industries, 167.0 million ounces in jewelry making and 101.3 million ounces was devoted to investments. The importance of silver can be checked from the fact that each year American Silver Eagle Coins and Canadian Silver Maple Leaf coins are duly purchased by investors from an investment viewpoint. In Unites States of America, silver can be paid to get rid of the debts and loans.
Apart from coins, bullions and bars, silver certificates can also be purchased in United States of America at the price of 1$, 5$ and 10$. Swiss Banks offer the silver accounts which allows an individual to buy or sell silver instantly.
Price / Rate of Silver
In 1979, the price of silver had a drastic change in rate from $6 per troy ounce to $49 per troy ounce. In January, 1980, change in exchange rules from the leverage perspective lead to multiple restrictions on purchase of silver. As a result, price of silver went immensely down. In 1989 eventually a ban was put on trading of silver commodities.
By 2010, a lot of gold and silver was being purchased by investors due to which their prices went. The short term risks forced the investors to go back to purchasing of bonds at that time. In 2011, United States underwent a lot of financial debt due to which the price of silver in the market escalated. As the outlook on the US finances changed, the price of silver rose to $50 per troy ounce in 2011. Till April 2011, silver was being traded at $49.80 in US spot market. The price came back at $30 when it was anticipated that United States’ economy would not suffer a setback anytime soon. In 2014, the price of silver dropped to $19 per ounce which further dropped to $16.53 per ounce in April of 2018. The price of silver is anticipated to drop further in future depending on its mining and trade in global market. The silver extraction increased in 2015 in China, Peru, United States and Mexico which came out as a side product of copper, gold and lead-zinc mines.
In Pakistan, the price of silver dropped from 2,400 PKR to below 1,500 PKR per ounce in November 2015. The price of silver in Pakistan keeps on changing every day depending on international silver rates.
Factors Affecting Silver Rates
The following are the factors that cause silver rates to increase or decrease;
- A shortage of silver supply leads to declining numbers of silver investors and traders leading to increased prices of silver in global market.
- Short selling of silver tends to lower its price in order to make more profit.
- The amount of silver usage in market decides on its price. More the usage, more the price.
- Inflation in countries trading most of the silver could lead to potential lowering of silver prices.