The gold price in Pakistan soared on Wednesday, August 16, 2023, as global rates have risen. The price of one tola of 24-karat gold in Karachi is now Rs 229,269.032, up from Rs 225,000 on Tuesday.
Gold Price in Pakistan Today – 16 August 2023 (In PKR)
| Gold Rate | 24K Gold | 22K Gold | 21K Gold | 18K Gold | |||||
|---|---|---|---|---|---|---|---|---|---|
| Per Tola Gold | 229,269.032 | 210,163.279 | 200,610.403 | 171,951.774 | |||||
| Per 10 Gram Gold | 196,510.699 | 180,134.807 | 171,946.861 | 147,383.024 | |||||
| Per 1 Gram of Gold | 19,655.131 | 18,013.481 | 17,194.686 | 14,738.302 | |||||
| Per Ounce | 19,651.070 | 510,696.769 | 487,483.280 | 417,842.811 |
The price of gold is being driven up by a number of factors, including the ongoing war in Ukraine, which has caused uncertainty in the global economy. The war has also led to sanctions against Russia, which has disrupted the global gold market.
In addition, the US Federal Reserve is expected to raise interest rates in the coming months, which is likely to make gold more attractive to investors. This could lead to further increases in gold prices.
The rising gold prices are a major concern for the Pakistani government. The government is trying to take steps to stabilize the economy, but it is facing an uphill battle. The rising gold prices are making it more expensive for Pakistanis to import goods and services, which is contributing to inflation. It is also making it harder for Pakistanis to send money abroad, which is impacting the economy.
The government is hoping that the IMF will approve a bailout package for Pakistan, which would help to stabilize the economy. However, the IMF is likely to demand tough reforms from the Pakistani government in return for the bailout package. It remains to be seen whether the Pakistani government will be able to implement these reforms.
In the meantime, the rising gold prices are likely to continue to cause problems for the Pakistani economy. Pakistanis should brace for further increases in gold prices in the coming months.
- The gold price in Pakistan is usually higher than the gold price in the world market due to the import duties and taxes imposed by the government.
- The gold price in Pakistan is also affected by the political and economic situation in the country.
- The gold price is usually a good investment during times of uncertainty, as it is seen as a safe haven asset.
- However, the gold price can also be volatile, so it is important to do your research before investing in gold.
Here are some predictions about the future gold prices in Pakistan:
- The gold price is expected to continue to rise in the short term, due to the ongoing war in Ukraine and the expected interest rate hikes by the US Federal Reserve.
- However, the gold price is expected to fall in the long term, as the global economy recovers and inflation subsides.
