As of today, November 2, 2024, gold prices in Pakistan have seen significant fluctuations, reflecting broader global market trends and domestic demand. Here is the latest breakdown of gold rates across various weights and purities.
Gold Prices on 02 November 2024:
| Weight | 24K Gold Rate (PKR) | 22K Gold Rate (PKR) | 21K Gold Rate (PKR) | 18K Gold Rate (PKR) |
|---|---|---|---|---|
| Per Tola | Rs. 290,300 | Rs. 266,108 | Rs. 254,012 | Rs. 217,725 |
| Per 10 Grams | Rs. 248,890 | Rs. 228,149 | Rs. 217,778 | Rs. 186,667 |
| Per 1 Gram | Rs. 24,889 | Rs. 22,814 | Rs. 21,777 | Rs. 18,666 |
| Per Ounce | Rs. 705,429 | Rs. 646,643 | Rs. 617,250 | Rs. 529,071 |
These rates are based on the latest market updates, ensuring transparency for investors and those interested in gold as a hedge or asset.
Gold Weight Conversions
For accurate investment and trading, it’s important to understand gold weight conversions used in Pakistan and globally:
- 1 Tola = 11.667 grams
- 1 Ounce = 2.43 Tolas or approximately 28.35081 grams
Key Factors Influencing Gold Prices
The value of gold can change due to numerous economic, political, and market dynamics. Here are some of the main drivers behind daily price variations:
- Interest Rates: Higher interest rates increase the opportunity cost of holding gold, as gold does not yield interest or dividends. Conversely, when interest rates are low, gold becomes a more appealing investment.
- Currency Strength: Gold is typically traded in U.S. Dollars. A strong dollar can make gold more expensive for international investors, which may lower demand and thus reduce prices. In contrast, a weaker dollar often leads to increased gold demand, pushing prices up.
- Geopolitical Tensions: Political events and tensions across regions impact market sentiment, often causing investors to turn to gold as a safe-haven asset during uncertainty, leading to increased prices.
- Inflation: Rising inflation can make gold more appealing as it is a traditional hedge against inflation. In times of high inflation, investors often flock to gold, causing a spike in its value.
- Demand for Jewelry: Nations with high demand for gold jewelry, like India, can influence global gold prices. Increased jewelry demand tends to push prices higher, whereas a decrease can lead to softer prices.
Why Monitor Gold Prices?
Keeping track of daily gold prices is essential for investors and jewelry buyers alike. Gold is not only a valuable commodity for wealth preservation but also a critical element in asset diversification. By understanding current prices, investors can make informed decisions on when to buy or sell.
Gold Rate Trends: Historical Insights
For those interested in analyzing long-term trends, gold’s performance over the past week, month, and year can provide insight into the market’s behavior. Tracking these trends helps gauge market stability and potential future movements.
- 1 Week: Reflects short-term changes and market sentiment.
- 1 Month: Shows recent trends influenced by economic news.
- 6 Months & 1 Year: Ideal for evaluating how external factors, such as monetary policies or geopolitical events, impact gold.
For the latest live updates on gold rates, performance charts, and historical data, stay tuned with reliable financial sources.