As of October 10, 2024, Pakistan’s financial markets are experiencing notable movements in both gold and currency rates in Pakistan. These rates reflect the ongoing global economic pressures and local market dynamics. Gold continues to be a key investment asset, while the exchange rates for major currencies such as the US Dollar, Euro, and Pound Sterling influence Pakistan’s trade and economic landscape. This report provides the latest updates on both markets.
Gold Prices in Pakistan on October 10, 2024
Gold prices in Pakistan remain high due to international market trends. The price for 24K gold per tola stands at PKR 272,800, while 10 grams of 24K gold is priced at PKR 233,890. For 22K gold, the price is PKR 250,052 per tola and PKR 214,398 per 10 grams. These rates are driven by global economic uncertainties and demand for safe-haven assets.
Karat |
Price per Tola (PKR) |
Price per 10 grams (PKR) |
24K | 272800 | 233890 |
22K | 250052 | 214398 |
21K | 238529 | 204156 |
20K | 227006 | 193914 |
18K | 204960 | 174421 |
Impact of Global Market Trends on Gold
The rise in gold prices is largely attributed to global economic factors, including inflationary pressures and geopolitical uncertainties. Investors flock to gold during times of volatility, pushing its value higher. The international price of gold currently hovers around $2,617 per ounce, reflecting the ongoing market volatility. Pakistan’s gold rates are influenced by these international trends, which also impact local demand.
Previous Gold and Currency Rates in Pakistan October 09, 2024
Currency Exchange Rates for October 10, 2024
On the currency front, the Pakistani Rupee (PKR) continues to struggle against major currencies. The US Dollar is trading at PKR 278.25 for buying and PKR 279.75 for selling. The Euro is priced at PKR 303.1 (buying) and PKR 305.85 (selling), while the UK Pound Sterling trades at PKR 361.6 (buying) and PKR 365.1 (selling). These rates are indicative of broader economic pressures facing Pakistan.
Currency |
Buying Rate (PKR) |
Selling Rate (PKR) |
US Dollar (USD) | 278.25 | 279.75 |
Euro (EUR) | 303.1 | 305.85 |
UK Pound Sterling (GBP) | 361.6 | 365.1 |
UAE Dirham (AED) | 75.45 | 76.1 |
Saudi Riyal (SAR) | 73.65 | 74.2 |
Kuwaiti Dinar (KWD) | 898.75 | 908.25 |
Omani Riyal (OMR) | 716.75 | 725.25 |
Canadian Dollar (CAD) | 204.6 | 207 |
Australian Dollar (AUD) | 186.75 | 189 |
Japanese Yen (JPY) | 1.92 | 1.98 |
Chinese Yuan (CNY) | 39.6 | 40 |
Indian Rupee (INR) | 3.34 | 3.45 |
Factors Affecting the Exchange Rate
The exchange rate fluctuations are due to several factors, including Pakistan’s diminishing foreign reserves and global economic pressures. The strengthening of the US dollar is driven by rising oil prices and US monetary policies. Similarly, the Euro and Pound Sterling have been influenced by inflationary pressures in Europe and the UK’s post-Brexit economic adjustments, respectively. These currency dynamics impact both imports and inflation in Pakistan.
Conclusion
Gold and currency exchange rates in Pakistan continue to be influenced by international market conditions. High gold prices reflect global economic uncertainty, making it a preferred investment option. At the same time, the Pakistani rupee remains under pressure, with the US dollar and other major currencies maintaining strong positions. These developments have significant implications for Pakistan’s economy, especially in terms of inflation and trade