Today gold rate in Pakistan is Rs. 114,500 for 10 gram and Rs. 133,600 per tola. Last Update: 26 March 2022
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Gold is a known element with the highest atomic number in the element family. Gold is thick, stringy, very malleable, and has a vivid reddish-yellow hue when entirely raw or pure. It can resist extreme circumstances and is the least reactive of all the chemical elements.
Gold can be found in nature in rocks, grains, or alluvial deposits. Gold has an estimated density of 19.3 grams per cubic centimeter. Gold has a melting point of 1337.33 K and a boiling point of 3243 K. The most well-known gold alloys are copper alloy and rose gold alloy. The copper alloy is used in the production of badges.
According to studies undertaken by the University of Granada and other experts in 2017, gold is thought to have started in the earth’s mantle and subsequently found its way to the earth’s surface.
According to a 2015 study, around 186,700 tonnes of gold are thought to exist on the earth. In 2016, China overtook the United States as the top producer of gold, with 4500 tonnes produced each year.
Approximately half of all gold produced is utilized in jewelry, 40% for investment, and 10% for industrial applications. In industries, gold is mainly utilized to manufacture connection wires in most electronic products such as mobile phones, processors for GPS systems, and calculators because gold connectors do not corrode, are resistant to chemical reactions, and tolerate extreme environments.
Gold is also used in the manufacturing of colored glass, the creation of infrared shields, the production of gold leaf for different operations, and gold is also utilized in many dental treatments such as crowns, bridges, tooth filling, tooth restoration, and so on. Gold is used to manufacture some surgical equipment, as a radiation source in the treatment of cancer, and to cure a medical condition known as lagophthalmos. A little quantity of gold is embedded in the upper eyelid.
Gold is utilized in the manufacture of satellite components and glass shields for climate-controlled constructions. Because gold can be readily sculpted into numerous shapes, its use in jewelry manufacture has made it immensely popular and out of reach of the average person. Its monetary unit is ‘Karat,’ and gold in its most refined form is marketed as ’24 Karat.’
When Spanish explorers arrived in the newly civilized world, they brought vast quantities of gold with them, which they saw as a sign of purity, beauty, and tremendous power. Then, around the second millennium B.C., gold items were uncovered in central Europe.
Gold artifacts, such as those discovered in Lake Varna, Bulgaria, first appeared in the Balkans in the fourth millennium B.C. In 1990, gold objects were unearthed in the Nahal Qana cave cemetery.
Gold currency was invented in Lydia around 610 B.C., and by the sixth century, gold coins were circulated in Chu State. By 106 A.D., new technologies for extracting gold from mines on a broader scale were developed. Since 1910, the bulk of today’s gold has been removed. Because of its worth, the desire to acquire gold has driven civilizations insane from its inception. Even the winner of many athletic tournaments, such as the Olympic Games, receives a gold medal as the first reward.
According to a 2017 survey, China is the largest gold producer with 440 metric tons per year, followed by Australia with 300 metric tons, Russia with 255 metric tons, the United States with 245 metric tons, Canada with 180 metric tons, Peru with 155 metric tons, South Africa with 145 metric tons, Mexico with 110 metric tons, and Uzbekistan with 100 metric tons.
The gold price
Gold’s price began at $35.09 per ounce in 1970, and it has undergone several highs and lows since then. The London Gold Fixing was established in 1919 to deal with the price of gold in the bullion market. In September 2011, the price of gold reached a high of $1,821 per ounce. In recent years, central banks and the Worldwide Monetary Fund have played an essential role in determining the gold price for the international market.
Central banks own around 19% of the gold existing above ground in gold reserves. Interest rates heavily influence the price of gold. When interest rates rise, the price of gold falls. When a country’s inflation rises, central banks raise interest rates, causing gold prices to fall on the global market. The price of gold is also affected by variables such as oil price, currency exchange rates, and equities market returns.
The price of gold in Pakistan is regulated by the international rate set by central banks and the IMF. In 1995, the price of gold in Pakistan began at 11,705 Pakistani rupees (PKR) per troy ounce. It has continued to grow in size since then. In mid-2010, the gold price per ounce in Pakistan surpassed one lakh, and it is expected to rise further until international gold prices stabilize.
Factors Influencing Gold Prices
The following are the elements influencing gold prices in the trade market:
- The price of gold is heavily influenced by supply and demand; the lower the supply, the higher the demand, and the higher the price.
- The lower the price of gold on the market, the higher the interest rate established by central banks. Increased interest rates in some nations, such as Europe and India, bring up the price of gold.
- Inflation impacts the value of a currency, which influences gold rates.