Gold rate in Pakistan today February 15, 2023
Pak Chronicle Desk
Islamabad
Bullion markets in Pakistan witnessed substantial decline in the price of gold against the Pakistani rupee on Wednesday due to a little bit stability of Pakistani rupee versus the US dollar.
The gold rate declined by Rs1,243 per 10 grams in the bullion market compared with its rate as on February 14, 2023.
Gold Rate in Pakistan today as on 15 February 2023 was recorded at Rs167,996 per 10 grams, and the price of gold was recorded at Rs195,950 per tola.
Gold Rate in Pakistan on 14 February 2023 was recorded at Rs169,239 per 10 grams, and the price of gold was Rs19,7400 per tola on the same day.
Karachi is the central hub of the gold market in Pakistan and every other gold market of other major cities follow the gold rate which is set by Karachi Sarafa Bazar Association.
A gold dealer in Sarafa Bazar Rawalpindi, Muhammad Naeem told this correspondent that currently gold rate per tola rate is between Rs190,000 to 192,000. He said gold rate per 10 grams is 158,000 at the moment which was 10 days back Rs178,000.
He said the market has witnessed around Rs22,000 per tola decline in just 10 days which is a record decline in the history of Pakistan so far.
He said basically the international market is also witnessing massive decline as a result of which Pakistan is also witnessing decrease in the prices of gold.
According to him, so far there is no panic like thing in the market and the investors haven’t started selling their gold yet.
He said a few years back the market had also witnessed decline but later on it again had surged.
“Gold market is not like a stock exchange where people start selling their stocks if share prices start falling. People in the bullion market know that gold is gold which would give you profit, irrespective of the fact what is the rate of it at the moment.
So the investors aren’t selling their gold stocks to avoid potential major setbacks,” Naeem commented.
This is pertinent to mention here that during the era of Imran Khan as the prime minister and during the peak days of coronavirus in Pakistan, a large number of the citizens had sold their gold belongings.
They had sold the gold jewelry, mostly in the Sarafa Bazaar (gold markets) to make both ends meet due to joblessness, higher inflation level etc.
Meanwhile, if the era of Pakistan Tehreek-e-Insaaf’s government was fatal for the downtrodden people, then the era of the current regime has proved more lethal for them. They are at the receiving end and the higher inflation level is crushing them and there is no one to wipe away their tears.
In the mini budget, extraordinary taxes have been levied on the general public to secure a deal with the International Monetary Fund (IMF).
A fresh wave of inflation is all set to hit the masses and the gold dealers believe that more people would sell their humble gold belongings which would pave the way for their hefty earnings.
It is pertinent to mention here that generally gold dealers purchase gold jewelry at much less rate compared with the rates which are quoted in the reports of some media outlets.
