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Gold Prices in Pakistani Rupee
Gold is traded all over the globe, and prices are constantly on the move. Gold is typically quoted by the ounce, gram and kilo. Individual investors may focus on one ounce gold coins and bars as well as fractional sizes. If you are looking to buy or sell gold in Pakistan, you would likely see gold prices quoted in the local currency: The Pakistani Rupee.
The Pakistani Rupee is the official currency of Pakistan. The rupee is issued and controlled by Pakistan’s central bank, the State Bank of Pakistan.
The Pakistani Rupee was introduced in 1947 following the dissolution of the British Raj. As the new currency was put into circulation, British Indian coins and banknotes were used with “Pakistan” stamped on them. New coinage and notes were introduced in 1948. Like many other currencies, the rupee can be subdivided into 100 smaller currency units known as paise. Paise coins (similar to a penny) have not been issued in over two decades, and eventually ceased to be good, legal tender.
The Pakistani Rupee was pegged to the British Pound until the early 80s at which time the government changed it to a managed float.
Gold Pricing in Pakistani Rupee
Gold prices in Pakistan will be quoted by ounce, gram or kilo in rupees. Demand for gold in Pakistan comes from two sources: jewelry demand and investment demand. Gold prices can be affected by numerous potential inputs. Because gold is traded all over the world, news or events in one market can affect prices on a global scale. Some of the primary potential influences on the price of gold include:
- Central bank activity
- Interest rates
- Currency markets
- Jewelry demand
- Investment demand
Gold has been considered a reliable store of wealth and value for thousands of years. Central banks may acquire and hold gold to diversify their reserves and give credibility to their currency. Individual investors may buy and hold gold as a potential hedge against inflation and declining currency values as well as for diversification purposes.
The State Bank of Pakistan
The State Bank of Pakistan is the nation’s central bank. The bank is located in Pakistan’s financial capital, Karachi, with branch offices spread out over the country.
The bank was given full autonomy with regards to its mission of promoting monetary stability and maintaining the nation’s credit system. Additional changes made over the years gave the bank the authority to conduct independent monetary policy, regulate the banking sector and limit government borrowing. According to Tradingeconomics.com, Pakistan had gold reserves of 64.50 tonnes as of the fourth quarter of 2016.
The Pakistan Mint
The State Bank of Pakistan governs the Pakistan Mint, located in Shalimar Town, Lahore, Pakistan. The mint has been in operation since the early 1940s and currently produces rupee coins of various denominations. In addition to rupee coins, the mint also produces medals, stamps and seals.
The Pakistani Economy
Pakistan is considered a developing country, and has a population of nearly 200 million people. Pakistan’s economy is semi-industrialized and the economy has the potential to become one of the world’s largest in the 21st century.
The agricultural sector remains a large part of Pakistan’s economy. The country is one of the largest producers of several agricultural products including wheat, mango, Chickpea and apricots. Pakistan exports rice, cotton, fish, fruits, wheat and more.
Pakistan’s industrial sector accounts for much of the country’s exports and employs a large number of citizens. The production of cotton textiles as well as clothing are two of Pakistan’s largest industries, and large scale manufacturing of numerous products is on the rise.
Pakistan could potentially see strong economic growth in the coming years, and that country’s outlook could potentially attract more foreign investment.
Further economic expansion in Pakistan with additional foreign investment could potentially fuel demand for gold as incomes rise and more people join the labor force. Higher incomes could potentially strengthen demand for gold jewelry as well as gold coins and bars for investment.