Silver has been a valuable commodity for centuries, and Silver price in Pakistan is subject to fluctuations in the global market. In recent years, the silver price in Pakistan has seen a gradual increase, with some ups and downs along the way.
As of February 14th, 2023, Silver Price in Pakistan is approximately PKR 1,500 per gram. This is a significant increase from a year ago when the price was around PKR 1,050 per gram.
The global market plays a major role in determining the silver price in Pakistan. Silver is a precious metal that is widely used in various industries, including electronics, jewelry, and solar panels. As such, changes in the demand for these products can influence the price of silver.
Silver Price in Pakistan
As of Friday, August 18, 2023, Silver Price in Pakistan stands at Rs. 2158 for every 10 grams, while the price for one tola of silver is valued at Rs. 2517.
Another factor that can impact the price of silver in Pakistan is the value of the Pakistani rupee against other major currencies. If the rupee strengthens against the dollar, for example, the price of silver in Pakistan may decrease. Conversely, if the rupee weakens, the price of silver may increase.
Investors and collectors often purchase silver as a way to diversify their portfolios and hedge against inflation. In Pakistan, there are various ways to invest in silver, including purchasing physical silver in the form of coins or bars, or investing in silver exchange-traded funds (ETFs) or mutual funds.
It’s worth noting that the price of physical silver in Pakistan may differ from the price of silver on the global market due to factors such as import taxes and other fees. Additionally, the quality of the silver may also impact its price.
Overall, the silver price in Pakistan is subject to various factors that can influence its value. While it’s impossible to predict the future with certainty, keeping an eye on global market trends and the value of the Pakistani rupee can help investors and collectors make informed decisions about buying and selling silver.
Where to buy Silver in Cheap Rates in Pakistan
It’s worth noting that the price of silver in Pakistan, as with any other commodity, is subject to various factors such as global market trends, import taxes, and the quality of the silver product. As such, it can be difficult to predict where to find the cheapest silver in Pakistan.
That said, there are a few potential options for finding competitively priced silver in Pakistan:
1. Local Jewelers
Local jewelers may be a good option for purchasing silver jewelry or silver items such as utensils or decorative pieces. It’s worth noting that prices may vary depending on the quality of the silver and the design of the item.
2. Online Marketplaces
Online marketplaces such as Daraz and Alibaba offer a range of silver products, including coins and bars. Prices may vary depending on the seller and the quality of the product, so it’s important to research the seller and compare prices before making a purchase.
3. Bullion Dealers
Bullion dealers specialize in the buying and selling of precious metals, including silver. It’s worth noting that bullion dealers may charge a premium on top of the market price of silver, so it’s important to research prices and compare offers from different dealers.
Overall, it’s important to do your research and compare prices from different sources before making a purchase. Additionally, it’s important to ensure that the product you are purchasing is genuine and of high quality, as counterfeit silver products may be sold at lower prices but can be a poor investment in the long run.
Where it come from?
Silver is a naturally occurring element that is found in the Earth’s crust. It is usually mined from silver deposits in various parts of the world, including in countries such as Mexico, Peru, China, and Australia. Once it is extracted from the earth, it is then refined and processed into various forms, including bars, coins, and jewelry. The demand for silver in various industries and investment markets can influence its price and the volume of silver mined and produced around the world.
Pakistan produces a small amount of silver domestically, but most of its silver supply is imported from other countries. The main sources of imported silver for Pakistan are China, India, and the United Arab Emirates. The imported silver is then used in various industries, including jewelry making, electronics manufacturing, and the production of silverware. Additionally, investors and collectors in Pakistan can also purchase physical silver in the form of coins or bars, which may be sourced from various countries depending on the product and supplier.
USD & Silver Price in Pakistan
The value of the U.S. dollar is one of the key factors that can impact the silver Price in Pakistan and other countries around the world. The U.S. dollar is the world’s dominant reserve currency, and many countries, including Pakistan, use the U.S. dollar as a benchmark currency for international trade and finance.
There are several ways in which the value of the U.S. dollar can influence the silver price in Pakistan:
Currency exchange rates: The value of the U.S. dollar relative to other currencies can impact the silver price in Pakistan. When the U.S. dollar strengthens against other major currencies, the silver price in Pakistan may decrease, as it becomes more expensive for Pakistani buyers to purchase silver on the global market. Conversely, when the U.S. dollar weakens against other currencies, the silver price in Pakistan may increase.
Inflation: The U.S. dollar is a fiat currency, which means that its value is not backed by a commodity like gold or silver. As a result, the U.S. dollar can be subject to inflation, which is the devaluation of currency over time due to factors such as increases in the money supply or decreases in the demand for the currency. When inflation occurs, the price of silver in Pakistan may increase, as investors and collectors may turn to precious metals like silver as a hedge against inflation.
Interest rates: The U.S. Federal Reserve, the central bank of the United States, has significant influence over the value of the U.S. dollar through its monetary policy decisions. When the Federal Reserve raises interest rates, it can make the U.S. dollar more attractive to investors, which can cause the price of silver in Pakistan to decrease as investors may be less likely to invest in silver.
Global market trends: The global market for silver is highly interconnected, and changes in the value of the U.S. dollar can impact the global supply and demand for silver. For example, if the U.S. dollar weakens, it may become more expensive for countries that export silver to the United States to do so, which can decrease the global supply of silver and cause its price to increase.
Overall, the value of the U.S. dollar can play a significant role in determining the price of silver in Pakistan. However, it’s worth noting that the relationship between the U.S. dollar and the price of silver is complex and can be influenced by many other factors, including changes in the global economy and geopolitical events. As such, it’s important for investors and collectors to stay informed about global market trends and do their research before making any decisions about buying or selling silver.
In conclusion, the price of silver in Pakistan has seen a gradual increase in recent years and is subject to fluctuations in the global market. Investors and collectors have various options for investing in silver, including physical silver and silver ETFs or mutual funds. Keeping an eye on global market trends and the value of the Pakistani rupee can help inform decisions about buying and selling silver.