Will Rupee Devalue Further? Economic roller coaster

[capsat]

www.gold.pk <-- updates every 30 minutes daily.

Country wide gold prices are controlled by Karachi Gold Market, just like Karachi Stock Exchange (now PSX) has countrywide share price control.

GOLD prices are for solid raw gold, in either Block, Bar, Coin, Biscuit shape.
there are 4 grades of Gold, 18, 21, 22 & 24 Karats.

22 & 24 is favorite choice of investors.

1 gram is basic unit, prices are referred with 10 grams unit, while 12 grams is termed as 1 TOLA.

@salman_w

[salman_w]

Thanks @capsat.

[salman_w]

@capsat Also i called a jeweler in Lahore and he was talking about imported gold bars and local gold bars and a difference in their prices. Do you know whats that about?

[fb2013]

150?? What. No way. I guess 220 MAX

[capsat]

"Imported" is a term to scam buyer. At time of sale so called "Imported" is sold at premium,. when buying it is considered as if stolen and offered lowest price. The irony is 'imported' is sold and repurchased at same shop, no 3rd shop will buy it at real & actual prevailing price.

@salman_w

[salman_w]

Thanks for the clarification. This was Mehfooz jewelers who told me about imported and local gold. I guess you cannot trust anyone these days. Is there a topic on PW forums on buying and selling of gold and current buying selling discussion? @capsat

[HellsGuardian]

and what is the purity difference between imported and local?

[fb2013]

Today

US Dollar
Buying: 225
Selling: 227.5

[adnan.shaukat]

well - there are 2 types of 24K Gold
1. 10 Tola Piece/Bar (swiss bank, ARY or local 10 tola bar), there is no difference in their selling price i.e. when you go to sell, there is no extra premium, and when buying there is no difference in their price, its upto your satisfaction, you can ask from jeweller if they have any specific subject to availability. by the way 5 tola gold bars also available in ARY but not so common.
(sometimes people ask jeweller to give them half piece) which is not recomended because when you go to sell half bar, you will get price of B category (Pathoor)
2. second type is pathoor which is purified in local gold labortires/shop through chemical process. there is no specific weight limit, it can be from 1 gram to any X weight., Its price is few hundred less than gold bar per tola.
there is very minor purity difference between piece and pathoor. piece is always 99.999999% and pathoor could be around 99.500% pure.

[capsat]

s there a topic on PW forums on buying and selling of gold and current buying selling discussion?

sir it is an automobile related HUB, not a bullion discussion. This topic was started when economy started to collapse, Currency & Bullion was discussed only as 'safe investment' to protect saving from devaluation

[capsat]

[Nabs]

Alarming level: SBP-held foreign exchange reserves decline $341mn to $8bn
https://www.brecorder.com/news/40200416

Dollar rate is magically falling while foreign exchange reserves vanish. Darnomics will lead to bankruptcy soon.

[mgalaxy3]

They were going low n up long before him as well.

All countries protect their currency from free falling n ours too should in my opinion.

[salman_w]

@capsat yes brother this is precisely the reason i am asking because this seems the only way for me to save my hard earned savings. I am not a hoarder, in fact i am new to this thats why i am taking guidance from this community.
Unfortunately the value of our currency is in such a bad state that saving money in a bank account isn't feasible anymore.
As far as the topic for gold buying and selling is concerned, i feel that awareness is never a bad thing and it doesn't mean that people would be buying or selling gold to each other. I meant only discussion like people are doing here on buying dollars etc.
Also why I was asking is because i did not want to go off topic on this thread and if its ok to discuss buying of gold here then I don’t want or need another separate topic. Hope you understand as this community is an unbiased group of people who try to help each other whenever they can. I am here to do so as well.
Also buying gold is More than just saving in Pakistan. Its for people to save for their daughters and for their future.
All the best.

[xzap042]

Most local shops call ary bars as imported and provide you these same ary bars

[salman_w]

He talked about imported bar and that he will cut it as required. So maybe its not Ary gold bars. Btw have you ever bough an ARY gold bar? How much mark up is on it?

[xzap042]

Yes, I recently bought ary 1 tola gold bars from both ary authorized shops and from local market as well. Both are same. All the local shops I consulted with were quoting ary bars as imported item.

These are sold at market rate plus fixed 'packaging charge' which depends on size of bar. For one tola it's 1500. For 5 tola I think it was 3000. From ary shops they have a delivery time of couple of weeks whereas local shops usually provide you within 1-2 days.

[salman_w]

Thanks @xzap042 i will keep this info in mind. Apprecite your input

[Falcon22]

If you are buying a gold bar as hedge against inflation or investment then never ever try open its packaging. Its value will drop. Cutting a bar is some next level thing and I will never do it. Better buy it directly from ARY jewelers.

[Falcon22]

True. DARKnomics is going to screw Pakistan's economy in a far worst way one can imagine.