Gold Rate in Pakistan Today On Monday 29th May 2023
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Today Gold Price Forecast in Pakistan
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Update by Ahmad Nawaz on 29th May,2023 at 08:00 AM
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Gold business in the world and its importance
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The sparkle and shine of gold dazzles every eye. Beautifully designed necklaces, bangles and rings captivate everyone's heart. Gold is bought extensively on weddings and other important occasions. If the prices are determined in Pakistan, it is determined by looking at the prices of gold in the global market. Since the global prices of gold are in dollars, the price of gold in Pakistan is also determined by the value of the dollar. Determines the price of
International gold business
Gold market refers to the market where gold is bought and sold on a large scale which is not in the form of jewellery. Many of the world's financial institutions (ETF funds) give people a paper receipt for the purchase of gold, saying that your gold is safe with us and you can take it from us whenever you want. As these receipts are easier to protect than real gold, these receipts are quite popular in Western countries. But most people in eastern countries do not trust these receipts and demand real gold for purchase.
Gold prices are not determined by the purchase and sale of real gold, but are determined by the purchase and sale of paper gold (gold futures), which is a multi-thousand billion dollar market and is controlled from London and New York. Buying gold is actually buying shares of gold and just as there can be gains and losses in the stock market, so can paper gold.
Global Bullion Markets
Gold prices in Western countries are dominated by the Comex and the London Bullion Market. The Comex in New York is the largest gold market in the world and influences the price of gold around the world. But 99.999% of the gold traded here is not real but paper. Real gold is called physical gold, while gold futures, gold options, gold funds, mini options, etc. are some examples of paper gold. A futures contract means 100 ounces (2835 grams) of gold. Redemption of real gold and silver on expiry of the futures contract is a complicated and expensive transaction whereas "cash settlement" is very easy and profitable so most of the customers prefer cash settlement and never ask for their real gold. In this way, the same piece of gold is sold to many customers. Each customer has only a paper receipt for the gold claim. It is said that every ounce of genuine gold in the Comox has been sold to more than two hundred customers.
From April 1982, the purchase and sale of paper gold (gold future contract) was started in the London Bullion Market. Unlike COMICS, the London Bullion Market is not an exchange but a group of large gold dealers and banks that trade among themselves. or buys and sells on behalf of its customers. About 1,000 tonnes of gold are bought and sold here every business day, which is seven or eight times more than in Comox. 99% of this thousand tons of gold is paper gold and one percent i.e. 10 tons is real gold. At least three kilos of gold are traded in Comox, while large buyers in the London bullion market buy and sell gold in tonnes.
The data shows that between 2001 and 2017, the US had to export 2340 tons of gold from its gold reserves to lower the price of gold. In the same period, 3490 tonnes of gold was exported from Great Britain to Switzerland from where it went to Asian countries.
Gold as currency
Chemically, gold is a very uninteresting metal and rarely reacts with other elements. Man's fascination with it is very strange. However, gold is the only element in the Periodic Table that humans have always preferred to use as currency. The discovery of South Africa in the 16th century and the discovery of vast gold deposits there caused a significant decrease in its value. In 1973, US President Richard Nixon decided to link the US dollar from gold. The simple reason behind Nixon's decision was that the US was running out of the gold it needed to keep as collateral to print dollars. Another problem is that apparently gold is not related to the economy, but it is related to the mining of how much gold can be extracted. The price of gold goes up and down and this fluctuation is not a sign of an ideal currency.
Transactions through gold, silver or other metals are a form of barter system in which payment is completed. For thousands of years, the currency used to consist of gold and silver coins because people had the right to use whatever they wanted as currency. But as time changed and a new chapter of industrialization began, gold was replaced by paper notes and plastic money. took over, thus gold is now only used for adornment and capital preservation. A payment made in paper currency is not really a payment, but merely a promise of future payment which is never fulfilled. That is, payment in paper currency is actually a transfer of debt. The guarantor of the repayment of this loan is the central bank of any country which is backed by the government.
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