Why Gold, Silver and Dollar Rates Change Every Day
Updated · 5 min read
Prices on the rate board change during the day because they follow markets that trade almost around the clock.
Gold and silver
The world price is set in US dollars per troy ounce (31.1035 g). It moves with interest rates, the dollar, inflation worries, and demand from jewellers and central banks. Local rates are the world price turned into your currency and your unit, such as the tola (11.664 g), plus local costs.
Currencies
An exchange rate is the price of one currency in another. It reflects trade, interest rates, reserves and confidence. Rates quoted on websites are usually the mid-market rate. Banks and shops buy a little below it and sell a little above it.
Why your local price is different
- Import duties and taxes
- Making charges and the dealer's margin
- The buy and sell gap
- The time of the quote
Fuel and the stock index
Fuel prices are often set by the government or regulator at fixed times, using oil prices and the currency rate. A stock index, such as the KSE-100 in Pakistan, follows the share prices of large listed companies and closes each trading day.
See them together
Today's Live Prices puts the gold, silver, currency, fuel and index for your country on one page. Use the Zakat calculator when you need the Nisab at today's price.