Gold prices in Pakistan saw a rise on Friday, with 24-carat Gold priced at 20,911.11 Pakistani Rupees (PKR) per gram, showing an increase of PKR 12.49 compared to the previous day at PKR 20,898.62 per gram.
The price per tola of 24-carat Gold also went up to PKR 243,903.05 from PKR 243,757.37.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 20,911.11 |
| 10 Grams | 209,111.07 |
| Tola | 243,903.05 |
| Troy Ounce | 650,408.61 |
FXStreet adapts international prices (XAU/USD) to local currency and measurement units to calculate Gold prices in Pakistan. These prices are updated daily based on current market rates.
Global Market Movers: Gold price traders await more cues about the Fed’s rate-cut path before placing directional bets
- The recently released US GDP report showed a slowdown in economic growth and persistent inflation, which has supported the price of Gold.
- As per data from the US Commerce Department, the US economy grew by 1.6% at an annualized rate in the first quarter, marking its weakest performance since mid-2022.
- The report also indicated that underlying inflation increased more than anticipated, by 3.7% in the first quarter, reinforcing expectations that the Federal Reserve will maintain higher interest rates for a longer period.
- The rise in the yield on the 10-year US government bond following the mixed data poses a challenge for Gold, which does not offer yields.
- Moreover, decreased concerns about further escalations in Middle East tensions have dampened the demand for Gold as a safe-haven asset.
- Investors are closely watching the Fed’s rate-cut decisions and the upcoming release of the Personal Consumption Expenditures (PCE) Price Index to gauge the future trajectory of Gold prices.
(An automation tool was used in creating this post.)
Gold FAQs
Gold has historical significance as a store of value and medium of exchange, serving as a safe-haven asset during turbulent times and a hedge against inflation and currency depreciation.
Central banks hold significant Gold reserves to bolster their currencies during economic uncertainties, with emerging economies like China, India, and Turkey increasing their Gold holdings in recent years.
Gold exhibits an inverse correlation with the US Dollar, US Treasuries, and risk assets, making it an attractive diversification option for investors in various market conditions.
Various factors such as geopolitical instability, recession fears, interest rates, and the behavior of the US Dollar influence Gold prices, making it a dynamic asset class affected by a range of economic and geopolitical events.
Gold prices in Pakistan saw a rise on Friday, with 24-carat Gold priced at 20,911.11 Pakistani Rupees (PKR) per gram, showing an increase of PKR 12.49 compared to the previous day at PKR 20,898.62 per gram.
The price per tola of 24-carat Gold also went up to PKR 243,903.05 from PKR 243,757.37.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 20,911.11 |
| 10 Grams | 209,111.07 |
| Tola | 243,903.05 |
| Troy Ounce | 650,408.61 |
FXStreet adapts international prices (XAU/USD) to local currency and measurement units to calculate Gold prices in Pakistan. These prices are updated daily based on current market rates.
Global Market Movers: Gold price traders await more cues about the Fed’s rate-cut path before placing directional bets
- The recently released US GDP report showed a slowdown in economic growth and persistent inflation, which has supported the price of Gold.
- As per data from the US Commerce Department, the US economy grew by 1.6% at an annualized rate in the first quarter, marking its weakest performance since mid-2022.
- The report also indicated that underlying inflation increased more than anticipated, by 3.7% in the first quarter, reinforcing expectations that the Federal Reserve will maintain higher interest rates for a longer period.
- The rise in the yield on the 10-year US government bond following the mixed data poses a challenge for Gold, which does not offer yields.
- Moreover, decreased concerns about further escalations in Middle East tensions have dampened the demand for Gold as a safe-haven asset.
- Investors are closely watching the Fed’s rate-cut decisions and the upcoming release of the Personal Consumption Expenditures (PCE) Price Index to gauge the future trajectory of Gold prices.
(An automation tool was used in creating this post.)
Gold FAQs
Gold has historical significance as a store of value and medium of exchange, serving as a safe-haven asset during turbulent times and a hedge against inflation and currency depreciation.
Central banks hold significant Gold reserves to bolster their currencies during economic uncertainties, with emerging economies like China, India, and Turkey increasing their Gold holdings in recent years.
Gold exhibits an inverse correlation with the US Dollar, US Treasuries, and risk assets, making it an attractive diversification option for investors in various market conditions.
Various factors such as geopolitical instability, recession fears, interest rates, and the behavior of the US Dollar influence Gold prices, making it a dynamic asset class affected by a range of economic and geopolitical events.
