Gold prices in Pakistan rose on Friday, with the price of 24-carat Gold reaching 21,024.73 Pakistani Rupees (PKR) per gram, an increase of PKR 35.05 compared to Thursday’s price of PKR 20,989.68.
The price for 24-carat Gold per tola also saw an uptick, rising to PKR 245,228.30 from PKR 244,819.47 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 21,024.73 |
| 10 Grams | 210,247.28 |
| Tola | 245,228.30 |
| Troy Ounce | 653,942.63 |
FXStreet calculates Gold prices in Pakistan by adapting international prices (XAU/USD) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Global Market Movers: Gold price holds positive ground amid Fed’s hawkish comments
- San Francisco Fed President Mary Daly highlighted the uncertainty over the inflation outlook affecting policy decisions until more clarity is obtained.
- US Initial Jobless Claims rose to 231K for the week ended May 4, signaling a cooling labor market as it hit the highest level since August 2023.
- Reports of the downbeat US Nonfarm Payrolls and Israeli forces’ actions added to global economic concerns.
- Rising global gold demand was attributed to various factors such as over-the-counter market investment and central bank purchasing.
- Anticipated drop in the US University of Michigan Consumer Sentiment Index for May indicated potential economic challenges.
Gold FAQs
Gold has been historically regarded as a safe-haven asset and a hedge against inflation and depreciating currencies. Its value extends beyond jewelry to offer stability during turbulent times.
Central banks increase Gold reserves to enhance economic strength and solvency, especially during times of uncertainty. Emerging economies like China and India are actively acquiring Gold to bolster their reserves.
Gold price is influenced by the US Dollar and Treasuries, acting as a safe-haven option amidst market volatility. Its inverse correlation with risk assets and currency fluctuations shapes its price movements.
Gold pricing dynamics are driven by geopolitical events, economic indicators, and currency fluctuations, with the US Dollar playing a crucial role due to the dollar-denominated nature of Gold.
Additional Insight:
– Gold prices can also be influenced by demand from jewelry makers and industrial sectors.
– Geopolitical tensions and global economic uncertainty can lead to increased investment in Gold as a safe-haven asset.
– The fluctuation in Gold prices can reflect broader economic trends and investor sentiment towards market risks.
