Gold prices in Pakistan experienced a decline on Monday, as reported by FXStreet.
The price of 24-carat Gold was recorded at 21,044.46 Pakistani Rupees (PKR) per gram, marking a decrease of PKR 57.20 from the price of PKR 21,101.66 on Friday.
Furthermore, the price of 24-carat Gold dropped to PKR 245,458.50 per tola from PKR 246,125.61 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 21,044.46 |
| 10 Grams | 210,444.64 |
| Tola | 245,458.50 |
| Troy Ounce | 654,556.49 |
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 attracts some sellers amid the Fed’s hawkish remarks
- San Francisco Fed President Mary Daly emphasized the need for prolonged restrictive policy to achieve the Fed’s inflation targets.
- Atlanta Fed President Raphael Bostic indicated that the central bank is likely still considering interest rate cuts this year, despite uncertainties in the outlook.
- Dallas Fed President Lorie Logan mentioned potential upside risks to inflation, stating it’s premature to consider interest rate cuts.
- Minneapolis Fed President Neel Kashkari adopted a cautious approach, expressing a “wait-and-see” stance on interest rates.
- The Israeli military reported operations in Gaza, indicating ongoing military activities.
- The Michigan Consumer Sentiment Index for May saw a decline to 67.4, below expectations.
- The University of Michigan’s inflation outlook rose in May, hitting its highest level since November 2023.
(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.
Central banks hold significant amounts of Gold to bolster their currency reserves, enhancing economic strength and trust.
Gold shows an inverse relationship with the US Dollar and serves as a hedge against inflation and currency depreciation.
Gold prices are influenced by various factors including geopolitical instability, interest rates, and the value of the US Dollar.
Gold prices can be affected by a multitude of factors beyond just market rates, such as geopolitical tensions, economic indicators, and central bank policies. The recent decline in gold prices in Pakistan may be attributed to a combination of global economic uncertainties and the cautious stance of the Federal Reserve regarding inflation and interest rates. Investors and analysts closely monitor these market movers to gauge the direction of gold prices and make informed decisions.
