Gold price sees increase in international, local market

The price of 24 karat per tola gold increased by Rs.1,300 and was sold at Rs 278,300 on Thursday, January 09, 2025, against its sale at Rs 270,000 on previous trading day, the All Sindh Sarafa Jewellers Association reported.

The price of 10 grams of 24 karat gold also increased by Rs.1114 to Rs.238, 597.

The price of gold in the international market increased by $13 to $2665 from $2652, the All Sindh Sarafa Jewellers Association reported.

Earlier, the rate of 24-karat gold in Saudi Arabia reached to 3,725 Saudi Riyals (SAR) per tola as of Wednesday, January 8, 2025.

According to information from Forex.pk, the cost for 10 grams of 24-karat gold in Saudi Arabia stands at SAR 3,197. Additionally, the price for an ounce of gold is SAR 9,944.

It is important to note that gold prices are subject to global market fluctuations, including those specific to Saudi Arabia, with the last update recorded at 12:24 am on January 8, 2025.

Gold, a highly valued precious metal, has maintained its significance for centuries and plays a vital role in the global economy.

Its value stems from its scarcity, durability, and widespread appeal. Frequently regarded as a safe-haven asset, gold is employed to preserve wealth during times of economic instability.

Central banks and investors maintain gold reserves to diversify their investment portfolios and protect against inflation and currency value fluctuations.

The inherent allure and limited availability of gold render it a sought-after material for jewelry and luxury items. The demand for gold jewelry stimulates economic activity across the mining, manufacturing, and retail sectors.