Gold prices record upward trend in Pakistan

The price of 24 karat per tola gold increased by Rs 700 in Pakistan and was sold at Rs 275,200 on Tuesday, All Sindh Sarafa Jewellers Association reported.

The price of 10 grams of 24 karat gold also went up by Rs 600 to Rs 235,940 from Rs 235,340 whereas that of 10 gram 22 karat gold increased to Rs 216,278 from Rs 215,728.

The price of per tola and ten-gram silver remained constant at Rs 3,400 and Rs 2,914.95, respectively.

The price of gold in the international market rose by $7 to $2,640 from $2,633, the Association reported.

Meanwhile, the rate of per tola price 24-karat gold in Saudi Arabia on Tuesday (December 3) stands at 3,723 Saudi Riyal (SAR).

As reported by forex.pk, the cost for 10 grams of 24-karat gold in the kingdom is currently SAR 3,195, while the price per ounce is recorded at SAR 9,938.

Gold, a precious metal prized for centuries, continues to play a significant role in the global economy. Its value lies in its rarity, durability, and universal appeal. Gold is often seen as a safe haven asset, preserving wealth during economic uncertainties.

Central banks and investors hold gold reserves to diversify portfolios and hedge against inflation and currency fluctuations.

Its aesthetic appeal and rarity 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.

Although the gold standard has largely been phased out, gold remains influential in monetary policy and currency exchange rates. Central banks may utilize gold reserves to bolster their currencies and ensure economic stability. In summary, gold plays an essential role in the economy.