Gold rates in Pakistan reach Rs275,200/tola

ISLAMABAD: The price of 24 karat per tola gold remained unchanged at Rs 275,200 on Wednesday, All Sindh Sarafa Jewellers Association reported.

The price of 10 grams of 24 karat and 10 gram 22 karat also remained constant at Rs 235,940 and Rs 216,278 respectively.

Per tola and ten gram silver were also traded at same rate at Rs 3,400 and Rs 2,914.95, respectively.

The price of gold in the international market remained stagnant at $2,640, the Association reported.

Also read: Gold rates in Saudi Arabia on December 4, 2024

On the other side, the rate of 24-karat gold in Saudi Arabia is established at 3,710 Saudi Riyals (SAR) per tola on Wednesday, December 4, 2024.

This pricing reflects the ongoing trends in the global gold market, which can be influenced by various factors.

According to a report from forex.pk, the price for 10 grams of 24-karat gold in Saudi Arabia stands at SAR 3,184. Additionally, the price per ounce of gold is reported to be SAR 9,905

It is important to note that gold prices fluctuate globally, including in Saudi Arabia, and the figures presented here reflect updates made at 08:27 am on December 4, 2024.

Gold, a timeless asset shaping economies

Gold, a highly valued precious metal, has been esteemed for centuries and continues to hold a crucial position in the global economy. Its worth is attributed to its scarcity, resilience, and widespread desirability. Often regarded as a safe haven asset, gold serves to preserve wealth during times of economic instability.

Central banks and investors maintain gold reserves to enhance portfolio diversification and protect against inflation and currency volatility.

Read also: Gold prices record upward trend in Pakistan

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.