Gold rates register massive drop in Pakistan
- By Web Desk -
- Dec 13, 2024
ISLAMABAD: The price of 24 karat per tola gold decreased by Rs.5,000 and was sold at Rs 277,800 on Friday against its sale at Rs 282,800 on previous trading day, All Sindh Sarafa Jewellers Association reported.
The price of 10 grams of 24 karat gold also decreased by Rs.4,286 to Rs.238,169 from Rs 242,455 whereas that of 10 gram 22 karat also went down to Rs.218,321from Rs 222,250.
The prices of Per tola silver decreased by Rs.50 to Rs3,400 whereas that of ten ten gram silver went down by Rs.42.86 to Rs. Rs.2,914.86 respectively.
The price of gold in the international market decreased by $50 to $2,666 from $2,716, the Association reported.
On the other hand, the rate of 24-karat gold in Saudi Arabia surged to 3,815 Saudi Riyals (SAR) per tola on Friday, December 13, 2024.
Also read: Gold slides from 5-week high
As reported by Forex.pk, the price for 10 grams of 24-karat gold in Saudi Arabia is SAR 3,274. Furthermore, the price for an ounce of gold is noted to be SAR 10,183.
It is crucial to recognize that gold prices are influenced by global fluctuations, including those occurring within Saudi Arabia, and the figures provided were last updated at 10:20 am on December 13, 2024.
This modification reflects the current trends in the global gold market, which are influenced by various factors, including economic conditions, geopolitical events, and changes in investor sentiment.
Gold, recognized as a highly esteemed precious metal, has held significant value for centuries and is integral to the global economy. Its worth is derived from its rarity, resilience, and universal attraction. Often viewed as a safe-haven asset, gold is utilized to safeguard wealth during periods of economic uncertainty.
Central banks and investors hold gold reserves to enhance the diversity of their investment portfolios and to shield against inflation and fluctuations in currency value.
The intrinsic appeal and finite supply of gold make it a highly desired material for jewelry and luxury goods. The demand for gold jewelry fosters economic activity across the mining, manufacturing, and retail industries.