Gold rates witness drop in Pakistan

ISLAMABAD: The price of 24 karat per tola gold decreased by Rs.800 and was sold at Rs.273,200 on Friday against its sale at Rs 274,000 the previous day.

The price of 10 grams of 24 karat gold also decreased by Rs.686 to Rs.234,225 from Rs. 234,911 whereas that of 10 gram 22 karat gold went down to Rs.214,706 from Rs 215,335, All Sindh Sarafa Jewellers Association reported.

The prices of per tola and ten gram silver remained constant at Rs 3,350 and Rs. Rs 2,872.08 respectively.

The price of gold in the international market decreased by $8 to $2,620 from $2,628, the Association reported.

On the other hand, the rate of 24-karat gold in Saudi Arabia stands at 3,672 Saudi Riyals (SAR) per tola on Friday (today).

As reported by Forex.pk, the price for 10 grams of 24-karat gold in Saudi Arabia is SAR 3,151. Furthermore, the price for an ounce of gold is noted at SAR 9,802.

Also read: Gold rates in Saudi Arabia; December 27, 2024

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 09:58 am on December 27, 2024.

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 jewellery and luxury goods. The demand for gold jewellery fosters economic activity across the mining, manufacturing, and retail industries.