Gold rates see big drop in Pakistan after ceasefire with India

KARACHI: The rates of 24 karat per tola gold witnessed a decrease of Rs10,400 and was sold at Rs340,500 on Monday against its sale at Rs350,900 on the last trading day, All Pakistan Sarafa Gems and Jewelers Association reported.

The rates of 10 grams of 24 karat also decreased by Rs8,917 to Rs291,923 from Rs283,006.

The price of gold in the international market also decreased by $104 to $3,221 from $3,117.

Meanwhile, the fluctuation of gold prices continues in the international market due to which the 24-karat gold rates in Saudi Arabia were recorded at 4,676 per tola on Monday, May 12, 2025.

As per Forex.pk, 10 grams of 24-karat gold in Saudi Arabia is currently valued at SAR 4,013, with an ounce of gold costing 12,482 Saudi Riyal.

w valued at SAR 3,993, while the price of one ounce stands at SAR 12,421. The latest market update was recorded at 10:00 a.m. local time.

Gold prices in Saudi Arabia, like elsewhere, are heavily influenced by global market conditions. The yellow metal continues to be viewed as a safe-haven asset, offering financial security during periods of geopolitical instability and economic uncertainty.

Valued for its rarity, resilience, and universal appeal, gold remains a key component of investment strategies for both individual investors and central banks.

It plays a crucial role in diversifying portfolios and hedging against inflation and currency volatility.

As a non-yielding asset, gold often sees price increases when interest rates decline, making it more attractive. Conversely, higher borrowing costs tend to suppress its demand.

Meanwhile, the Saudi Riyal (SAR) remained unchanged at Rs75.10 against the Pakistani Rupee (PKR) in the open market on Monday, May 12, 2025.

The Saudi Riyal’s selling rate was noted at Rs75.65.