Gold and silver rates increase in Pakistan

KARACHI: The rate of 24 karat per tola gold witnessed an increase of Rs2,400 on Saturday (17 May 2025) and was sold at Rs338,500 against its sale at Rs336,100 on the previous trading day, All Pakistan Sarafa Gems and Jewelers Association reported.

The rates of 10 grams of 24 karat also increased by Rs2,058 to Rs290,209 from Rs288,151 whereas the price of 10 grams of 22 Karat increased by Rs1,886 to Rs266,034 from Rs264,148.

The rates of per tola silver increased by Rs33 to Rs3,410 whereas that of ten gram silver went up by Rs28 to Rs2,923.

The price of gold in the international market increased by $24 to $3,201 from $3,177 whereas that of silver went up by $0.33 to $32.28, the Association reported

For centuries, gold has held a prestigious position in the world economy, prized for its rarity, durability, and enduring appeal. It is widely regarded as a safe-haven asset, offering financial protection during periods of economic uncertainty.

Both investors and central banks maintain gold reserves to diversify holdings and safeguard against inflation and currency fluctuations.

Several factors influence the value of gold. Geopolitical tensions and fears of economic downturns often trigger a surge in demand due to gold’s reputation as a secure investment.

Moreover, as a non-interest-bearing asset, gold tends to perform well when interest rates decline, while rising borrowing costs typically weigh on its price.

On the currency front, the Saudi Riyal (SAR) was recorded at Rs75.09 against the Pakistani Rupee (PKR) in the open market on Saturday, May 17, 2025.

The Saudi Riyal’s selling rate was noted at Rs75.64.

Saudi Arabia’s official currency is denoted as SAR or SR. A single Riyal is divided into 100 halalas.

The relationship between Pakistan and Saudi Arabia is characterized by a deep-rooted, mutually supportive alliance, reinforced by significant financial aid from the Saudi kingdom.

Recently, Saudi Arabia extended a $3 billion deposit with Pakistan for an additional year to further strengthen the economy of the fellow Islamic nation.

Every year, millions of Pakistanis working in Saudi Arabia remit large portions of their income back to the homeland.