Gold rates in Pakistan reach record high

ISLAMABAD: The price of 24 karat per tola gold increased by Rs.1,000 and was sold at Rs 304,200 on Tuesday against its sale at Rs 303,200 on previous trading day, All Pakistan Sarafa Gems and Jewelers Association reported.

The price of 10 grams of 24 karat gold also increased by Rs 857 to Rs 260,802 from Rs 259,945 whereas that of 10 gram 22 karat went up by Rs.794 to Rs 239,077 from Rs 238,283.

The prices of per tola and ten gram silver remained constant at Rs,3,350 and Rs.2,872 respectively.

The price of gold in the international market increased by $10 to $2,910 from $2,900 whereas the prices of silver in international market remained stagnant at $32.45, the Association reported.

On the other side, the 24-karat gold rates in Saudi Arabia remained unchanged at 4,050 Saudi Riyal (SAR) per tola on Tuesday, February 18, 2025.

According to details from Forex.pk, 10 grams of 24-karat gold in Saudi Arabia is being sold at SAR 3,476. Additionally, the price for an ounce of gold is SAR 10,810.

It is important to note that gold rates are subject to global market fluctuations, including those specific to Saudi Arabia, with the last update recorded at 09:00 am February 18, 2025.

Gold, a highly valued precious metal, has maintained its significance for centuries and plays a vital role in the global economy.

Its value stems from its scarcity, durability, and widespread appeal. Frequently regarded as a safe-haven asset, gold is employed to preserve wealth during times of economic instability.

Central banks and investors maintain gold reserves to diversify their investment portfolios and protect against inflation and currency value fluctuations.

The price of gold depends on a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make gold rates escalate due to its safe-haven status.

As a yield-less asset, gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal.