Gold rates in Pakistan continue to increase

ISLAMABAD: The price of 24 karat per tola gold increased by Rs.1,000 and was sold all time high at Rs 309,000 on Thursday against its sale at Rs 308,000 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 264,917 from Rs 264,060 whereas that of 10 gram 22 karat went up by Rs.786 to Rs 242,849 from Rs 242,063.

The prices of per tola silver increased by Rs.28 to Rs.3,468 whereas that of ten gram silver went up by Rs.24 to Rs.2,973.

The price of gold in the international market increased by $9 to $2,953 from $2,944 whereas the prices of silver in international market increased by Rs.0.19 to $33.15, the Association reported.

On the other hand, the 24-karat gold rates in Saudi Arabia were recorded at 4,113 Saudi Riyal (SAR) per tola on Thursday, February 20, 2025.

According to details from Forex.pk, 10 grams of 24-karat gold in Saudi Arabia is being sold at SAR 3,530. Additionally, the price for an ounce of gold is SAR 10,981.

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 20, 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.