Gold rates continue to drop in Pakistan

ISLAMABAD: The rate of 24 karat per tola gold decreased by Rs.2,500 and was sold at Rs 300,500 on Thursday against its sale at Rs300,000 on previous trading day, All Pakistan Sarafa Gems and Jewelers Association reported.

The price of 10 grams of 24 karat gold also decreased by Rs 2,143 to Rs 257,639 from Rs. 259,773 whereas that of 10 gram 22 karat went down by Rs.1,964 to Rs 236,169 from Rs. 238,133.

The rates of per tola silver declined by Rs.64 to Rs.3,250 whereas that of ten gram silver decreased by Rs.55 to Rs.2,786.

The price of gold in the international market decreased by $24 to $2,863 from $2,887 whereas the prices of silver in international market declined by $0.65 to $31.14, the Association reported.

On the other side, the 24-karat gold rates in Saudi Arabia was recorded at 4,093 Saudi Riyal (SAR) per tola on Friday, February 28, 2025.

According to details from Forex.pk, 10 grams of 24-karat gold in Saudi Arabia is being sold at SAR 3,513. Additionally, the price for an ounce of gold is SAR 10,926.

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 28, 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.