Gold rates in Pakistan hit all time high

ISLAMABAD: The rate of 24 karat per tola gold increased by Rs 2,900 and was sold at Rs 289,600 on Friday against its sale at Rs 286,700 on a previous trading day, All Sindh Sarafa Jewellers Association reported.

The price of 10 grams of 24 karat gold also increased by Rs 2,486 to Rs 248,285 from Rs 247,799 whereas that of 10 gram 22 karat also went up to Rs 227,603 from Rs 225,323.

The rates of per tola silver increased by Rs.31 to Rs.3,432 whereas that of ten gram silver went up by Rs.27 to Rs 2,942 respectively.

The price of gold in the international market increased by $29 to $2,772 from $2,743, the Association reported.

On the other hand, the rate of 24-karat gold in Saudi Arabia reached 3,875 Saudi Riyal (SAR) per tola on Friday, January 24, 2025

According to details from Forex.pk, the price for 10 grams of 24-karat gold in Saudi Arabia is being sold at SAR 3,326. Additionally, the price for an ounce of gold is SAR 10,344.

It is important to note that gold prices are subject to global market fluctuations, including those specific to Saudi Arabia, with the last update recorded at 08:24 am January 23, 2025.

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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 price escalate due to its safe-haven status.