Gold rates witness increase in Pakistan

ISLAMABAD: The rate of 24 karat per tola gold increased by Rs.2,300 and was sold at Rs 288,700 on Wednesday against its sale at Rs 286,400 on previous trading day, All Sindh Sarafa Jewellers Association reported.

The price of 10 grams of 24 karat gold also increased by Rs.1,972 to Rs.247,513 from Rs. 245,541 whereas that of 10 gram 22 karat went up to Rs.226,895 from Rs. 225,087.

The prices of per tola silver increased by Rs.28 to Rs3,391 whereas that of ten gram silver went up by Rs24 to Rs.2,907.

The price in the international market increased by $22 to $2,763 from $2,741, the Association reported

On the other hand, the 24-karat gold rates in Saudi Arabia reached 3,876 Saudi Riyal (SAR) per tola on Wednesday, January 29, 2025.

According to details from Forex.pk, 10 grams of 24-karat gold in Saudi Arabia is being sold at SAR 3,327. Additionally, the price for an ounce of gold is SAR 10,347.

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.