ISLAMABAD: The price of 24 karat per tola gold decreased by Rs.800 and was traded at Rs.318,000 on Saturday as compared to its sale at Rs318,800 on previous trading day, All Pakistan Sarafa Gems and Jewelers Association reported.
The prices of 10 grams of 24 karat also decreased by Rs.686 to Rs 272,633 from Rs 273,319.
The price of gold in the international market decreased by $9 to $3,022 from $3,031, the Association reported.
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.
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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.
On the other hand, the exchange rate of the Saudi Riyal (SAR) against the Pakistani Rupee (PKR) remained unchanged at Rs74.71 in the open market on Saturday, March 22, 2025.
The selling rate of the Saudi Riyal was recorded at Rs75.11. The official currency of Saudi Arabia, is abbreviated as SAR, or SR. One Riyal is subdivided into 100 halalas.
