Gold rates in Pakistan witness decline

ISLAMABAD: The price of 24 karat per tola gold decreased by Rs1,000 and was sold at Rs306,000 on Saturday against its sale at Rs307,000 on the previous trading day, All Pakistan Sarafa Gems and Jewelers Association reported.

The price of 10 grams of 24 karat gold also decreased by Rs858 to Rs262,345 from Rs263,203.

The price of gold in the international market decreased by $11 to $2,910 from $2,921, the Association reported.

Meanwhile, the 24-karat gold rates in Saudi Arabia remained unchanged at 4,093 Saudi Riyal (SAR) per tola on Saturday March 8, 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 10:00 am March 8, 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.

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.