Gold rates decrease in Pakistan, silver price goes up

ISLAMABAD: The rate of 24 karat per tola gold decreased by Rs2,245 and was traded at Rs359,055 on Wednesday as compared to its sale at Rs361,300 on the last trading day, All Pakistan Sarafa Gems and Jewelers Association reported.

The prices of 10 grams of 24 karat also decreased by Rs1,925 to Rs307,831 from Rs309,756 and for 10 grams of 22 Karat it came down by Rs1,765 to Rs282,188 from Rs283,953.

The rates of per tola and ten gram silver went up by Rs22 and Rs19 to Rs3,878 and Rs3,324 respectively.

The price of gold in the international market decreased by $20 to $3,378 from $3,398, whereas that of silver went up by $0.22 to $37.20, the Association reported.

The decline in gold rates reflects ongoing trends in the global commodities market, with the latest pricing update reported at 10:00 a.m. local time.

Gold has long held a reputation as a symbol of wealth and a store of value. Beyond its traditional use in jewelry, the precious metal is widely regarded as a financial safe haven during times of economic uncertainty and geopolitical unrest.

In recent years, gold’s safe-haven status has been reaffirmed, as investors seek shelter from the storms of global economic and political instability.

Gold’s appeal as a safe-haven asset is not limited to institutional investors.

Individual investors, seeking to protect their wealth from market volatility and economic uncertainty, have also turned to gold.