Gold rates continue to drop in Pakistan

ISLAMABAD: The rate of 24 karat per tola gold decreased by Rs.700 and was sold at Rs 275,000 on Monday against its sale at Rs 275,700 on previous trading day, All Sindh Sarafa Jewellers Association reported.

The price of 10 grams of 24 karat gold also decreased by Rs.600 to Rs.235,768 from Rs 236,368 whereas that of 10 gram 22 karat also went down to Rs.216,121 from Rs 216,671.

The prices of per tola and ten gram silver remained constant at Rs3,350 and Rs. Rs.2,872.08 respectively.

The price of gold in the international market decreased by $7 to $2,632 from $2639, the Association reported.

The rate of 24-karat gold in Saudi Arabia has dropped to 3,708 Saudi Riyals (SAR) per tola as of Monday, January 6, 2025.

According to information from Forex.pk, the cost for 10 grams of 24-karat gold in Saudi Arabia stands at SAR 3,183. Additionally, the price for an ounce of gold is SAR 9,900.

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 10:22 am on January 6, 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 inherent allure and limited availability of gold render it a sought-after material for jewelry and luxury items. The demand for gold jewelry stimulates economic activity across the mining, manufacturing, and retail sectors.