Most recent article: Pakistan Gold price today: Gold rises, according to FXStreet data
Gold prices fell in Pakistan on Tuesday, according to data compiled by FXStreet.
The price for 24-carat Gold stood at 19,406.01 Pakistani Rupees (PKR) per gram, down PKR 16.43 compared with the PKR 19,422.44 it cost on Monday.
The price for 24-carat Gold decreased to PKR 226,347.87 per tola from PKR 226,539.50 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 19,406.01 |
| 10 Grams | 194,060.08 |
| Tola | 226,347.87 |
| Troy Ounce | 603,594.77 |
FXStreet calculates Gold prices in Pakistan by adapting international prices (XAU/USD) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Global Market Movers: Gold price continues to draw support from rising Fed rate cut bets
- Traders are pricing in a 70% probability that the Federal Reserve will start cutting rates in June, which keeps the US Dollar bulls on the defensive and acts as a tailwind for the non-yielding Gold price.
- Several Fed officials, however, expressed concern about still-sticky inflation and stronger-than-expected US macro data, helping limit USD losses and capping the precious metal's upside.
- Atlanta Fed President Raphael Bostic said on Monday that he expects the US economy and inflation to slow gradually and anticipates the US central bank to lower the policy rate only once this year.
- Chicago Fed President Austan Goolsbee noted that three cuts in 2024 were in line with his thinking, though the US central bank needs to see progress in inflation and strike a balance with its dual mandate.
- Separately, Fed Governor Lisa Cook said that inflation has fallen considerably, though the path of disinflation, as expected, has been bumpy and uneven, while the labor market has remained strong.
- Traders look to Tuesday's US economic docket – featuring Durable Goods Orders, Conference Board's Consumer Confidence Index and the Richmond Manufacturing Index – for some impetus.
- The market focus, however, will remain glued to the US Personal Consumption Expenditures (PCE) Price Index data, or the Fed's preferred inflation gauge scheduled for release on Friday.
- In the meantime, geopolitical risks stemming from the protracted Russia-Ukraine war and concerns about whether the UN resolution will lead to an actual ceasefire in the Gaza Strip could underpin the XAU/USD.
(An automation tool was used in creating this post.)
Gold FAQs
Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.
Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.
Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.
The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price 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. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.
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