Most recent article: Pakistan Gold price today: Gold rises, according to FXStreet data
Gold prices fell in Pakistan on Thursday, according to data compiled by FXStreet.
The price for 24-carat Gold stood at 20,713.76 Pakistani Rupees (PKR) per gram, down PKR 23.82 compared with the PKR 20,737.59 it cost on Wednesday.
The price for 24-carat Gold decreased to PKR 241,601.28 per tola from PKR 241,879.16 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 20,713.76 |
| 10 Grams | 207,137.64 |
| Tola | 241,601.28 |
| Troy Ounce | 644,270.56 |
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 lacks firm intraday direction amid mixed fundamental cues
- Investors await key US economic data for clarity about the timing when the Federal Reserve will start cutting rates, leading to subdued range-bound price action around the Gold price for the second straight day on Thursday.
- The first estimate, or the Advance US GDP report is due for release later today and is expected to show that the world's largest economy grew by 2.5% annualized pace during the first quarter as compared to the 3.4% previous.
- The focus will then shift to the Fed's preferred inflation gauge – the core Personal Consumption Expenditures (PCE) Price Index – on Friday, which will play a key role in determining the near-term trajectory for the XAU/USD.
- The US Census Bureau reported on Wednesday that Durable Goods Orders climbed 2.6% in March as compared to the previous month's downwardly revised 0.7% increase, while new orders excluding transportation rose 0.2%.
- This comes on the back of strong US consumer inflation figures and hawkish remarks by Fed officials, reaffirming bets that the central bank will not begin its rate-cutting cycle before September and capping the non-yielding metal.
- The global risk sentiment remains supported by easing concerns about a further escalation of geopolitical tensions in the Middle East, which is seen as another factor acting as a headwind for the safe-haven precious metal.
- The US Dollar bulls seem reluctant to place aggressive bets and remain on the defensive ahead of important macro releases, offering some support to the XAU/USD and limiting any meaningful downside for now.
(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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