Most recent article: Pakistan Gold price today: Gold falls, according to FXStreet data
Gold prices rose in Pakistan on Monday, according to data compiled by FXStreet.
The price for 24-carat Gold stood at 19,468.73 Pakistani Rupees (PKR) per gram, up PKR 97.10 compared with the PKR 19,371.62 it cost on Friday.
The price for 24-carat Gold increased to PKR 227,079.44 per tola from PKR 225,946.83 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 19,468.73 |
| 10 Grams | 194,687.29 |
| Tola | 227,079.44 |
| Troy Ounce | 605,545.62 |
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 dips despite falling US yields
- Jerome Powell emphasized that the Fed had made progress on tempering inflation. Despite printing two straight months of higher prices, that hasn’t changed the Fed’s outlook for price stability.
- Fed policymakers kept the Dot Plot unchanged for 2024. Still, the 2025 Dot Plot was revised up from 3.6% to 3.9%.
- For 2024, the Federal Open Market Committee (FOMC) forecasts that the economy will grow 2.1%, up from 1.4%, while the Unemployment Rate will remain at 4%.
- Inflation figures in the United States, measured by the Fed’s favorite gauge for inflation, the Personal Consumption Expenditures (PCE), are now the focus. They are expected to be at 2.4%, while core PCE is projected at 2.6%, up from 2.4%.
- During the March 18 to 22 week, the US docket revealed that the jobs market is solid. However, the economy faces challenges like the slowdown revealed by S&P Global PMIs data. However, the housing market has been mildly recovering, and Housing Starts, Building Permits and Existing Home sales improved.
- According to the CME FedWatch Tool, expectations for a June rate cut stand at 75%.
(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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