Most recent article: Pakistan Gold price today: Gold rises, according to FXStreet data
Gold prices rose in Pakistan on Wednesday, according to data compiled by FXStreet.
The price for 24-carat Gold stood at 20,779.79 Pakistani Rupees (PKR) per gram, up PKR 79.31 compared with the PKR 20,700.47 it cost on Tuesday.
The price for 24-carat Gold increased to PKR 242,371.37 per tola from PKR 241,446.26 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 20,779.79 |
| 10 Grams | 207,797.88 |
| Tola | 242,371.37 |
| Troy Ounce | 646,324.14 |
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 edges lower after Fed’s comments
- Minneapolis Fed Bank President Neel Kashkari said on Tuesday that it is too early to declare that inflation has stalled out, and the Fed might cut interest rates this year if price pressures ease.
- Richmond Fed President Thomas Barkin said the current level of interest rates is restrictive enough to cool the economy and bring inflation back to the 2% target.
- Financial markets are now pricing in nearly 50 basis points (bps) of rate cuts from the Fed this year, including a 65.7% odds of a rate cut of at least 25 bps in September, according to CME's FedWatch Tool.
- The preliminary University of Michigan Consumer Sentiment Index will be released on Friday, which is estimated to drop from 77.2 in April to 76.0 in May.
- Israeli troops launched strikes on Gaza's southernmost city. Even though Hamas agreed to a ceasefire proposal on Monday, Israel said the conditions did not meet its demands, as per the New York Times.
- The People’s Bank of China (PBoC) added 60,000 troy ounces of gold to its reserves in April, extending the period of consecutive purchases to 18 months.
(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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