Most recent article: Pakistan Gold price today: Gold falls, according to FXStreet data
Gold prices rose in Pakistan on Friday, according to data compiled by FXStreet.
The price for 24-carat Gold stood at 21,024.73 Pakistani Rupees (PKR) per gram, up PKR 35.05 compared with the PKR 20,989.68 it cost on Thursday.
The price for 24-carat Gold increased to PKR 245,228.30 per tola from PKR 244,819.47 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 21,024.73 |
| 10 Grams | 210,247.28 |
| Tola | 245,228.30 |
| Troy Ounce | 653,942.63 |
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 holds positive ground amid Fed’s hawkish comments
- San Francisco Fed President Mary Daly said that uncertainty over the inflation outlook makes policy projections difficult until the Fed gets more clarity.
- The US Initial Jobless Claims for the week ended May 4 rose to 231K from the previous week of 209K, higher than the market consensus of 210K. This figure registered the highest level since August 2023, signaling the labor market was cooling.
- Coupled with April's downbeat US Nonfarm Payrolls (NFP) of 175,000 new jobs. These reports paint a picture of a cooling US economy.
- Israeli forces massed tanks and opened fire close to built-up areas of Rafah on Thursday after President Joe Biden said the US would withhold weapons from Israel if its forces mounted a major invasion of the southern Gaza city.
- The rise in global gold demand was mainly driven by strong over-the-counter market investment, persistent central bank purchasing, and growing demand from Asian buyers, according to the WGC’s report.
- The preliminary US University of Michigan Consumer Sentiment Index is expected to drop in May from 77.2 in April to 76.0.
(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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