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 19,473.65 Pakistani Rupees (PKR) per gram, down PKR 6.15 compared with the PKR 19,479.80 it cost on Monday.
The price for 24-carat Gold decreased to PKR 227,136.87 per tola from PKR 227,208.56 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 19,473.65 |
| 10 Grams | 194,736.54 |
| Tola | 227,136.87 |
| Troy Ounce | 605,698.78 |
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 traders seem non-committed amid uncertainty over Fed's rate-cut path
- The stronger US inflation data fuelled speculations that the Federal Reserve will keep interest rates elevated, which, in turn, fails to assist the non-yielding Gold price to build on Monday's bounce from over a one-week low.
- Markets are now pricing in less than three 25 basis point rate cuts this year and about a 51% chance that the Fed will begin the rate-cutting cycle at the June meeting, down sharply from expectations at the start of the year.
- Expectations that the Fed will stick to the higher-for-longer interest rates narrative push the yield on benchmark 10-year US government bond to a three-week high, underpinning the US Dollar and capping the commodity.
- The prolonged Russia-Ukraine war, along with the unrest in the Middle East, might continue to offer some support to the safe-haven XAU/USD and help limit deeper losses ahead of the crucial FOMC meeting starting today.
- Ukraine stepped up drone strikes on Russian oil refineries last week, while Israeli Prime Minister Benjamin Netanyahu confirmed plans to push into Gaza's Rafah enclave, contributing to a climate of uncertainty.
- The focus, meanwhile, will be on whether Fed policymakers change their projections, or dot plots, for the economy and rate cuts for this year and the next two, which will determine the near-term trajectory for 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD experiences volatility after inflation data, US GDP data awaited
The Australian Dollar holds ground against the US Dollar despite lower-than-expected Australia's third-quarter Consumer Price Index data released on Wednesday. The upside of the AUD could be attributed to the hawkish sentiment surrounding the Reserve Bank of Australia's regarding its policy outlook.
USD/JPY: Japanese Yen struggles to lure buyers, seems vulnerable near multi-month low
The Japanese Yen trades with a mild positive bias on Wednesday, albeit it lacks bullish conviction. The BoJ rate-hike uncertainty, along with the upbeat market mood, caps the upside for the JPY. Traders also seem reluctant ahead of the BoJ decision and important US macro data this week.
Gold price hits fresh all-time peak as US election uncertainty boosts haven demand
Gold price touches a fresh record high during the Asian session on Wednesday amid persistent safe-haven demand stemming from the uncertainty surrounding the US presidential election and Middle East tensions. Adding to this, a modest USD pullback from a three-month low and retreating US bond yields offer some support to the XAU/USD.
Bitcoin set sight on new all-time high after briefly breaking past $73,000
Bitcoin is trading around $72,200 on Tuesday as it attempts to close October by setting a new all-time high. Such a move will strengthen the ongoing trend of October being the month with the best returns for the top cryptocurrency in recent years.
Global meetings under the shadow of the US elections
The sun was shining last week in Washington, DC during the Annual Meetings of the IMF, but the imminent US elections cast a shadow over the meetings of the Finance Ministers, Central Bank Governors, and private sector economists and finance professionals from all around the world who gathered in town.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.