Pakistan Gold price Tuesday: Gold falls, according to FXStreet data
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 21,035.66 Pakistani Rupees (PKR) per gram, down PKR 27.48 compared with the PKR 21,063.14 it cost on Monday.
The price for 24-carat Gold decreased to PKR 245,355.80 per tola from PKR 245,676.37 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 21,035.66 |
| 10 Grams | 210,356.59 |
| Tola | 245,355.80 |
| Troy Ounce | 654,282.62 |
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 remains strong amid Fed’s hawkish comments and stronger US data
- An Israeli airstrike triggered a fire that killed 45 people in a tent camp in the Gazan city of Rafah, officials said on Monday. Global leaders called for the implementation of a World Court order to halt Israel's attacks, per Reuters.
- According to the recent Fed meeting minutes, the central bank would take longer than anticipated to gain greater confidence in inflation moving to the 2% target.
- Traders have reduced their bets on interest rate reduction by the US Federal Reserve (Fed) to 49% odds in September, down from 63% a week earlier, according to the CME FedWatch tool.
- The preliminary US Gross Domestic Product (GDP) Annualized is estimated to grow 1.4% in Q1 from 1.6% in the previous reading.
- The US Core Personal Consumption Expenditures Price Index (Core PCE), the Fed’s preferred inflation gauge, is expected to show an increase of 0.3% MoM and 2.8% YoY in April.
- UBS analysts raised their gold price projection to $2,600 by the end of 2024. Citi experts forecast that gold will reach $3,000 per ounce during the next six to eighteen 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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FXStreet Team
FXStreet
