Gold prices fell in Pakistan on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 20,820.14 Pakistani Rupees (PKR) per gram, down compared with the PKR 20,902.25 it cost on Monday.
The price for Gold decreased to PKR 242,848.30 per tola from PKR 243,799.80 per tola a day earlier.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 20,820.14 |
| 10 Grams | 208,206.80 |
| Tola | 242,848.30 |
| Troy Ounce | 647,576.60 |
FXStreet calculates Gold prices in Pakistan by adapting international prices (USD/PKR) 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 sensitive to Fed rate-cut path
- San Francisco Federal Reserve Bank President Mary Daly said on Monday that she does not believe the Fed should cut rates before the central bank is confident that inflation is headed towards 2%. Daly added that the labour market, albeit strong, might face rising unemployment if inflation remains persistent.
- The final reading of the US headline and Core Personal Consumption Expenditures (PCE) Price Index is expected to show an increase of 2.6% YoY in May.
- Traders are now pricing in a 66% odds of a Fed rate cut in September, up from 59.5% at the end of last week, according to the CME FedWatch Tool.
- Israeli Prime Minister Benjamin Netanyahu stated that the most intense phase of the assault against Hamas in Gaza is close to ending while stressing the broader war against Hamas wages on, per CNN.
- Russia has condemned the US for a "barbaric" strike in Crimea, which used US-provided missiles, killing at least four people, including children, and injuring 151 others. On Monday, Russia's Foreign Ministry summoned US Ambassador Lynne Tracy and accused the US of launching a "proxy war," warning that retaliation would "definitely follow,” per local news agency Aljazeera.
(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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