Pakistan Gold price Monday: Gold rises, according to FXStreet data
Most recent article: Pakistan Gold price today: Gold falls, according to FXStreet data
Gold prices rose in Pakistan on Monday, according to data compiled by FXStreet.
The price for 24-carat Gold stood at 20,933.46 Pakistani Rupees (PKR) per gram, up PKR 73.89 compared with the PKR 20,859.57 it cost on Friday.
The price for 24-carat Gold increased to PKR 244,163.74 per tola from PKR 243,301.90 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 20,933.46 |
| 10 Grams | 209,334.58 |
| Tola | 244,163.74 |
| Troy Ounce | 651,103.80 |
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 attracts some buyers amid geopolitical risks
- The Ministry of Health in Gaza said that at least 35 Palestinians were killed and dozens more were injured as a result of Israeli air attacks on a camp in Rafah for displaced people on Sunday, per CNN.
- Gold price has increased by over 16% year-to-date, hitting a record high of over $2,400 per ounce in May, according to World Gold Council data.
- The US Durable Goods Orders rose by 0.7% MoM in April from the downward revision of 0.8% in March, better than the expectation of -0.8%.
- The University of Michigan Consumer Sentiment Index came in at 69.1 in May from 67.4 in April, above the market consensus of 67.5. Inflation expectations for one year rose slightly to 3.3% from 3.2%, while five-year inflation expectations eased to 3% from 3.1%.
- UBS analysts recently raised their gold price forecast to $2,600 for the end of 2024. Citi analysts predicted gold would hit $3,000 per ounce in the next six to 18 months.
- Gold imports to India, the world's second-largest gold consumer, might fall nearly a fifth this year as high prices encourage retail customers to exchange old jewelry for new items, per Reuters.
(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
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