Most recent article: Pakistan Gold price today: Gold falls, according to FXStreet data
Gold prices rose in Pakistan on Wednesday, according to data compiled by FXStreet.
The price for 24-carat Gold stood at 22,002.09 Pakistani Rupees (PKR) per gram, up PKR 892.46 compared with the PKR 21,109.63 it cost on Tuesday.
The price for 24-carat Gold increased to PKR 256,628.06 per tola from PKR 246,218.61 per tola.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 22,002.09 |
| 10 Grams | 220,020.90 |
| Tola | 256,628.06 |
| Troy Ounce | 684,342.00 |
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 faces some pressure from hawkish Fedspeak
- Israeli Prime Minister Benjamin Netanyahu has vowed to continue the war against Hamas amid international condemnation of an air strike that killed at least 45 people in Rafah on Sunday, per the BBC.
- The World Gold Council reported that global physically-backed gold exchange-traded funds (ETFs) witnessed a net outflow of 11.3 metric tonnes last week.
- UBS analysts expect gold prices to reach $2,500 an ounce by September and hit $2,600 an ounce by year-end. The forecast is higher than the initial estimates of $2,400 and $2,500 per ounce, respectively.
- Consumer Confidence improved slightly in May, the Conference Board reported on Tuesday. The figure rose to 102.0 in May from 97.0 in April, beating the estimation of 95.9.
- Fed Governor Michelle Bowman said on Tuesday that she would have supported either waiting to start slowing the quantitative tightening pace or a more moderate tapering process than announced earlier this month.
- Fed Minneapolis President Neel Kashkari said that the central bank should wait for significant progress on inflation before cutting interest rates, adding that he expected no more than two rate cuts in 2024.
(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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