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Gold rate in Pakistan today

Gold prices in Pakistan surged significantly on Monday, approaching another historic peak with a rise of Rs2,300 per tola due to a substantial increase in the international market. According to data from the All Pakistan Sarafa Gems and Jewellers Association, the price of gold in Pakistan rose by Rs2,300 per tola and Rs1,972 per 10 grams, reaching Rs250,400 and Rs214,678, respectively.

On Saturday (April 20, 2024), the price of gold per tola in Pakistan hit a record high of Rs252,200. Throughout the week ending May 11, 2024, gold gained Rs5,500 per tola. The association also noted that the gold price in Pakistan is currently Rs4,000 per tola lower than the international market, indicating a comparative affordability of gold in the Pakistani market.

Gold, often seen as a hedge against inflation, experienced a decline in the local market following lower-than-expected inflation data, which reached its lowest level since May 2022, reducing expectations of a rate cut. Additionally, a steady monetary policy dampened investor sentiment.

Internationally, gold prices rose by $25 per ounce to $2,439, with a record high of $2,431.29 recorded on April 12. In a surprising development, silver prices in the local market also increased by Rs120 per tola and Rs102.88 per 10 grams, settling at Rs2,850 and Rs2,443.41, respectively.

The determination of gold prices in Pakistan is done by the association, which sets prices six days a week based on global gold prices, the rupee-dollar exchange rate, and domestic supply and demand dynamics. The recent pricing in local markets was influenced by actual trade prices among buyers and sellers.

Gold prices in Pakistan have been fluctuating due to ongoing political and economic uncertainties along with high inflation. Consequently, many individuals view gold as a safe investment and a hedge during such times of instability.

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Gold Rate SAR: Today Gold Price in Saudi Arabia – 10 May, 2024
Gold Rate SAR: Today Gold Price in Saudi Arabia – 10 May, 2024

Today’s Gold rate in Saudi Arabia, (SAR) 1 tola of 24K gold is SAR 3121.91….

 

 

 

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