Gold prices in Pakistan witnessed a rise on Friday, with the price of 24-carat gold reaching 19,387.12 Pakistani Rupees (PKR) per gram, marking an increase of PKR 91.40 compared to the previous day. Similarly, the price of 24-carat gold per tola also saw an uptick, reaching PKR 226,127.56 from PKR 225,061.47.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 19,387.12 |
| 10 Grams | 193,871.20 |
| Tola | 226,127.56 |
| Troy Ounce | 603,007.27 |
FXStreet calculates Gold prices in Pakistan by adapting international prices (XAU/USD) to the local currency and measurement units with daily updates.
Global Market Movers: Gold price exhibits strength ahead of Fed Powell’s testimony
- Gold prices hit a fresh all-time high around $2,160 due to increasing market expectations for Federal Reserve rate cuts in the upcoming meeting, with a 60% likelihood for a 25 basis point cut.
- Fed chair Jerome Powell’s stance on rate cuts remains cautious, stating that they will be appropriate only if sustained inflation returns to the 2% target.
- Contradicting market expectations, Minneapolis Federal Reserve Bank President Neel Kashkari expressed a more optimistic view, suggesting only one rate cut may be necessary.
- Global economic uncertainty has bolstered the appeal of Gold, with indications of slowing US economic growth and concerns in the UK, Eurozone, and China.
- Economic data, such as jobless claims, also influence market sentiment and Gold prices.
(An automation tool was used in creating this post.)
Gold FAQs
Gold is widely known as a safe-haven asset, acting as a hedge against inflation and currency depreciation, making it a popular investment choice during uncertain times.
Central banks are major holders of Gold, using it to strengthen their reserves and showcase economic stability. Emerging economies like China and India are increasing their Gold reserves.
Gold’s price movements are influenced by factors such as geopolitical instability, economic recessions, and the performance of the US Dollar and Treasuries.
The price of Gold is also impacted by interest rates, with lower rates typically boosting Gold prices due to its yield-less nature. The US Dollar’s strength or weakness plays a significant role in determining Gold prices, as it is priced in dollars (XAU/USD).
Additional Insight:
– Gold’s status as a safe-haven asset has been reinforced by global economic uncertainties, driving up demand and prices.
– Central banks’ increasing Gold reserves indicate a focus on economic stability and diversification of assets.
– The inverse correlation between Gold and the US Dollar highlights the importance of currency movements in determining Gold prices.
– Market expectations surrounding Federal Reserve decisions and economic indicators continue to influence Gold’s value.
