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Reading: Today’s Gold Price in Pakistan: Gold Holds steady, as per FXStreet data
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Gulf Press > Business > Forex > Today’s Gold Price in Pakistan: Gold Holds steady, as per FXStreet data
Forex

Today’s Gold Price in Pakistan: Gold Holds steady, as per FXStreet data

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Last updated: 2024/12/31 at 4:53 AM
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Gold prices in Pakistan remained stable on Tuesday, with the price for gold at 23,419.38 Pakistani Rupees per gram, similar to the previous day’s price. The price for gold per tola also remained steady at 273,159.10 PKR from the day before. These prices are calculated by FXStreet, which adapts international prices to the local currency and measurement units, updating them daily based on market rates. It is important to note that local prices may vary slightly from these calculations.

Gold has a long history of being used as a store of value and medium of exchange, making it a significant asset. In addition to being used in jewelry, gold is also considered a safe-haven investment during turbulent times. It is seen as a hedge against inflation and depreciating currencies because it is not tied to any specific issuer or government. Central banks are major holders of gold, adding tons of the precious metal to their reserves in 2022 to support their currencies and improve their perceived economic strength.

Central banks from emerging economies such as China, India, and Turkey are quickly increasing their gold reserves, contributing to a record-high yearly purchase of gold. The precious metal has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the dollar weakens, gold tends to rise, allowing investors to diversify their assets during uncertain times. Additionally, gold is negatively correlated with risk assets, with rallies in the stock market often leading to a decrease in gold prices.

Various factors can influence the price of gold, including geopolitical instability, fears of a recession, and fluctuating interest rates. As a yield-less asset, gold typically rises when interest rates are low, while higher interest rates can suppress its price. The price of gold is mainly influenced by the behavior of the US Dollar since it is priced in dollars. A strong dollar usually keeps gold prices in check, whereas a weak dollar can lead to an increase in gold prices. Overall, gold remains a popular choice for investors and central banks alike due to its perceived stability and value retention.

In conclusion, gold prices in Pakistan have remained stable, reflecting the global trends in the precious metal market. With its long history as a valuable asset, gold continues to be a sought-after investment during uncertain times. Central banks play a significant role in the gold market, with many increasing their reserves to strengthen their economies. Understanding the various factors that can influence gold prices is essential for investors looking to navigate the complex world of commodities trading. As global economic conditions continue to evolve, the demand for gold is likely to remain strong, making it a valuable asset for investors seeking stability and diversification in their portfolios.

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News Room December 31, 2024
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