Gold prices rose in Pakistan on Wednesday, according to data compiled by FXStreet.
The price for Gold stood at 28,137.55 Pakistani Rupees (PKR) per gram, up compared with the PKR 28,050.67 it cost on Tuesday.
The price for Gold increased to PKR 328,190.80 per tola from PKR 327,177.50 per tola a day earlier.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 28,137.55 |
| 10 Grams | 281,375.50 |
| Tola | 328,190.80 |
| Troy Ounce | 875,176.20 |
Daily digest market movers: Gold price treads water amid lower US yields
The US 10-year T-note yield tumbles four basis points to 4.169%. US real yields edge down two bps to 1.832%, according to US 10-year Treasury Inflation-Protected Securities (TIPS) yields.
The US ISM Manufacturing PMI fell sharply in March, dropping from 50.3 to 49.3, signaling contraction in the sector. The survey’s comments highlighted tariffs as a key factor contributing to weakness across multiple sub-components.
The JOLTS report from the US Department of Labor showed that job openings decreased to 7.568 million in February, down from 7.762 million and missing the forecast of 7.63 million. Despite the decline, vacancies remained relatively steady.
In contrast, S&P Global’s Manufacturing PMI indicated modest growth, rising from 49.8 to 50.2, suggesting a slight rebound in factory activity.
On the commodities front, major Wall Street banks including Goldman Sachs, Société Générale, and Bank of America have raised their Gold price forecasts. They now eye $3,300 as the next upside target, according to a report by Kitco.
FXStreet calculates Gold prices in Pakistan by adapting international prices (USD/PKR) 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.
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.
(An automation tool was used in creating this post.)
Source: https://www.fxstreet.com/news/pakistan-gold-price-today-gold-rises-according-to-fxstreet-data-202504020445