Gold prices went up in Pakistan on Friday, as shown by data from FXStreet.
For 24-carat gold, the price was 20,665.78 Pakistani Rupees (PKR) per gram, which is PKR 23.51 higher than Thursday’s price of PKR 20,642.27 per gram.
Similarly, the price for 24-carat gold per tola increased from PKR 240,767.36 to PKR 241,041.57.
| Unit Measure | Gold Price in PKR |
|---|---|
| 1 Gram | 20,665.78 |
| 10 Grams | 206,657.77 |
| Tola | 241,041.57 |
| Troy Ounce | 642,778.00 |
FXStreet figures out gold prices in Pakistan by adjusting international prices (which are usually given in XAU/USD, meaning the price of gold in U.S. dollars) to the local currency and measurement units used in Pakistan.
They update these prices every day, using market rates they get at the time they publish the data. However, it’s important to remember that these prices are just for reference. The actual prices you might find locally could be a bit different.
Global Market Movers: Gold Price Struggles as Traders Await Clues on Fed’s Rate-Cut Path
- Expectations of the Federal Reserve keeping interest rates higher for a longer time, along with a positive mood in the market, are causing a decrease in demand for gold, which is usually seen as a safe choice during uncertain times.
- The Federal Reserve indicated on Wednesday that it plans to lower interest rates in the future, but it’s not rushing into it because the rate at which prices are rising (disinflation) has slowed down lately.
- This less aggressive stance from the Federal Reserve has caused the US dollar to weaken overall. This helps prevent gold prices from dropping too much.
- Traders might choose to wait for the release of the highly anticipated US monthly employment report, known as the NFP report. It’s expected to show an addition of 243,000 new jobs in April.
- The Unemployment Rate is expected to stay the same at 3.8%, while the Average Hourly Earnings may have slightly decreased to a yearly increase of 4.0% from 4.1% in March.
- The important jobs data could change how people think about what the Federal Reserve might do next with interest rates. This, in turn, will affect the value of the US dollar and give direction to gold prices.
