The most recent news says that gold prices went up in Pakistan today, Thursday. FXStreet, a source for financial data, reported this increase.
For every gram of 24-carat gold, the price rose to 21,206.86 Pakistani Rupees (PKR), which is PKR 93.39 more than yesterday’s price of PKR 21,113.46.
Similarly, the price for a tola (a traditional unit of measurement in South Asia) of 24-carat gold increased from PKR 246,263.31 to PKR 247,352.61.
| Unit measure | Gold Price in PKR |
|---|---|
| 1 Gram | 21,206.86 |
| 10 Grams | 212,068.57 |
| Tola | 247,352.61 |
| Troy Ounce | 659,607.46 |
FXStreet calculates gold prices in Pakistan by taking international prices (XAU/USD) and adjusting them to the local currency and measurement units. They update these prices every day according to the current market rates when they publish the data. It’s important to note that these prices are for reference only, and the actual rates in local markets might be slightly different.
Global Market Update: Gold Price Stays Within Tuesday’s Range
Gold prices are trading near an important level of $2,400. The price of this precious metal is going up because tensions in the Middle East are rising, which makes people want to invest in safe assets like gold. However, the Chairman of the Federal Reserve, Jerome Powell, has hinted that interest rates might stay high for a while. He said this because recent data about inflation, which is the rate at which prices go up, doesn’t show that prices will increase as much as they want. Powell thinks it might take longer than expected for inflation to reach the desired level.
The Federal Reserve is the central bank of the United States, and they want inflation to be around 2%. But the latest numbers on inflation and how much people are buying (Retail Sales data) suggest that prices might stay high for a while.
On top of that, tensions in the Middle East are making people nervous. Israel and Iran are in a conflict, and there’s fear that it could get worse. When there’s trouble like this, investors tend to buy gold because it’s seen as a safe place to put their money.
This week, policymakers from the Federal Reserve will talk about interest rates. They’re likely to say that interest rates should stay high until they’re sure inflation will go back to 2%.
