KARACHI: The rate of 24 karat per tola gold witnessed an increase of Rs900 on Friday and was sold at Rs336,100 against its sale at Rs335,200 on the previous trading day, All Pakistan Sarafa Gems and Jewelers Association reported.
The prices of 10 grams of 24 karat went up by Rs772 to Rs288,151 from Rs287,379 whereas the price of 10 grams of 22 Karat rose by Rs708 to Rs264,148 from Rs263,440.
The rates of per tola silver and ten gram silver remained stagnant to close at Rs3,377 to Rs 2,985 respectively.
The price of gold in the international market also increased by $9 to $3,177 from $3,168 whereas that of silver remained unchanged at $31.95, the Association reported.
Read More: Gold rates today in Saudi Arabia – 16 May 2025
Meanwhile, the 24-karat gold rates in Saudi Arabia witnessed a major drop and were recorded at 4,527.73 SAR per tola on May 16, 2025.
As per Forex.pk, 10 grams of 24-karat gold in Saudi Arabia is currently valued at SAR 3,881.98, with an ounce of gold costing 12,074.53 Saudi Riyal.
For centuries, gold has held a prestigious position in the world economy, prized for its rarity, durability, and enduring appeal. It is widely regarded as a safe-haven asset, offering financial protection during periods of economic uncertainty.
Both investors and central banks maintain gold reserves to diversify holdings and safeguard against inflation and currency fluctuations.
Several factors influence the value of gold. Geopolitical tensions and fears of economic downturns often trigger a surge in demand due to gold’s reputation as a secure investment.
Moreover, as a non-interest-bearing asset, gold tends to perform well when interest rates decline, while rising borrowing costs typically weigh on its price.
On the currency front, the Saudi Riyal (SAR) was recorded at Rs75.08 against the Pakistani Rupee (PKR) in the open market, May 16, 2025.
The Saudi Riyal’s selling rate was noted at Rs75.63.
