ISLAMABAD: The All Pakistan Sarafa Gems and Jewellers Association reported a decline in the rates of 24-karat gold, with per tola gold decreasing by Rs.1,300 to Rs.344,500 on Friday, compared to Rs.345,800 on the previous trading day.
The rates of 10 grams of 24-karat gold fell by Rs.1,114 to Rs.295,353 from Rs.296,467, while 10 grams of 22-karat gold decreased to Rs.270,740 from Rs.271,771. Silver rates remained unchanged, with per tola silver at Rs. 3,427 and 10 grams at Rs. 2,938.
In the international market, gold rates dropped by $13 to $3,263 from $3,276, while silver rates were recorded at $32.45, according to the Association.
Read More: Gold rates Today in Saudi Arabia – 02 May 2025
The fluctuation in rates of gold continues in the international market, due to which the 24-karat gold rates in Saudi Arabia were recorded at 4,647 SAR per tola on Friday, May 02, 2025.
As per Forex.pk, 10 grams of 24-karat gold in Saudi Arabia is currently valued at SAR 3,989, with an ounce of gold costing 12,406 Saudi Riyal.
Gold prices, including those in Saudi Arabia, continue to be shaped by global market dynamics, with the latest update recorded at 10:00 a.m. on May 02, 2025.
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 price decline, while rising borrowing costs typically weigh on its price.
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