Gold prices rose to Pakistan on Thursday, according to data compiled by FXSTRETEIVE.
The price for gold stands at 30,686.56 Pakistani Rupees (PKR) per gram, compared to PKR 30,439.29 costs on Wednesday.
The price for gold increased to PKR 357,915.70 per tola from PKR 355,037.90 per tola a day before.
| Proposal unit | Price of gold in PKR |
|---|---|
| 1 gram | 30,686.56 |
| 10 grams | 306,853.40 |
| Tola | 357,915.70 |
| Troy ounce | 954,449.60 |
Daily Digest Market Movers: Gold Price Benefits From Changing Safe hasn Demand, Renewed USD Selling
US president Donald Trump said Wednesday that he was not open to the decline of 145% tariffs imposed on China to encourage trade negotiations. This maintains an optimism cover led by the announcement of US-China trade talks later this week and provides some support to the safe gold price.
The airports were closed throughout Moscow in the midst of a massive Ukraina drone attack in advance of unilaterally announced by Russian President Vladimir Putin three-day Truce. In addition, Ukraine said Russia launched pump guides nearly three hours after the stop on Thursday.
Meanwhile, the Israeli military said the Yemen's main airport was completely disabled in the capital, Sanaa, controlled by Houthis. In response, a member of Houthis's highest political body said the response to Israeli's attack was coming. This will maintain geopolitical risks in playing and further underpins the XAU/USD pair.
The Federal Reserve, as widely expected, held the basic interest rate unchanged at a range between 4.25% -4.5% at the end of a two -day financial policy meeting on Wednesday. In a statement, the US Central Bank noted that uncertainty about economic perspectives has increased.
At the post-meeting press conference, Fed Chair Jerome Powell also mentioned that there was a huge uncertainty about the tariffs and said the right thing to do was to wait for further clarity. This indicates that the US central bank is not leaning against cutting rates anytime soon, even if it fails to impress US dollars.
Trump said the fact that he was to express a major trade deal, the first of many, along with representatives of a large and highly respected country on Thursday. It remains to support a general positive risk tone around the equity markets and can act as a headwind for precious metal.
The focus on the market will remain attached to Trump's press conference at 14 GMT at the Oval Office. In addition, the release of Thursday of US weekly initial jobless data claims will influence USD's dynamic price and provide a fresh impetus to the XAU/USD pair later in the North American session.
FXStreet calculates gold prices in Pakistan by adapting international prices (USD/PKR) to local currency and measurement units. Prices are updated day -day based on market rates taken at the time of publication. Prices are only for reference and local rates may vary.
Gold FAQs
Gold plays an important role in human history because it is widely used as a store of value and exchange medium. Currently, in addition to its brightness and use for jewelry, precious metal is widely seen as a safe property, which means it is considered a good investment during the chaotic period. Gold is widely seen as a fence against inflation and against the removal of money because it does not rely on any specific or government.
Central banks are the largest gold holder. With their goal to support their money in chaotic hours, the middle banks tend to vary their reserves and buy gold to improve the noticeable economic strength and the money. High gold reserves can be the source of trust for the solvency of a country. Central Banks added 1,136 tons of gold worth $ 70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest annual purchase since the notes began. Middle banks from emerging economies such as China, India and Turkey are rapidly increasing their gold reserves.
Gold has an opposite correlation with the US and US Treasury dollars, which is both major reserve and safe properties. When the dollar reduces, gold tends to rise, enabling investors and middle banks to vary their properties in turbulent times. Gold is also inversely linked to risk ownership. A rally in the stock market tends to weaken the price of gold, while sellers in the risk markets tend to favor precious metal.
The price can be moved due to a wide range of factors. Geopolitical instability or fear of a deep recession can rapidly increase the price of gold due to the status of the safe haven. As a small yield property, gold tends to rise with lower interest rates, while the higher cost of money usually weighs yellow metal. However, most moves depend on how the US dollar (USD) acts as the property is priced at the dollar (XAU/USD). A strong dollar tends to maintain the price of gold controlled, while a weaker dollar is likely to push gold prices.
(An automation tool has been used in the creation of this post.)
