The All Pakistan Sarafa Gems and Jewellers Association reported a decline in gold prices on Friday, May 2, 2025, with the rate of 24-karat gold dropping by Rs.1,300 per tola, settling at Rs.344,500, down from Rs.345,800 the previous trading day.
The price of 10 grams of 24-karat gold decreased by Rs.1,114, from Rs.296,467 to Rs.295,353. Meanwhile, 10 grams of 22-karat gold fell to Rs270,740 from Rs271,771. Silver prices remained unchanged, with per tola silver priced at Rs3,427 and 10 grams at Rs2,938.
In the international market, gold prices also saw a dip, dropping by $13 to $3,263 from $3,276. Silver was recorded at $32.45, according to the Association. The fluctuation in gold rates continues to be driven by global market dynamics. In Saudi Arabia, the price of 24-karat gold per tola was recorded at 4,647 SAR on Friday, May 02, 2025.
According to Forex.pk, the value of 10 grams of 24-karat gold in Saudi Arabia is currently SAR 3,989, with an ounce of gold priced at 12,406 Saudi Riyal.
Gold prices, including those in Saudi Arabia, remain influenced by global market forces, with the latest updates reflecting market conditions as of 10:00 a.m. on May 02, 2025.
For centuries, gold has been a valuable asset in the global economy, renowned for its rarity, durability, and enduring appeal. As a safe-haven asset, it offers financial security during times of economic uncertainty.
Both investors and central banks hold gold reserves to diversify their portfolios and protect against inflation and currency fluctuations.
Several factors contribute to the price of gold, including geopolitical tensions and concerns about economic downturns, which often trigger a surge in demand. As a non-interest-bearing asset, gold tends to perform well when interest rates decline, whereas rising borrowing costs can put downward pressure on its value.
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