The All Pakistan Sarafa Gems and Jewellers Association reported a decline in gold prices, with the rate for 24-karat gold falling by Rs.1,300 per tola, bringing it down to Rs.344,500, compared to Rs.345,800 on the previous trading day.
The price for 10 grams of 24-karat gold decreased by Rs.1,114, settling at Rs.295,353, while the cost of 10 grams of 22-karat gold dropped to Rs.270,740 from Rs.271,771.
In contrast, silver rates remained stable, with per tola silver priced at Rs.3,427 and 10 grams at Rs.2,938.
On the international front, gold prices saw a slight dip, decreasing by $13 to $3,263, down from $3,276. Meanwhile, silver was recorded at $32.45 per ounce, according to the Association.
Gold prices worldwide continue to fluctuate, driven by global market dynamics. In Saudi Arabia, the price of 24-karat gold per tola stood at SAR 4,647 on May 2, 2025. The price for 10 grams of 24-karat gold in the Kingdom was valued at SAR 3,989, with an ounce of gold priced at SAR 12,406.
Gold remains a valuable asset in both global and local markets, widely regarded for its ability to retain value during periods of economic uncertainty. Investors and central banks often hold substantial gold reserves as a hedge against inflation and currency volatility.
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Several factors influence gold prices, including geopolitical tensions, economic downturns, and fluctuations in global interest rates. Gold typically performs well when interest rates decline, whereas rising borrowing costs tend to exert downward pressure on its price.
The latest gold price update was recorded at 10:00 a.m. on May 2, 2025, reflecting ongoing shifts in the international market.
