Gold Prices in Pakistan remain stable at pkr 241700 per tola as of 17 May, 2024

Over the past week or so, Pakistan has encountered an overall increasing rate of gold. However, the Price has now come to a hault. The closing rate of 24K gold per tola for today is 241700/- while the Day high and Day low stand at 242050 and 241500. The gradually changing economic position and pro-business policies of the recently appointed government can possibly be contributing to this rate. Other factors like such as inflation expectations, currency movements, interest rates, investor sentiment, and demand from sectors like jewellery, technology, and central banks also effect the gold market. The direct relation of change in gold prices however, is with the value of dollar which has varied thrice in the first two weeks of May already, as shown by the graph

A day or two however do not signify stability. In order for gold prices to improve, they will have to gradually decrease given that USD/PKR exchange rate begins to fall with improving economic conditions.