KARACHI: Gold prices in Pakistan fell today, February 2, 2025, in line with a downturn in international markets. The decrease comes as investors globally await key economic data releases and central bank announcements.
The price of one tola of gold dropped by Rs 450 to Rs 288,600, according to the All Sindh Sarafa Jewellers Association. Similarly, the price of 10 grams of gold decreased by Rs 386, reaching Rs 247,467. Gold Prices in Pakistan Decline on February 2, 2025, Mirroring Global Trend
Silver prices also saw a decline. One tola of silver fell by Rs 25 to Rs 3,355, while 10 grams of silver decreased by Rs 22 to Rs 2,878.
The global gold market has weakened due to a slightly stronger US dollar. Market participants are watching upcoming economic data and policy statements from major central banks, especially the Federal Reserve, for clues about future interest rate changes.
As of 11:00 AM GMT, spot gold was trading at $2,760.50 per ounce, down 0.3% after having fallen as much as 0.8% earlier in the session. US gold futures also traded lower, decreasing 0.4% to $2,764.80 per ounce.
Gold’s Safe-Haven Status
Gold’s enduring value stems from its scarcity, aesthetic appeal, and long history as a store of value. It is often seen as a safe-haven asset, attracting investment during times of economic uncertainty and geopolitical risk. Central banks and investors hold gold reserves as a hedge against inflation and currency volatility. Demand for gold jewelry, particularly in Asia, also plays a significant role in the metal’s sustained value and its impact on various sectors of the global economy.