Search

Gold rates hit historic highs: Here's why

08:53 PM | 10 Apr, 2024
gold rates

Gold prices have surged to unprecedented heights, currently standing at $2,374 per ounce, marking a remarkable rally over the past seven trading sessions. This surge in gold rates can be attributed to various positive factors that have sparked optimism among investors.

Year-on-year, gold prices have witnessed a significant increase of 16.5%, driven primarily by investor anticipation of a potential interest rate cut by the Federal Reserve. This anticipation has led to heightened demand for the precious metal, further boosting its price.

However, the primary driving force behind this surge in demand is China's strategic shift away from reliance on the US dollar. This move has prompted investors to turn to gold as a safe haven investment, especially central banks, seeking financial stability amid economic uncertainty and market volatility.

Moreover, the value of gold tends to rise when interest rates are lowered, as it becomes a more appealing option for investors compared to income-generating assets such as bonds. Additionally, gold serves as a hedge against inflation, preserving its value even as fiat currencies experience fluctuations. This unique characteristic of gold makes it an essential investment choice for individuals and institutions looking to protect their wealth during uncertain times.

As gold rates continue to soar to all-time highs, investors remain vigilant, closely monitoring the factors driving this unprecedented surge and adjusting their investment strategies accordingly.

Daily Pakistan Global Web Desk

Advertisement

Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 22 May 2024

 Pakistani currency rates against US Dollar and other currencies on May 22, 2024 (Wednesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.15 for buying and 280.05 for selling.

Euro moved down to 297 for buying and 300 for selling while British Pound rate is 349 for buying, and 352.5 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 22 May 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.15 277.15
Euro EUR 297 300
UK Pound Sterling GBP 349 352.5
U.A.E Dirham AED 75.2 75.95
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.34 748.34
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.91
Danish Krone DKK 40.52 40.92
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 903.3 912.3
Malaysian Ringgit MYR 59.34 59.94
New Zealand Dollar NZD 170.11 172.11
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.13 731.13
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.98 26.28
Swiss Franc CHF 305.97 308.47
Thai Bhat THB 7.67 7.82

Advertisement

Follow us on Facebook

Follow us on Twitter

Sign up for Newsletter