In the bustling streets of Karachi, where the sun sets with an amber glow over the Sindh plains, gold prices continued their upward trajectory on Tuesday, mirroring international trends. Traders reported that the price per tola of 24-karat gold surged by Rs1500 to stand at Rs526,262, a testament to global economic resilience.
For 10 grams of this precious metal, the rate climbed by Rs1286 to Rs451,184. This upward movement in local markets underscored an interconnected world where even regional economies felt the reverberations from far-flung forces driving gold prices higher on Tuesday.
Concurrent with these developments in Pakistan’s market, international bullion markets saw gold climbing $15 per ounce to settle at a price of $5035. This slight increase did not affect silver rates, which remained stable in domestic hands. The rate per tola for 24-karat silver stood firm at Rs8615, unchanged from previous levels, while the rate for 10 grams maintained its status quo at Rs7385.
Gold has always been a cornerstone of economic security across nations, a bedrock that central banks rely upon. The latest figures from TradingEconomics reveal an unassailable position held by the United States, with approximately 8,133 tons of gold reserves. This colossal stockpile underscores America’s pivotal role in global financial markets.
Leading up to this powerhouse nation are several other European and Asian economies: Germany possesses about 3,362 tons, Italy holds roughly 3,350 tons, and France maintains around 2,452 tons of gold. Russia’s reserves stand at 2,327 tons, alongside China’s impressive collection of nearly 2,306 tons. Other notable holders include Switzerland (1,040 tons), India (880 tons), Japan (846 tons), and emerging economies Turkey and the Netherlands, each with roughly 600 tons.
At the opposite end of the spectrum are countries with minimal gold reserves, including several African, Asian, and European nations. Armenia’s holdings stand at zero tons, followed closely by Kenya (0.02 tons) and Fiji (0.03 tons). Uruguay is one ton, representing a modest yet significant presence within its own borders.
In this intricate dance of global economics, Pakistan finds itself in the middle tier with approximately 64.77 tons of gold reserves. While these holdings are notably smaller than those of major players like the United States and China, they still serve as a moderate buffer for economic stability. Analysts argue that gold reserves remain a critical gauge of national financial strength.
Given Pakistan’s current position in this global ranking, it is clear that its gold stocks play a meaningful role in supporting monetary policy and foreign exchange strategies. As international markets continue to shift with the winds of economic turbulence, these holdings can act as a stabilizing force for countries like Pakistan navigating through uncertain times.