Tag: 24 carats

  • Gold price surges by Rs4,900 in a single day, reaches Rs202,000 per tola 

    Gold price surges by Rs4,900 in a single day, reaches Rs202,000 per tola 

    The price of gold in Pakistan has experienced a significant surge following an increase in the global market.  

    According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the cost of 24-carat gold has risen by Rs4,900, reaching Rs202,000 per tola.  

    Meanwhile, the price of 10-gramme gold has also seen a substantial increase, going up by Rs4,201 to settle at Rs173,182. 

    In the international market, the price of gold saw a notable uptick, with a $46 increase, bringing it to $1,938 per ounce.  

    Concurrently, the US dollar (USD) weakened by Rs5.07 against the Pakistani rupee in the interbank market over the course of this week’s trading. In interbank trading, the USD declined from Rs282.69 to Rs277.62 this week. 

    Furthermore, the American currency witnessed a decrease of Rs4.50 in the open market at the end of the week, closing at Rs277, down from Rs281.50. 

  • Gold price drops by Rs1,500 per tola in Pakistan amidst global market slump

    Gold price drops by Rs1,500 per tola in Pakistan amidst global market slump

    On Friday, the price of gold in Pakistan witnessed a decline of Rs1,500 per tola, losing its luster due to a decrease in the international market.

    The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released data indicating that the price of 24-carat gold dropped by Rs1,500 per tola and Rs1,285 per 10 grammes, settling at Rs217,000 and Rs186,043, respectively.

    Concurrently, the international market saw a $10 decrease, with the yellow metal settling at $1,919 per ounce.

    Recent times have seen the gold rate in Pakistan fluctuate amidst ongoing political and economic uncertainty, as well as high inflation. Consequently, individuals tend to view this precious commodity as a secure investment and a hedge during such periods. The association’s data revealed that the price of silver remained unchanged at Rs2,550 per tola and Rs2,186.21 per 10 grammes.

    Furthermore, the data highlighted that the cost of bullion in Pakistan is Rs4,000 per tola lower than the Dubai market, indicating that the Pakistani gold market currently offers more affordable prices than the global market.

    In terms of foreign exchange, the Pakistani rupee maintained stability against the US dollar, experiencing a nominal increase of Rs0.01. The interbank market closed on Friday with the exchange rate at Rs286.74.

  • Gold price in Pakistan drops by more than Rs5,700 per tola in two days

    Gold price in Pakistan drops by more than Rs5,700 per tola in two days

    On Tuesday, the price of gold in Pakistan continued its downward trend, influenced by post-budget concerns and the impending cyclone Biparjoy, resulting in a deserted market. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) provided data indicating a decrease in the price of gold (24 carats) by Rs4,000 per tola and Rs3,430 per 10 grams, reaching Rs221,500 and Rs189,900, respectively.

    Internationally, the price of gold experienced a $2 decline, settling at $1,961 per ounce. Over the past two sessions, the cumulative decline in the prices of this precious commodity amounted to Rs5,750. Moreover, it is worth noting that gold is priced Rs4,000 per tola lower in Pakistan compared to the Dubai market.

    The fluctuating gold rates in Pakistan can be attributed to ongoing political and economic uncertainty, high inflation, and currency depreciation. During such times, individuals tend to consider gold as a safe investment and a hedge. Tuesday’s market witnessed a significant decline due to various factors, including international rates, dollar depreciation, cyclone Biparjoy, and unfavorable weather conditions that deterred buyers from venturing out.

    Data from the association indicated that the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams. Furthermore, the local currency experienced a decrease of Rs0.34 or 0.12 per cent against the US dollar, concluding the day at Rs287.97 in the interbank market.