Tag: All Pakistan Sarafa Gems and Jewellers Association

  • Seasonal demand: Gold price increases by Rs5,600 to Rs207,500 per tola

    Seasonal demand: Gold price increases by Rs5,600 to Rs207,500 per tola

    On Friday, gold prices in Pakistan experienced a significant increase due to seasonal demand and the rush to purchase the precious metal during Ramadan and the upcoming wedding season.

    According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold surged by Rs5,600 per tola and Rs4,801 per 10 grammes to settle at Rs207,500 and Rs177,898, respectively.

    In recent sessions, the price of gold had decreased due to a decline in international prices and the appreciation of the Pakistani rupee against the US dollar. However, the bullion sparkled once again on Friday as local markets reopened following a day off for Pakistan Day.

    The price of gold in Pakistan is strongly influenced by the rupee-dollar parity since almost all of the country’s gold demand is met through imports, with traders following international prices to set rates. The metal is imported by jewelers against the US dollar and UAE dirham before its price is converted into rupees.

    The APSGJA also noted that the price of gold in Pakistan was Rs12,000 per tola cheaper than in the Dubai market, indicating that the Pakistani gold market was currently less expensive than the global market.

    Meanwhile, in the international market, gold prices continued to rise on Friday, buoyed by a drop in Treasury yields after the US Federal Reserve hinted at a possible end to its monetary tightening cycle. The per-ounce price settled at $1,997 after a significant increase of $58.

    The longer-term prospects for gold remain positive due to expectations of a pause in US interest rate hikes. In addition, silver prices in the domestic market rose by Rs20 per tola and Rs17.15 per 10 grammes, settling at Rs2,220 per tola and Rs1,903.29 per 10 grammes, respectively.

  • Gold price increases to Rs208,300 per tola as investors adopt cautious approach amid uncertainties

    Gold price increases to Rs208,300 per tola as investors adopt cautious approach amid uncertainties

    The price of gold in Pakistan soared by 2 per cent on Saturday, according to data from the All-Pakistan Sarafa Gems and Jewellers Association. The political unrest in the country has left investors uncertain about the economy, prompting them to seek safe-haven assets such as gold.

    The price of gold (24 carats) increased by Rs4,100 per tola and Rs3,516 per 10 grammes, reaching Rs208,300 and Rs178,584, respectively. In the week ending March 18, gold gained Rs9,600 per tola, or 4.8 per cent, as it rose during all six trading sessions, despite the little appreciation of the Pakistani rupee against the US dollar.

    The precious metal is expected to remain attractive to investors as they adopt a cautious approach.

    The price of silver also rose by Rs100 per tola and Rs85.73 per 10 grammes to settle at Rs2,250 per tola and Rs1,929 per 10 grammes, respectively. Meanwhile, in the international market, gold prices surged by over 2 per cent due to banking crises shaking global markets, putting bullion on track for its biggest weekly rise in three years. The price per ounce settled at $1,989 after an increase of $53. This rise in gold prices was also driven by bets for a less aggressive Federal Reserve in its fight against inflation.

    Gold is currently Rs11,500 per tola “undercost” in Pakistan compared to the Dubai market, making it cheaper for investors to buy. According to experts, gold is surging on fears that more bad banking news could appear over the weekend and hopes that the FED will pause its rate hikes next week.

    With political and economic uncertainties looming in Pakistan, gold is likely to shine as investors seek a low-risk profile.

  • Gold prices rise on weaker Pakistani rupee and economic outlook

    Gold prices rise on weaker Pakistani rupee and economic outlook

    On Tuesday, gold prices rose further to reach a one-week peak achieved last week, supported by a weaker Pakistani rupee. Investors were keeping an eye on upcoming economic developments that could impact the market’s direction. The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of gold (24 carats) rose by Rs500 per tola and Rs429 per 10 grammes to settle at Rs197,000 and Rs168,896, respectively.

    The decline of the Pakistani rupee against the US dollar in the interbank market by 0.24 per cent to Rs262.51 boosted the appeal of the precious metal. However, the outlook for gold remained uncertain as the prospects of the rupee’s recovery against the dollar increased, driven by optimism surrounding the revival of the International Monetary Fund (IMF) programme.

    The yellow metal gained Rs3,800 per tola over the last three sessions. Silver prices in the domestic market also increased by Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,150 per tola and Rs1,843.27 per 10 grammes, respectively.

    Meanwhile, in the international market, gold prices dropped by $12 per ounce to settle at $1,832 due to the rise of the dollar, while investors awaited US economic data to determine the Federal Reserve’s interest rate strategy. The dollar index remained high, making dollar-priced gold more expensive for buyers with other currencies.

    Han Tan, chief market analyst at Exinity, said that gold’s primary driver remains the changing expectations surrounding the Fed’s policy moves, and the upcoming release of the FOMC minutes could provide more clues. If the US economy continues to defy the Fed’s rate hikes, it could lead to a higher peak for US rates, which would disappoint bullion bulls.

    The market focus this week is on the release of the Federal Open Market Committee’s January meeting minutes on Wednesday, followed by US gross domestic product data on Thursday and Friday’s core PCE price index. Although gold prices reached their highest level since April 2022 earlier this month at $1,959.60, they have dropped by approximately $130 after US data indicated a robust economy.

  • Gold price hits new all-time high of Rs187,200 per tola

    Gold price hits new all-time high of Rs187,200 per tola

    For the first time in Pakistan’s history, the price of gold passed Rs187,000 per tola.

    On Monday, the price of 24-carat gold per tola increased by Rs3,300, reaching an all-time high of Rs187,200 compared to the last trading day’s sale of Rs183,900.

    According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold increased by Rs3,300 per tola and Rs2,829 per 10 grammes, respectively, to settle at Rs187,200 and Rs160,494.

    From Rs126,000 per tola on December 31, 2021, the yellow metal has increased by Rs57,900, or 45.95 per cent .

    According to the group, the price of gold in Pakistan has been “overcost” by Rs6,500 per tola when compared to pricing in Dubai. This indicates that the price of gold in Pakistan is currently higher than it is on the global market.

    The discrepancy between the official price of gold and the price it is being sold for is growing. The official price in the Sarafa market, as announced by the association, is Rs187,200 per tola. But the price at which it is being sold is reportedly higher.

    According to Geo, due to the rupee’s depreciation against the US dollar during the present cycle, financial experts and goldsmiths predict that the price of gold may increase to Rs200,000 per tola.

  • Gold price hits record high as economic conditions push people to buy precious metals

    Gold price hits record high as economic conditions push people to buy precious metals

    On Thursday, the price of gold increased by 1.4 per cent to break the Rs166,000 per tola barrier as it proceeded to set new milestones.

    According to figures provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold increased by Rs2,250 per tola and Rs1,929 per 10 grams to settle at record highs of Rs166,400 and Rs142,661.

    A day earlier, the price of gold reached a record high of Rs164,150 per tola as investors sought safety in the safe-haven metal amid growing worries about the nation’s economic situation getting worse.

    In the meantime, domestic silver prices held steady at an all-time high of Rs1,860 per tola and Rs1,594.65 per 10 grams.

    As the precious metal often reflects world prices, which have been under pressure this year as a result of the US Federal Reserve’s aggressive tightening efforts, the gold surge is particularly notable.

    The price of gold increased by $10 per ounce on the global market, reaching $1,784.

    The country’s gold prices were reaching new highs, but gold traders regret that the lucrative nature of the industry had vanished.

    Here, only investors are purchasing gold. In contrast, artificial jewellery is being used during weddings and other rituals.