Tag: APGJSA

  • Gold price hits record high of Rs261,000 per tola in Pakistan

    Gold price hits record high of Rs261,000 per tola in Pakistan

    Gold prices in Pakistan continued their upward trend on Wednesday, reaching a new record high, driven by a rise in international rates. The price of gold per tola in the local market increased by Rs300, bringing it to Rs261,000. Meanwhile, the price for 10 grammes of gold rose by Rs257, reaching Rs223,765.

    On the previous day, the price of gold had settled at Rs260,700, marking a Rs700 increase, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    While the international gold rate remained steady on Wednesday, the APGJSA noted that the price was $2,512 per ounce, which included a premium of $20.

    In contrast, silver prices in the local market remained unchanged at Rs2,950 per tola.

    Globally, gold prices continue to be buoyed by expectations of an imminent rate cut by the US Federal Reserve and ongoing geopolitical uncertainties.

    The anticipation of the Fed beginning a rate-cutting cycle as early as September has put downward pressure on US Treasury bond yields and the US Dollar, contributing to the surge in gold prices, which hit a new record on Tuesday.

    According to the CME Group’s FedWatch Tool, there is now over a 70 per cent probability that the US central bank will reduce borrowing costs by 25 basis points at the September FOMC meeting.

    Additionally, a recent Reuters poll suggests that a slight majority of economists expect the Fed to implement a 25 basis point cut at each of the three remaining meetings in 2024, one more reduction than was anticipated last month.

  • Gold price drops by Rs1,000 to Rs250,000 per tola

    Gold price drops by Rs1,000 to Rs250,000 per tola

    Gold prices in Pakistan experienced a decline for the second straight session on Saturday, mirroring the downward trend in international markets.

    In the local market, the price of gold per tola settled at Rs250,000, following a single-day drop of Rs1,000.

    According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of gold fell by Rs857, bringing it to Rs214,335.

    This decline follows a substantial decrease on Friday when the gold price per tola dropped by Rs3,000.

    On the international front, gold prices also saw a reduction on Saturday. The rate, as reported by the APGJSA, stood at $2,400 per ounce, inclusive of a $20 premium, after shedding $15 during the day.

    In contrast, silver prices showed an upward trend, increasing by Rs70 to reach Rs2,920 per tola.

    Earlier in the week, on Thursday, gold prices in Pakistan had surged by Rs4,600 per tola, reaching an all-time high of Rs254,000 per tola in the local market.

  • Gold price drops by Rs1,300 per tola to Rs245,100 per tola

    Gold price drops by Rs1,300 per tola to Rs245,100 per tola

    Gold prices in Pakistan experienced a notable drop on Monday, mirroring a decrease in international markets.

    The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of gold per tola fell by Rs1,300, bringing it down to Rs245,100. Similarly, the rate for 10 grammes of gold decreased by Rs1,113, settling at Rs210,134.

    On the global stage, the price of gold was set at $2,376 per ounce, including a $20 premium, after a decline of $12 during the day.

    In contrast, silver prices in Pakistan remained steady, with rates holding firm at Rs2,900 per tola.

    Moreover, the Pakistani rupee on the first trading day of the week declined by Rs12.74 paisa to Rs278.5 against the US dollar.

  • Gold price increases Rs300 per tola to Rs216,400

    Gold price increases Rs300 per tola to Rs216,400

    Gold rates in Pakistan witnessed a notable upswing on Tuesday, aligning with the international market trend.

    The precious metal was quoted at Rs216,400 per tola in the local market, marking a substantial increase of Rs300 within the day.

    According to data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold price reached Rs185,528 after experiencing a rise of Rs257 on the same day.

    This surge in gold prices follows a recent decline on Tuesday, where the yellow metal in Pakistan had seen a decrease of Rs1,900 per tola.

    The international gold rate, with a $20 premium, stood at $2,050 per ounce on Tuesday, marking an increase of $3 in the global market, as reported by the APGJSA.

    Meanwhile, silver rates maintained stability in the local market at Rs2,660 per tola on the same day, indicating a lack of significant fluctuations in silver prices.

    Market analysts are attributing the rise in gold rates in Pakistan to the positive movement in the global market, emphasising the impact of international factors on the local precious metals landscape.

    Investors and traders are closely monitoring these fluctuations as they evaluate their investment strategies in the backdrop of the dynamic economic environment.

  • Local gold prices drop by Rs1,900 per tola

    Local gold prices drop by Rs1,900 per tola

    On Monday, gold prices in Pakistan experienced a decline in alignment with the global market trend. 

    The local market recorded the yellow metal at Rs216,100 per tola, marking a decrease of Rs1,900 throughout the day.

    The 10-gram gold was traded at Rs185,271, reflecting a reduction of Rs1,629, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    Contrastingly, on the preceding Saturday, gold prices had surged by Rs1,000 per tola in Pakistan.

    The international gold rate exhibited a $20 premium, reaching $2,047 per ounce on Monday, following an $18 dip in the global market, according to APGJSA.

    In parallel, silver rates remained steadfast at Rs 2,660 per tola during this period.

  • Gold sees Rs1,800 per tola dip in local market

    Gold sees Rs1,800 per tola dip in local market

    Gold continued its decline for the second consecutive session on Thursday, mirroring the international downtrend.

    In the local market, the price of gold reached Rs218,200 per tola, registering a loss of Rs1,800 during the day.

    According to data from the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gramme gold was traded at Rs187,071, reflecting a decrease of Rs1,543.

    Notably, Wednesday witnessed a Rs1,300 decrease in gold prices per tola in Pakistan.

    The international gold rate, accompanied by a $15 decline in the global market, stood at $2,067 per ounce on Thursday, with a $20 premium, as reported by APGJSA.

    In a parallel development, silver experienced a modest decline of Rs20, settling at Rs2,660 per tola.

  • Gold prices in Pakistan follow global trend, decline by Rs1,300 per tola

    Gold prices in Pakistan follow global trend, decline by Rs1,300 per tola

    On Wednesday, gold prices in Pakistan experienced a reduction, mirroring the global downward trend. 

    The current valuation of the precious metal stands at Rs220,000 per tola, marking a decrease of Rs1,300 throughout the day.

    As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold rate now stands at Rs188,614, reflecting a decline of Rs1,115.

     In contrast, the previous day witnessed a surge of Rs 1,600 per tola in gold prices.

    The international gold rate, despite a $12 dip in the global market, settled at $2,082 per ounce on Wednesday, with a $20 premium, according to APGJSA.

    In contrast, silver rates remained unchanged at Rs2,680 per tola during this period.

  • Gold price in Pakistan goes up by Rs1,600 per tola

    Gold price in Pakistan goes up by Rs1,600 per tola

    On Tuesday, gold prices in Pakistan experienced a notable surge, aligning with the upward trend in the global market.

    The precious metal reached a valuation of Rs221,300 per tola in the domestic market, marking a substantial gain of Rs1,600 throughout the day.

    As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold was traded at Rs189,729 after witnessing an increase of Rs1,372. This movement follows a Rs300 decrease per tola in gold prices on the preceding Monday.

    In the international arena, gold exhibited a rise of $12 on Tuesday, reaching $2,094 per ounce with an additional premium of $20, as communicated by APGJSA.

    Conversely, silver maintained stability at Rs2,680 per tola in the local market amidst these fluctuations in gold prices.

  • Gold prices in Pakistan kick off 2024 with decline, hitting Rs219,700 per tola

    Gold prices in Pakistan kick off 2024 with decline, hitting Rs219,700 per tola

    On the inaugural day of 2024, gold prices experienced a downturn in Pakistan.

    The precious metal, colloquially referred to as the yellow metal, was valued at Rs219,700 per tola following a decline of Rs300 in Pakistani gold market on Monday. 

    In terms of 10 grammes, gold was traded at Rs188,357, reflecting a decrease of Rs258, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). 

    Notably, this came after a Rs900 per tola decrease in gold prices on the preceding Saturday.

    Concurrently, the global gold rate exhibited stability at $2,082 per ounce on Monday, with an additional $20 premium per ounce, according to APGJSA. 

    In the realm of silver, rates held steady at Rs2,680 per tola in Pakistan.

  • Second consecutive decline: Gold price drops by Rs900 per tola in Pakistani markets

    Second consecutive decline: Gold price drops by Rs900 per tola in Pakistani markets

    Gold sustained its downward trend for the second consecutive session on Saturday, experiencing a decline of Rs900 per tola in the Pakistani gold market.

    The price of one tola gold was established at Rs220,000, and the 10-gramme gold recorded a sale at Rs188,615, reflecting a decrease of Rs771.

    These figures were provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    In comparison, Friday witnessed a decrease of Rs1,900 per tola in gold rates in Pakistan. This local downturn aligns with the global moderation observed in the price of gold.

    The international rate of gold, marked by a $20 premium, was set at $2,082 per ounce on Saturday, following an $8 dip in the international market, according to APGJSA.

    In contrast, silver rates in Pakistan remained stable at Rs2,680 per tola.

    Reflecting on the broader trend, the year 2023 saw a noteworthy 20 per cent increase in gold prices in Pakistan, with the price per tola reaching around Rs184,000 by the end of 2022.

    The pinnacle of gold rates in 2023 occurred on September 2, recording Rs242,700 per tola, while the lowest point in the year was noted on October 4 at Rs188,400 per tola, based on APGJSA data.