Tag: bullion market

  • Gold price rises to Rs215,700 per tola with Rs900 surge

    Gold price rises to Rs215,700 per tola with Rs900 surge

    The 24-karat gold price in Pakistan has once again surged, rebounding from a previous drop of Rs1,100 per tola in the last trading session.

    The latest market data reveals a noteworthy increase of Rs900 per tola, closing at Rs215,700 per tola on Thursday.

    On the preceding day, gold prices had recorded a dip to Rs214,800 per tola, experiencing a decline of Rs1,100. However, the recent spike has brought the values back on an upward trajectory.

    The local market also witnessed a rise in the price of 10 grammes of 24-karat gold, marking an increase of Rs772 to reach Rs184,928 from Rs184,156.

    Similarly, the price of 10 grams of 22-karat gold climbed to Rs169,517 from Rs168,810, as reported by the All Sindh Sarafa Jewellers Association.

    The association suggests that these fluctuations are closely tied to the fluctuations in the value of the US dollar.

    This correlation emphasises the intricate relationship between currency values and gold prices, highlighting the impact of global economic factors on local gold markets.

    In contrast, the price of 24-karat silver remained stable at Rs2,570. Internationally, the global gold price experienced a minor uptick of $9, reaching $2,057 per ounce.

    This stability in silver prices locally and the marginal increase in global gold prices indicate the complex dynamics at play in the precious metals market.

    Investors and market analysts continue to monitor these shifts closely, recognising the interplay between global economic variables and the valuation of precious metals in the local market.

    The resilience of gold prices, despite recent fluctuations, underscores the ongoing influence of international factors on Pakistan’s gold market.

  • Gold price drops by Rs1,100 to Rs214,800 per tola

    Gold price drops by Rs1,100 to Rs214,800 per tola

    In a shift from its recent upward trend, gold prices in Pakistan experienced a decline on Wednesday, with the price of 24-karat gold dropping by Rs1,100 per tola to reach Rs214,800.

    The Karachi Sarafa Association reported that the cost of 10 grammes of 24-karat gold also saw a decrease, settling at Rs184,156, reflecting a decline of Rs944.

    Additionally, 10-gramme 22-karat gold was valued at Rs168,810.

    In contrast, silver prices remained steady on the day, with 24-karat silver maintaining its position at Rs2,570 per tola and Rs2,203.36 per 10 grammes.

    On the global stage, international spot gold demonstrated resilience, trading at $2,026.92, marking a 0.17% increase for the day.

    However, international spot silver experienced a slight dip, standing at $22.33, reflecting a 0.55% decrease.

    Market observers are closely watching key inflation data and anticipating remarks from Federal Reserve officials this week to gain insights into the central bank’s potential decision regarding interest rates.

    It is noteworthy that the latest Federal Reserve minutes have indicated that most US officials are not in a hurry to implement rate cuts.

  • Gold rate inches up to Rs215,900 per tola with marginal gain

    Gold rate inches up to Rs215,900 per tola with marginal gain

    In a sustained upward trajectory, domestic bullion recorded gains on Tuesday, driven by a surge in 24-karat gold. The precious metal reached Rs215,900 per tola, reflecting an increase of Rs100.

    The latest data from the Karachi Sarafa Association reveals that the cost of 10 grammes of 24-karat gold saw a slight rise, reaching Rs185,100 with an uptick of Rs86. Additionally, 10-gramme 22-karat gold was quoted at Rs169,674.

    Contrastingly, silver prices remained stable, maintaining their previous rates. The 24-karat silver was traded at Rs2,570 per tola, while the cost per 10-gramme stood at Rs2,203.36.

    On the global front, the international spot gold market witnessed a positive trend, with prices hovering near $2,036.26, indicating a 0.26% increase for the day. In parallel, international spot silver held strong around $22.63, marking a 0.58% uptick.

    The financial landscape also saw influence from the latest Federal Reserve minutes, which indicated a collective sentiment among most US officials against rushing into rate cuts.

    This news brings additional insights into the dynamics shaping the global precious metals market.

  • Gold price increases by Rs700 to Rs215,800 per tola

    Gold price increases by Rs700 to Rs215,800 per tola

    In a notable shift in the precious metals market, the price of 24-karat gold in Pakistan exhibited an increase of Rs700 per tola, reaching Rs215,800 on Monday.

    This surge follows the closing price of Rs215,100 on the last trading day, Saturday.

    The price adjustment was not exclusive to tola measurements; the cost of 10 grammes of 24-karat gold also experienced an uptick, rising by Rs600 to Rs185,014 from its previous value of Rs184,414.

    Similarly, 22-karat gold saw an increase in its 10-gramme price, climbing to Rs169,596 from Rs169,046, as reported by the All Sindh Sarafa Jewellers Association.

    Contrary to the movement in gold prices, the rates for silver remained consistent. The cost of one tola and ten grammes of silver held steady at Rs2,570 and Rs2,203.36, respectively.

    Internationally, the gold market displayed a contrasting trend, witnessing a decrease of $02, with the new rate standing at $2,054, down from $2,056, according to the association’s findings.

    Meanwhile, the Pakistan Stock Exchange (PSX) recorded a week of positive trends and increased business activities. Investors demonstrated optimism regarding political stability following the general elections on February 8.

    As the business week concluded, the KSE-100 index closed at an impressive 62,815 points, reflecting a gain of 2,943 points, or 4.92 per cent.

    The index had reached its peak during the week, showcasing investor confidence in the anticipated political stability post-elections.

  • Gold price declines by Rs1,200 to Rs214,100 per tola

    Gold price declines by Rs1,200 to Rs214,100 per tola

    Gold rates in Pakistan experienced a significant decrease on Friday, mirroring the decline observed in the international market.

    According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the yellow metal was priced at Rs214,100 per tola after shedding Rs1,200 during the day.

    The 10-gram gold rate also witnessed a decrease, with prices dropping to Rs183,556 after a decline of Rs1,029, as reported by the APGJSA.

    This reversal follows a slight increase in gold prices on Thursday, where rates had gone up by Rs100 per tola in Pakistan.

    However, the international market experienced a decline of $11, resulting in a $20 premium on the international gold rate, which was set at $2,040 per ounce on Friday.

    The APGJSA further reported that the silver rate remained stable at Rs2,570 per tola in Pakistan.

    The fluctuation in gold prices is attributed to the dynamic nature of the global market, where various economic factors and geopolitical events can influence the demand and supply dynamics of precious metals. Investors and consumers are advised to stay updated on market trends and consult with financial experts for informed decisions.

    It is essential to note that gold and silver rates can be subject to change rapidly, and individuals are encouraged to monitor the market closely for real-time updates.

  • 24-karat gold price rises by Rs100 per tola

    24-karat gold price rises by Rs100 per tola

    In the local market, the price of 24 karat gold witnessed a modest rise on Thursday, marking an increase of Rs100 per tola.

    The precious metal was traded at Rs215,300, compared to its previous rate of Rs215,200 during the last trading session.

    Similarly, the cost of 10 grammes of 24 karat gold experienced an uptick, registering a rise of Rs85 and reaching Rs184,585 from its previous value of Rs184,500.

    The All Sindh Sarafa Jewellers Association disclosed that the prices of 10 grammes of 22 karat gold also showed an increase, climbing to Rs169,203 from Rs169,124.

    However, the silver market remained stable, with the cost of per tola and ten-gramme silver remaining unchanged at Rs2,570 and Rs2,203.36, respectively.

    Internationally, the price of gold demonstrated a slight escalation, as it rose by $3 to $2,051 from its earlier value of $2,048, according to reports from the Association.

    Market analysts attribute these fluctuations to various factors, including global economic conditions, geopolitical events, and changes in investor sentiment.

  • Gold rate increases to Rs215,200 per tola

    Gold rate increases to Rs215,200 per tola

    In Wednesday’s market update, the price of 24-karat gold exhibited an upward trend, surging by Rs750 per tola and reaching Rs215,200 per tola.

    The Karachi Sarafa Association noted a marginal gain in the price of 10-gramme 24-karat gold, which stood at Rs184,500, marking an increase of Rs644 from the previous session. Similarly, the price of 10-gramme 22-karat gold experienced an uptick, reaching Rs169,124.

    Global traders are currently anticipating the release of the US Federal Reserve’s meeting minutes on January 30 and 31. This event is expected to provide valuable insights into the economic outlook and potential policy shifts.

    Contrastingly, silver prices remained stable, with 24-karat silver maintaining a selling price of Rs2,580 per tola, and 10-gramme silver being traded at Rs2,211.93.

    It’s noteworthy that domestic gold concluded the previous week in the red zone, influenced by a downturn in international prices. Speaking of global trends, international spot gold hovered around $2,028, showing a 0.2 per cent change compared to the preceding session.

    Market participants are keenly awaiting the minutes from the Federal Reserve’s January policy meeting, scheduled for release on Wednesday, which are anticipated to provide valuable insights into the central bank’s stance and potential future monetary policy adjustments.

  • 24-karat gold price increases by Rs1,300 per tola

    24-karat gold price increases by Rs1,300 per tola

    In a persistent upward trend, the domestic bullion market showcased further gains, particularly in the value of 24-karat gold, which surged by Rs1,300 per tola to reach Rs212,400 on Friday.

    According to the latest report from the Karachi Sarafa Association, the price of 10-gram 24-karat gold experienced a notable increase, reaching Rs182,099 and reflecting a gain of Rs1,115 compared to the previous session.

    Simultaneously, the price of 10-gram 22-karat gold saw an uptick, settling at Rs166,924.

    Despite the positive momentum in the gold market, silver prices remained steady, with 24-karat silver holding at Rs2,580 per tola and 10-gram silver trading at Rs2,211.93.

    Interestingly, despite today’s substantial rise in gold prices and the prevailing political instability in the country, local gold is on track to record a weekly loss.

    This comes on the heels of hotter-than-anticipated US inflation data released on Wednesday, causing gold to dip below the $2,000 mark for the first time in two months.

    Bloomberg reported that the American Consumer Price Index (CPI) data disappointed investors, reversing recent declines in price pressures and dampening expectations for rate cuts this year.

    However, the international spot gold has rebounded strongly since Wednesday’s decline, currently trading at $2,007.61, reflecting a gain of over $3 day-over-day.

    Amidst these global dynamics, the fluctuation in the domestic currency plays a crucial role in determining the domestic gold rate.

    It’s noteworthy that the Pakistani Rupee (PKR) snapped its 13-week-long and historic winning streak against the US Dollar, experiencing a marginal drop of 8 paisa.

    Given that gold is denominated in US dollars, a depreciation of the PKR against the dollar contributes to the rise in the value of PKR-denominated gold.

    The bullion market’s resilience in the face of global challenges highlights its sensitivity to both local and international economic factors, providing a nuanced perspective for investors and stakeholders.

  • 24-karat gold price increases to Rs211,100 per tola

    24-karat gold price increases to Rs211,100 per tola

    In a rebound from the significant dip in the previous session influenced by higher-than-expected US inflation data, the price of 24-karat gold in the local bullion market surged by Rs300, reaching Rs211,100 per tola on Thursday.

    According to the Karachi Sarafa Association, the cost of 10-gramme 24-karat gold witnessed a notable increase, reaching Rs180,984, marking a gain of Rs257 compared to the previous session.

    Conversely, the price of 10-gramme 22-karat gold experienced a decline, falling to Rs165,902.

    Silver prices, on the other hand, remained stable today.

    The 24-karat silver was reported to be trading at Rs2,580 per tola, while the 10-gramme silver was at Rs2,211.93.

    Internationally, the spot gold market showed signs of recovery, currently being traded at $1,993.75, registering a gain of $1.45 day-on-day.

    Notably, yesterday’s shock in the consumer price index (CPI) pushed gold prices below the $2,000 mark for the first time in two months.

    The disappointing US CPI data took investors by surprise, following a recent decline in price pressures that had fueled expectations of rate cuts later this year, as reported by Bloomberg.

    The likelihood of a rate cut in May dropped to about 32 per cent, down from around 64 per cent before the release of the inflation data, with less than 90 basis points anticipated for the remainder of the year.

  • Gold prices hold steady in Pakistan despite international dip

    Gold prices hold steady in Pakistan despite international dip

    In a Monday market report, the All Pakistan Gems and Jewellers Sarafa Association (APGJSA) revealed that gold prices in Pakistan remained unchanged, defying a slight decrease observed in the international market.

    As per the rates provided by APGJSA, the gold price per tola stood firm at Rs214,300, showcasing resilience in the local market.

    The 10-gramme gold rate echoed this stability, with APGJSA reporting it at Rs183,728, remaining unchanged from the previous close.

    Despite the international market witnessing a slight dip, Pakistan maintained its pricing consistency.

    Internationally, the gold rate, with a $20 premium, settled at $2,043 per ounce on Monday. This marked a marginal decrease of $2 in the wake of market fluctuations, according to APGJSA.

    The association emphasised the steadfast nature of the local gold market despite the international trend.

    In contrast, silver rates in Pakistan remained unwavering, standing at Rs2,600 per tola on Monday, reinforcing the stability observed in precious metal markets locally.