Tag: Commodity Market

  • 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 price in Pakistan settles at Rs216,800 per tola

    Gold price in Pakistan settles at Rs216,800 per tola

    In a noteworthy shift, the per-tola price of 24 karat gold witnessed a decrease of Rs1,800, settling at Rs216,800 on Saturday.

    This marks a discernible drop from its previous standing of Rs218,600 during the last trading day.

    Similarly, the cost of 10 grammes of 24 karat gold experienced a dip of Rs1,543, now standing at Rs185,871 as opposed to its previous valuation of Rs187,414.

    Meanwhile, the prices of 10 grammes of 22-karat gold also exhibited a downward trend, reaching Rs170,382 from Rs171,796, as reported by the All Sindh Sarafa Jewellers Association.

    Contrastingly, the prices of silver remained unchanged, with per tola and ten gramme silver holding steady at Rs2,670 and Rs2,289.09, respectively.

    Taking a broader perspective, the international gold market saw a decline as well, with the price of gold dropping by $15 to $2,040 from its previous position at $2,055, according to the latest report from the Association.

    This shift in the precious metals market has sparked interest and attention within financial circles.

  • 24-karat gold price plunges by Rs1,800 per tola, reflecting global market trends

    24-karat gold price plunges by Rs1,800 per tola, reflecting global market trends

    On Tuesday, the price of gold experienced a further decline, with 24-karat gold witnessing a decrease of Rs1,800, settling at Rs213,600 per tola.  

    The Karachi Sarafa Association indicated that the closing rate for 10 grammes of 24-karat gold in today’s session was Rs183,128, reflecting a loss of Rs1,543.  

    Simultaneously, 10 grammes of 22-karat gold registered a decline to Rs167,867, down by Rs1,415. 

    Last week, gold investors in the domestic bullion market faced a significant setback when the price of 24-karat gold plummeted by Rs8,000 per tola.  

    This drop was attributed to a notable decrease in international prices and the strengthening of the local currency. 

    In contrast, the price of silver remained stable in the domestic market today, with 24-karat silver and 10 grammes of 24-karat silver closing at Rs2,600 and Rs2,229.08, respectively.  

    The downturn in the local market is linked to the ongoing decline in international prices. 

    The international spot gold market experienced a 1.04 per cent decrease this week, currently standing at $1,994.46.  

    This decline is influenced by the pressure stemming from a stronger dollar and increased US Treasury yields, marking the second consecutive session in which the commodity has traded in the red zone. 

    Market participants are eagerly anticipating the US consumer price report scheduled for 05:30 pm PST today.  

    This report could offer valuable insights into potential rate cuts ahead of the Federal Reserve’s statement and Chair Jerome Powell’s comments on Wednesday. 

    In the domestic market, gold prices are also susceptible to fluctuations in the local exchange rate.  

    Rupee remains stable against US dollar

    During yesterday’s interbank session, the Pakistani rupee (PKR) maintained stability, settling at PKR 283.9 per USD, representing a marginal depreciation of around 3 paisa against the US dollar compared to the previous session’s closing of PKR 283.87 per USD.  

    As gold is denominated in US dollars, a strengthening local unit contributes to a decrease in the value of PKR-denominated gold. 

  • Gold price in Pakistan surge with global trend, reach Rs216,500 per tola

    Gold price in Pakistan surge with global trend, reach Rs216,500 per tola

    On Friday, gold prices in Pakistan experienced a notable uptick, mirroring the global surge in rates. 

    The precious metal attained a value of Rs216,500 per tola, marking a substantial single-day increase of Rs2,200. 

    As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold reached Rs185,614, reflecting a rise of  Rs1,886. 

    This shift follows a decline of Rs500 in gold prices on Thursday, settling at Rs214,300 per tola. 

    According to APGJSA, the international gold rate exhibited a $20 increment on Friday, reaching $2,006 with a $20 premium. In comparison, the previous day witnessed a closing rate of $1,986. 

    In contrast, silver prices remained steady at Rs2,550 per tola on the same day, exhibiting resilience in the face of fluctuations observed in the gold market. 

  • Global market impact: Gold price in Pakistan drops by Rs2,400 per tola

    Global market impact: Gold price in Pakistan drops by Rs2,400 per tola

    On Thursday, gold prices in Pakistan experienced a decline, mirroring the global market trend.

    The value of the yellow metal reached Rs211,800 per tola, marking a decrease of Rs2,400. 

    The 10-gram gold was traded at Rs181,584, reflecting a Rs2,058 drop, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). 

    In the preceding session, gold prices had risen by Rs200, settling at Rs214,200 per tola.

    The international gold rate, accompanied by a $20 premium, was established at $1,968 on Thursday, indicating a $20 reduction in the global market, according to APGJSA. 

    In the midst of these changes, silver rates remained steady at Rs2,580 per tola in Pakistan.