Tag: Commodity prices

  • Weekly inflation drops 1.39% as onion and chicken prices ease

    Weekly inflation drops 1.39% as onion and chicken prices ease

    The latest report from the Pakistan Bureau of Statistics (PBS) reveals that the Weekly Sensitive Price Indicator (SPI) for the Combined Group dropped by 1.39 per cent week-on-week for the period ending May 09, 2024.

    However, when compared to the same period last year, the SPI has risen by 22.32 per cent.

    The Combined Index, which measures price changes for essential items, stood at 312.56 at the end of the week, down from 316.95 the previous week. A year ago, the index was at 255.53.

    Among the 51 items tracked by the SPI, 12 (23.53 per cent) showed price increases, 13 (25.49 per cent) saw price decreases, and 26 (50.98 per cent) remained stable.

    Notable price decreases during the week included onions, which dropped by 19.22 per cent, chicken by 18.83 per cent, wheat flour by 4.00 per cent, LPG by 3.67 per cent, and wheat by 3.49 per cent.

    In contrast, the most significant price increases were recorded for tomatoes, which rose by 19.24 per cent, eggs by 4.73 per cent, potatoes by 4.38 per cent, pulse gram by 0.91 per cent, and cooking oil (5-litre packs) by 0.89 per cent.

    The SPI’s weekly percentage change by income groups indicates that all income brackets experienced a decline in the SPI, ranging from -0.99 per cent to -1.53 per cent.

    The lowest income group saw a drop of 0.99 per cent, while the highest income group experienced a more significant decrease of 1.53 per cent.

    However, over the year, the SPI has increased across all income groups, with the percentage change varying between 15.95 per cent and 25.88 per cent.

    The lowest income group recorded a 15.95 per cent increase, while the highest income group saw a rise of 19.99 per cent.

    In other market trends, the average price for a 50 kg bag of Sona urea stood at Rs4,836, which is 1.80 per cent lower than the previous week but 57.36 per cent higher than a year earlier.

    Meanwhile, the average price for a 50 kg bag of cement was Rs1,204, showing a slight decrease of 0.95 per cent from the previous week, but still 7.58 per cent higher than the corresponding period last year.

  • Pakistanis catch a break as weekly inflation hits 18-week low

    Pakistanis catch a break as weekly inflation hits 18-week low

    Short-term inflation in Pakistan dipped to 29.06 per cent year-on-year by the week ending March 21, stepping down from its prolonged stint above 30 per cent for the past 18 weeks, as per recent official data.

    The pullback in weekly inflation, tracked by the Sensitive Price Index (SPI), was primarily attributed to a drop in the prices of key staples like tomatoes, onions, and potatoes. The SPI noted a 1.13 per cent week-on-week decrease as of March 21, down from 32.89 per cent recorded in the previous week.

    This follows an unbroken 11-week stretch of inflation topping 40 per cent, starting from 29 per cent noted on November 8, 2023. The surge was largely fueled by upticks in gas prices, electricity tariffs, and essential kitchen item costs.

    Weekly inflation peaked at a record 48.35 per cent year-on-year in early May 2023, before cooling off to as low as 24.4 per cent in late August 2023, only to surge past 40 per cent again by the week ending November 16, 2023.

    Among the notable declines in prices on a week-on-week basis were tomatoes (36.73 per cent), onions (19.58 per cent), potatoes (4.02 per cent), garlic (2.87 per cent), pulse mash (1.25 per cent), wheat flour (1.02 per cent), sugar (0.95 per cent), pulse masoor (0.86 per cent), and diesel (0.60 per cent).

    Conversely, significant increases were seen in the prices of LPG (1.49 per cent), shirting (0.74 per cent), beef (0.53 per cent), rice basmati broken (0.48 per cent), mutton (0.42 per cent), mustard oil (0.40 per cent), rice irri 6/9 (0.25 per cent), powdered milk (0.14 per cent), and georgette (0.03 per cent) compared to the previous week.

    On an annual basis, notable price hikes were observed in gas charges for Q1 (570 per cent), chilli powder (86.05 per cent), gents sponge chappal (58.05 per cent), garlic (57.41 per cent), onions (54.65 per cent), gents sandal (53.37 per cent), gur (39.86 per cent), sugar (35.01 per cent), salt powder (33.29 per cent), energy saver (29.83 per cent), and pulse mash (27.31 per cent).

    In contrast, certain items witnessed declines, with cooking oil 5-litre dropping by 21.35 per cent, followed by vegetable ghee 2.5 kg (18.48 per cent), vegetable ghee 1 kg (18.44 per cent), mustard oil (13.90 per cent), bananas (13.52 per cent), diesel (2.47 per cent), and cigarettes (0.06 per cent).

    The short-term inflation, gauged through the SPI, stood at 323.50, compared to 327.21 in the preceding week and 250.66 a year ago. Comprising 51 items collected from 50 markets in 17 cities, the SPI is calculated weekly to monitor the prices of essential commodities and services at shorter intervals. Data indicates that prices of nine items increased, 17 items decreased, and 25 items remained stable compared to the previous week.

  • 24 karat gold price surges by Rs800 per tola, silver takes a dip

    24 karat gold price surges by Rs800 per tola, silver takes a dip

    In a notable shift in the precious metals market, the per-tola price of 24 karat gold in Pakistan witnessed an increase of Rs800, reaching Rs213,200 on Saturday. This rise is compared to its previous sale at Rs212,400 on the last trading day.

    Similarly, the price of 10 grammes of 24 karat gold experienced an uptick, climbing by Rs686 to Rs182,785 from Rs182,099.  The All Sindh Sarafa Jewellers Association reported that the prices of 10 grammes of 22 karat gold also saw an increase, reaching Rs167,553 from Rs166,924.

    On the other hand, the price of per tola silver exhibited a decrease of Rs30, settling at Rs2,550. Simultaneously, the price of ten grammes of silver witnessed a decline of Rs25.72, reaching Rs2,186.21.

    Internationally, the price of gold ascended by $9, reaching $2,034 from $2,025, as reported by the Association. These fluctuations in the precious metals market reflect the dynamic nature of global economic conditions, influencing prices both domestically and internationally.

  • Gold prices in Pakistan rebound, surging Rs1,300 per tola

    Gold prices in Pakistan rebound, surging Rs1,300 per tola

    Gold prices in Pakistan rebounded significantly on Friday, overcoming a challenging trend in the preceding three sessions. 

    The value of 24-karat gold surged by Rs1,300 per tola, reaching Rs215,000, according to the Karachi Sarafa Association. 

    The price for 10-gramme 24-karat gold witnessed an increase of Rs1,115, standing at Rs184,328. Additionally, the rate for 10-gramme 22-karat gold was Rs168,976, compared to yesterday’s Rs167,945.

    In contrast, silver maintained stability in the domestic market, with 24-karat silver selling at Rs2,600 per tola and Rs2,229.08 per 10-gramme. 

    On the global front, international spot gold continued its positive momentum, currently trading at $2,027.32. 

    Despite today’s uptick, global gold is poised for its weakest weekly performance in the past six weeks, driven by diminishing expectations for interest rate cuts. 

    This decline in commodity prices is attributed to central bankers pushing back against market bets for rate cuts, contributing to a widespread selloff across stocks and bonds.

  • Gold price drops by Rs2,000 per tola to Rs215,300

    Gold price drops by Rs2,000 per tola to Rs215,300

    On Wednesday, the domestic bullion market experienced a notable decline, influenced by a drop in international prices. 

    In Pakistan, the price of 24-karat gold plunged by Rs2,000 per tola, reaching Rs215,300.

    The Karachi Sarafa Association reported a decrease of Rs1,715 in the price of 10-gramme 24-karat gold, standing at  Rs184,585. 

    Additionally, the price of 10-gramme 22-karat gold dipped to Rs169,203 compared to Rs170,775 on Tuesday.

    Silver prices also witnessed a downturn in the domestic market, with 24-karat silver selling at Rs2,600 per tola and Rs2,229.08 per 10-gramme, reflecting declines of Rs50 per tola and Rs 42.86 per 10-gramme, respectively.

    On the global stage, international spot gold experienced a $6, or 0.31 per cent, decrease, currently trading at $2,021.77 [02:46 pm PST]. 

    This follows a $26 or 1.27 per cent decline yesterday, contributing to the overall impact on the domestic bullion market.

  • Gold prices dip in Pakistan: 24-carat gold settles at Rs217,300 per tola

    Gold prices dip in Pakistan: 24-carat gold settles at Rs217,300 per tola

    The domestic price of gold witnessed a decline, particularly impacting 24-karat gold in Pakistan, which dropped by Rs600 per tola to reach Rs217,300.

    According to the Karachi Sarafa Association, the price for 10 grammes of 24-karat gold was reported at Rs186,300, marking an increase of Rs514.

    The price for 10 grammes of 22-karat gold was Rs170,775 during this period.

    In contrast, silver remained steady in the local market, with 24-karat silver being traded at Rs2,650 per tola and Rs2,271.94 per 10 grammes.

    Internationally, the spot price of gold experienced a decline of $15, or 0.74%, reaching $2,039. It’s noteworthy that, at the time of the Karachi Sarafa Association’s report, the international spot rate had decreased by $8.

    It’s worth mentioning that 24-karat gold in Pakistan has observed a decline for the second consecutive week, as reported in the previous week.

  • Gold price in Pakistan witnesses marginal increase of Rs200 per tola

    Gold price in Pakistan witnesses marginal increase of Rs200 per tola

    On Thursday, the domestic market witnessed a rise in the per tola rate of 24 karat gold, with an increment of Rs200. 

    According to the All Sindh Sarafa Jewellers Association, the price for 10 grammes of 24 karat gold also surged by Rs200, reaching Rs216,300.

    Additionally, both the per tola and 10-gramme silver prices experienced an increase of Rs171, reaching Rs185,442.

    Internationally, the cost of gold rose by $5, reaching $2052. At 0942 GMT, spot gold exhibited a 0.4 per cent increase, reaching $2,031.83 per ounce.

    Simultaneously, US gold futures demonstrated a 0.4 per cent rise, reaching $2,036.60.

    In other markets, silver saw a 0.6 per cent increase, reaching $23.01 per ounce, palladium gained 0.9 per cent, reaching $1,007.80, and platinum exhibited a 0.2 per cent rise, reaching $920.58.

  • Gold price in Pakistan dips to Rs218,000 per tola

    Gold price in Pakistan dips to Rs218,000 per tola

    In a reversal of its recent upward trend, the price of gold in Pakistan saw a decline on Thursday, with the value of 24-karat gold dropping by Rs500 per tola and settling at Rs218,000.

    According to the Karachi Sarafa Association, the closing price for 10-gramme 24-karat gold in today’s session was recorded at Rs186,900, indicating a loss of Rs428.

    Additionally, the price of 10-gramme 22-karat gold stood at Rs171,325.

    Meanwhile, silver prices remained unchanged in the domestic market, with 24-karat silver and 10-gramme 24-karat silver concluding at Rs2,650 and Rs2,271.94, respectively.

    This decline in gold prices follows three consecutive sessions of steady increases, aligning with the continuous uptick in international gold prices.

    However, today’s downturn is attributed to a drop in global gold prices and the relative strengthening of the Pakistani rupee (PKR).

    The international spot gold market experienced a decrease of approximately $8.5 in the previous session, driven by a rebound in the U.S. dollar.

    Presently, spot gold is trading at $2,037.14, marking a 0.25% increase for the day as the dollar faces renewed pressure.

    Despite the gains observed today, they are not substantial enough to offset yesterday’s decline, resulting in an overall loss for the local bullion market.

    The market remains sensitive to fluctuations in both international gold prices and the strength of the Pakistani rupee.

  • Gold prices surge in Pakistan: 24-karat soars to Rs217,600 per tola

    Gold prices surge in Pakistan: 24-karat soars to Rs217,600 per tola

    The price of 24-karat gold per tola witnessed a surge, rising by Rs400 and reaching Rs217,600 on Tuesday, as compared to its previous closing at Rs217,200.

    Similarly, the cost of 10 grammes of 24-karat gold also experienced an uptick, increasing by Rs343 to Rs186,557 from Rs186,214.

    Meanwhile, the rates for 10 grammes of 22-karat gold climbed to Rs171,011 from Rs170,696, as reported by the All Sindh Sarafa Jewellers Association.

    In contrast, both the per-tola and 10-gramme silver prices remained stable at Rs2,670 and Rs2,289.09, respectively.

    On a global scale, the price of gold saw an increment of $4, reaching $2,047 from $2,043, according to the Association.

    Simultaneously, the Pakistan Stock Exchange (PSX) witnessed a significant downturn in intra-day trading on Tuesday, with the benchmark KSE-100 index plummeting by over 2,600 points.

    The PSX reported a loss of 2,633 points, causing the 100 index to dip below the 63,000-point threshold, trading at 62,571 around 2:30 pm.

    This decline comes after a sustained bullish trend lasting over a month, which followed the successful conclusion of a staff-level agreement with the International Monetary Fund (IMF).

    Market analysts attribute the bearish trend to stocks in the exploration and production (E&P), fertiliser, and banking sectors.

    Throughout the session, profit-taking was evident, contributing to the index fluctuating by over 2,500 points.

  • Govt implements measures to control onion prices amidst rising inflation

    The interim federal government has reportedly chosen to implement restrictions on onion exports due to the persistent surge in prices, as revealed by sources on Sunday. 

    According to detailed information, the government has introduced advance payments to discourage onion exports and has established a minimum export price. 

    These measures are aimed at preventing an anticipated shortage of onions and curbing further increases in prices.

    In light of escalating inflation, Pakistan witnessed a short-term inflation spike of 43.16 per cent in the week ending December 14, primarily driven by increased costs of pulses, rice, and vegetables. 

    The weekly inflation has now surpassed 41 per cent for the fifth consecutive week, influenced by elevated gas prices and electricity tariffs compared to the previous year.