Tag: financial news

  • Gold prices in Pakistan see weekend dip, reflecting global trend

    Gold prices in Pakistan see weekend dip, reflecting global trend

    On Saturday, gold prices in Pakistan experienced a decline, aligning with the global trend.

    The cost of one tola of gold in domestic market dropped by Rs500, settling at Rs219,300. 

    Similarly, the 10-gramme gold rate decreased by Rs429, reaching Rs188,014, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    Contrastingly, the previous day witnessed a surge in gold prices by Rs1,800, concluding at Rs219,800 per tola in Pakistan. 

    The international gold rate, despite a $2 decrease, stood at $2,072 per ounce, maintaining a $20 premium, as indicated by APGJSA.

    In the midst of these fluctuations, silver rates remained unchanged at Rs2,650 per tola.

  • 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 price surges to Rs218,500 per tola amid global uptick

    Gold price surges to Rs218,500 per tola amid global uptick

    In the latest update on the precious metals market, the cost of gold in Pakistan has witnessed a consistent upward trend for the third consecutive week, culminating in a settling price of Rs218,500 per tola on Wednesday.

    According to data released by the All-Pakistan Gems and Jewellers Association (APGJA), the rate of 24-karat gold experienced a notable surge, increasing by Rs900 per tola, reaching the current benchmark of Rs218,500.

    Simultaneously, the price for 10 grammes saw a rise of Rs771, now standing at Rs187,328.

    This surge in gold prices is a continuation of the trend observed earlier in the week, when prices increased by Rs400 twice.. This cumulative rise over the week amounts to Rs1,700 per tola, following a similar trend from the previous week when the precious metal’s price escalated by Rs1,200 per tola.

    Internationally, spot gold exhibited a modest 0.1 percent increase, reaching $2,042.10 per ounce as of 0729 GMT.

    Concurrently, US gold futures recorded a 0.2 percent uptick, settling at $2,055.90.

    These global market dynamics further contribute to the evolving landscape of gold prices, adding nuances to the economic outlook both domestically and abroad.

  • 7th consecutive gain: Pakistani rupee closes at Rs282.9 against US dollar

    7th consecutive gain: Pakistani rupee closes at Rs282.9 against US dollar

    In a persistent surge, the Pakistani rupee (PKR) continued its upward trend against the US dollar (USD) for the seventh consecutive session, appreciating by 0.04 per cent in the inter-bank market on Wednesday.

    According to the State Bank of Pakistan (SBP), the PKR concluded at Rs282.9, marking an increase of Rs0.11.

    In the open market scenario, the PKR experienced a decline of 25 paisa for both buying and selling against the USD, settling at Rs281.50 and Rs284.50, respectively.

    Conversely, against the Euro, the PKR maintained stability for both buying and selling, closing at Rs307.00 and Rs310.00, respectively.

    Against the UAE dirham, the PKR held steady for both buying and selling, concluding at Rs77.30 and Rs78.00, respectively.

    In comparison, against the Saudi Riyal, the PKR saw a gain of 10 paisa for both buying and selling, closing at Rs75.20 and Rs75.90, respectively.

    This positive trend follows Tuesday’s marginal gain, where the rupee settled at Rs283.01 against the US dollar.

    The dollar index, which experienced a slight dip on Tuesday, maintaining a mostly flat position at 102.20, had previously reached a four-month low of 101.76 last week.

    In the backdrop of global trade concerns and heightened geopolitical tensions in the Middle East, with Yemen’s Iran-aligned Houthi forces conducting attacks on ships in the Red Sea, oil prices surged past $80 a barrel on Wednesday.

    Brent crude futures observed an 89-cent increase, or 1.1 per cent, reaching $80.12 a barrel by 1101 GMT, while US West Texas Intermediate crude climbed 93 cents, or 1.3 per cent, to $74.87 a barrel.

  • 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.

  • Pakistani rupee appreciates 0.02% against US dollar to close at Rs283.21

    Pakistani rupee appreciates 0.02% against US dollar to close at Rs283.21

    In a continuing upward trend, the Pakistani rupee demonstrated resilience in the inter-bank market by securing gains against the US dollar for the fifth consecutive session, appreciating by 0.02 per cent on Monday.

    According to the State Bank of Pakistan (SBP), the rupee closed at Rs283.21, marking an increase of Re0.05.

    Throughout the preceding week, the rupee exhibited a noteworthy appreciation, gaining Re0.61 or 0.21 per cent to settle at Rs283.26 against the US dollar in the inter-bank market.

    This marks the fifth consecutive week of the rupee’s advancement against the dollar, a momentum attributed to the recent announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) concerning the first review of the $3 billion Stand-by Arrangement (SBA).

    Since the revelation of the SLA on November 15, the local currency has strengthened by Rs4.88, or 1.7 per cent, against the greenback.

    Meanwhile, on a global scale, currencies commenced the week with caution following significant fluctuations in the previous week, driven by various central bank meetings, including rate decisions from the Federal Reserve, the European Central Bank (ECB), and the Bank of England (BoE).

    The greenback, which had been bolstered throughout most of 2022 and 2023 by aggressive rate hikes from the Fed and expectations of prolonged higher rates, experienced a notable decline of approximately 1.3 per cent against a basket of currencies last week in response to the outcomes of the Fed’s policy meeting.

  • 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.

  • Gold price in Pakistan experiences massive single-day gain of Rs5,700 per tola

    Gold price in Pakistan experiences massive single-day gain of Rs5,700 per tola

    In a significant development, gold staged a recovery from its recent five-session decline in Pakistan on Thursday, driven by a surge in the global market.

    The domestic market witnessed a notable upswing in gold prices today, surging to Rs218,300 per tola after a massive single-day gain of Rs5,700 per tola.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold price in Pakistan experienced a surge, reaching Rs187,157 after a significant uptick of Rs4,887.

    This marks a considerable shift from Wednesday’s scenario, when gold prices in Pakistan witnessed a decline of Rs1,000 per tola.

    Internationally, the gold market reflected this positive momentum, setting the rate at $2,052 per ounce with a $20 premium on Thursday. This uptick translated into a $54 increase in the international market, as reported by APGJSA.

    Simultaneously, silver rates observed an upward trend, climbing by Rs70 and settling at Rs2,650 per tola.

    While these developments unfolded in the precious metal markets, the Pakistan Stock Exchange experienced a tumultuous Wednesday, initially plummeting by over 1,900 points.

    Despite the initial setback, the market rebounded, ultimately concluding the business day with a loss of over 1,100 points.

    The benchmark KSE-100 index kicked off Thursday’s session on a pessimistic note, extending its downward trajectory to revisit the previous day’s lows of approximately 64,400.

    However, buyers intervened, successfully defending this level once again.

    The index maintained a rangebound pattern for the remainder of the session, closing at 65,450.19, marking an increase of 170 points or 0.26 per cent day-over-day.

  • Pakistan repays $5.4 billion of $24.6 billion external debt

    Pakistan repays $5.4 billion of $24.6 billion external debt

    The State Bank of Pakistan (SBP) governor revealed that Pakistan’s external debt obligations for Fiscal Year 2024 are $24.6 billion, as stated during the post-Monetary Policy Committee (MPC) meeting on Tuesday.

    Breaking down the figures, the principal amount is $20.7 billion, with an additional $3.9 billion accounting for interest.

    Notably, a total of $5.4 billion has already been repaid, encompassing a $4 billion principal payment and a $1.4 billion interest payment.

    As a result, the outstanding debt now stands at $19.2 billion, with plans to rollover $12.4 billion (with $9.3 billion already confirmed), according to the governor.

    This leaves a net remaining amount of $6.8 billion for the remaining seven months of the fiscal year. This comprises a $4.3 billion principal and a $2.5 billion interest payment.

    It’s crucial to note that the current foreign exchange reserves are relatively limited, standing at approximately $7 billion.