Tag: Global Economy

  • Gold rate drops by Rs1,900 per tola

    Gold rate drops by Rs1,900 per tola

    On Friday, the gold market in Pakistan halted its previous upward trend, experiencing a decline in tandem with the global decrease in gold prices. 

    As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price per tola of gold was adjusted to Rs220,900, reflecting a one-day decrease of Rs1,900. 

    The 10-gramme gold rate also saw a reduction, reaching Rs189,386 after a decrease of Rs1,629.

    Contrary to Thursday’s surge of Rs 2,200 per tola, the international gold rate exhibited a setback, settling at $2,090 per ounce on Friday with a $20 premium. This decline of $15 in the global market was noted by the APGJSA.

    In the same period, silver rates remained unchanged at Rs2,680 per tola in the local market.

  • Gold price in Pakistan registers Rs2,200 per tola single-day surge

    Gold price in Pakistan registers Rs2,200 per tola single-day surge

    On Thursday, the price of gold in Pakistan once again saw an upward trend, mirroring the global surge in rates. 

    The valued yellow metal reached Rs222,800 per tola in the domestic market, marking a noteworthy single-day gain of Rs2,200. 

    The 10-gramme gold, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), was traded at Rs191,015 following an increase of Rs1,886.

    This escalation follows a Rs1,000 per tola rise in gold prices in Pakistan on the preceding Wednesday. 

    Internationally, gold prices experienced a $20 increment, reaching $2,105 per ounce (with a premium of $20), as highlighted by APGJSA. 

    Concurrently, silver rates remained constant at Rs2,680 per tola in the local market.

  • Pakistani rupee extends winning streak against US dollar for 12th straight session

    Pakistani rupee extends winning streak against US dollar for 12th straight session

    The Pakistani rupee continued its upward trend against the US dollar for the 12th consecutive session, appreciating by 0.1 per cent in the inter-bank market on Thursday. 

    The State Bank of Pakistan reported that the rupee settled at Rs281.93, marking an increase of Re0.27. A day earlier, the rupee had experienced a slight gain, closing at Rs282.20 against the US dollar.

    In a related development, the Ministry of Finance acknowledged the persistent challenge of higher markup payments. The ministry stressed the importance of both revenue enhancement and prudent expenditure control.

    Internationally, the US dollar faced substantial losses on Thursday, poised for a yearly decline after two years of robust gains. 

    Anticipation of interest rate cuts from the Federal Reserve in the coming year influenced market sentiments. As the year concludes, limited market activity is expected until the New Year due to thin liquidity.

    The dollar index, measuring the US currency against six rivals, reached a five-month low of 100.81. It declined by 0.5 per cent on Wednesday and is on track for a 2.6 per cent decrease this year, breaking a two-year trend of strong gains. I

    Investors are closely monitoring the timing of potential interest rate cuts from the Fed, with markets indicating an 89 per cent chance of a cut in March 2024, according to the CME FedWatch tool. Futures suggest up to 158 basis points of Fed easing in the coming year.

    Oil prices, a significant indicator of currency parity, stabilised on Thursday following a previous sharp decline. 

    Concerns about shipping disruptions along the Red Sea route eased, despite escalating tensions in the Middle East. 

    Brent crude futures rose by 2 cents to $79.75 a barrel, while US WTI crude futures traded 3 cents lower at $74.08 a barrel, rebounding from a nearly 2 per cent drop on Wednesday as major shipping firms resumed operations in the Red Sea.

  • 24-karat gold price in Pakistan increases by Rs1,000 per tola

    24-karat gold price in Pakistan increases by Rs1,000 per tola

    On Wednesday, the gold price in Pakistan experienced notable gains, with the 24-karat gold increasing by Rs1,000 per tola, reaching Rs220,600. 

    The Karachi Sarafa Association reported a gain of Rs857 for the 10-gramme 24-karat gold, priced at Rs189,129, while the 10-gramme 22-karat gold stood at Rs173,369.

    It’s worth mentioning that 24-karat gold had risen by Rs2,500 per tola the previous week. 

    Additionally, silver prices saw an uptick today, with 24-karat silver and 10-gramme 24-karat silver gaining Rs30 and Rs25.72, respectively, being sold at Rs2,680 and Rs2,297.66.

    Internationally, spot gold is currently trading at $2,066.85, marking a 0.04 per cent increase, while spot silver is at $24.13, reflecting a -0.25 per cent change.

    Notably, fluctuations in global prices, coupled with shifts in the interbank exchange rate of the Pakistani rupee, impact the domestic gold market. 

    The PKR is maintaining its winning streak against the US dollar, trading at PKR 281.98/282.37 per USD in its 11th consecutive session.

  • Gold soars in Pakistani markets: Local rates surge despite stable global prices

    Gold soars in Pakistani markets: Local rates surge despite stable global prices

    On Tuesday, gold rates in Pakistan experienced an ascent, reaching Rs219,600 per tola in the domestic market, reflecting a gain of Rs300 throughout the day. 

    The 10-gramme gold price in Pakistan rose to Rs188,272, marking a Rs258 increase, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). 

    In contrast, international gold prices maintained stability at $2,072 (with a premium of $20), as noted by the APGJSA. 

    Notably, silver retained its position at Rs2,650 per tola in the local market.

  • 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 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.

  • Interbank closing: Pakistani rupee gains 10 paisa against US dollar

    Interbank closing: Pakistani rupee gains 10 paisa against US dollar

    The Pakistani rupee (PKR) demonstrated resilience for the third consecutive session against the US dollar (USD), marking a 0.04 per cent appreciation in the interbank market on Thursday, according to the State Bank of Pakistan (SBP).

    The PKR settled at Rs283.51 after an increase of Rs0.10. This positive trend follows Wednesday’s marginal gain, where the rupee settled at Rs283.61 against the USD.

    In contrast to major currencies, the local currency experienced a loss of Rs2.64 against the Euro, closing at Rs308.49 compared to the previous value of Rs305.85.

    The British Pound strengthened by Rs2.91, concluding at Rs357.96 in comparison to Rs355.05 from the preceding day.

    The Swiss franc also witnessed gain of Rs1.46, closing at 325.35 compared to Rs323.89 in the previous session.

    Against the Japanese yen, PKR lost 5.23 paisa, settling at Rs1.9972 versus Rs1.9449 a day ago.

    In the ongoing financial year, the PKR has appreciated against the dollar by Rs2.48, or 0.87 per cent.

    However, in the current calendar year, it has depreciated by Rs57.08, or 20.13 per cent.

    In a related development, the Asian Development Bank (ADB), in its latest report, Asian Development Outlook (ADO), highlighted that Pakistan’s overall recovery is still constrained by moderate confidence and high inflation eroding purchasing power.

    The ADB noted that Pakistan’s inflation rate averaged 28.5 per cent over July–October but is expected to ease amid fiscal consolidation, monetary tightening, and improved availability of food and key imported inputs.