Tag: Gold price in Pakistan

  • Gold price hits all-time high of Rs257,300 after Rs2,400 surge per tola

    Gold price hits all-time high of Rs257,300 after Rs2,400 surge per tola

    Gold prices in Pakistan soared to a record high following remarks from US Federal Reserve Chair Jerome Powell, who suggested that an interest rate cut might be considered as early as September.

    The price of 24-karat gold surged by Rs2,400, reaching Rs257,300 per tola. On the international stage, spot gold prices climbed to around $2,460 per ounce, marking a 3 per cent increase for the week.

    Powell, speaking at a press conference after the Fed’s decision to maintain its benchmark interest rate, indicated that if economic data remains favourable, the central bank could potentially reduce interest rates during its next meeting on September 17-18.

    In Pakistan, 24-karat gold has risen by Rs37,300 per tola, or 17 per cent, since the start of the year. This compares to a 24.5 per cent gain in the country’s key stock index over the same period.

    The Karachi Sarafa Association reported the price of 24-karat gold at Rs220,593 per 10-gramme, up by Rs2,057. Additionally, 22-karat gold was priced at Rs202,210 per 10-gramme.

    Meanwhile, silver prices in the domestic market remained stable, with 24-karat silver selling for Rs2,900 per tola and Rs2,486 per 10-gramme.

  • Gold price increases by Rs1,400 to Rs254,900 per tola

    Gold price increases by Rs1,400 to Rs254,900 per tola

    On Thursday, gold prices in Pakistan experienced a notable increase. The price of 24-karat gold reached Rs254,900 per tola, marking a rise of Rs1,400.

    According to the Karachi Sarafa Association, the cost of 24-karat gold was reported at Rs218,536 per 10-gramme, up by Rs1,201. Meanwhile, 22-karat gold prices also saw an uptick, quoted at Rs200,324 per 10-gramme.

    In contrast, silver prices in the domestic market remained steady. The price for 24-karat silver was unchanged at Rs2,900 per tola and Rs2,486 per 10-gramme.

    On the international stage, spot gold traded at approximately $2,433 per ounce, experiencing a decrease of $12.30, or 0.50 per cent, from the previous session.

  • 24-karat gold price surges by Rs2,300 to Rs252,800 per tola

    24-karat gold price surges by Rs2,300 to Rs252,800 per tola

    On Wednesday, gold prices in Pakistan saw a notable increase. The rate for 24-karat gold surged to Rs252,800 per tola, marking a rise of Rs2,300.

    Despite this uptick, the price remains Rs3,000 below its true market value, a consequence of diminished purchasing power.

    According to the Karachi Sarafa Association, 24-karat gold is now priced at Rs216,735 per 10 grammes, an increase of Rs1,972. Meanwhile, 22-karat gold has also risen, with its new rate set at Rs198,674 per 10 grammes.

    In contrast, silver prices in the domestic market held steady. The price of 24-karat silver remained unchanged at Rs2,920 per tola and Rs2,503 per 10 grammes.

    On the international stage, spot gold traded at approximately $2,414 per ounce, reflecting a modest gain of $5.50 or 0.23 per cent from the previous session.

  • Gold price drops by Rs500 per tola, silver rates remain stable

    Gold price drops by Rs500 per tola, silver rates remain stable

    Gold prices in Pakistan experienced a decline on Tuesday. The price of 24-karat gold fell to Rs250,500 per tola, a reduction of Rs500.

    According to the Karachi Sarafa Association, the price for 24-karat gold was reported at Rs214,763 per 10 grammes, down by Rs429. Similarly, the price of 22-karat gold decreased, now standing at Rs196,866 per 10 grammes.

    In contrast, silver prices remained stable in the local market. The price for 24-karat silver was unchanged at Rs2,920 per tola and Rs2,503 per 10 grammes.

    On the international front, spot gold prices held steady near $2,395 per ounce, showing little change from the previous trading session.

  • Gold price rebounds by Rs1,000 to Rs251,000 per tola

    Gold price rebounds by Rs1,000 to Rs251,000 per tola

    Gold prices in Pakistan saw an increase on Monday, with 24-karat gold being sold at Rs251,000 per tola, marking a rise of Rs1,000.

    According to the Karachi Sarafa Association, the price of 24-karat gold also increased by Rs857, reaching Rs215,192 per 10 grammes.

    The price of 22-karat gold followed suit, with a notable increase to Rs197,260 per 10 grammes.

    Conversely, silver prices in the domestic market remained unchanged. The price of 24-karat silver held steady at Rs2,920 per tola and Rs2,503 per 10 grammes.

    On the international front, spot gold traded near $2,407 an ounce, reflecting a decrease of $4.5, or 0.19 per cent, from the previous session.

  • Gold price falls by Rs3,000 per tola after hitting record high

    Gold price falls by Rs3,000 per tola after hitting record high

    The price of gold in Pakistan saw a decline on Friday after reaching a record high the previous day.

    The cost of 24-karat gold fell to Rs251,000 per tola, a decrease of Rs3,000 from the peak. Despite this drop, the price remains Rs1,600 below its actual cost today.

    According to the Karachi Sarafa Association, the price of 24-karat gold was reported at Rs215,192 per 10 grams, marking a decline of Rs2,572. In parallel, the price for 22-karat gold also saw a reduction, now standing at Rs197,259 per 10 grams.

    Silver prices also experienced a decline in the domestic market. The cost of 24-karat silver fell to Rs2,850 per tola, down by Rs50, while the price for silver per 10 grams decreased to Rs2,443, a drop of Rs43.

    On the international front, spot gold traded around $2,418 per ounce, down by $26.80 or 1.10 per cent from the previous session. Despite the recent dip, analysts remain optimistic about gold’s medium-term prospects, citing ongoing political uncertainties and anticipated rate cuts as factors that could bolster gold’s appeal.

    Kelvin Wong, senior market analyst for Asia Pacific at OANDA, noted that while profit-taking is currently influencing gold prices, the outlook remains positive.

    Markets are forecasting a 98 per cent probability of a Federal Reserve rate cut in September, according to the CME FedWatch Tool. Non-yielding gold often becomes more attractive in a low-interest rate environment.

  • Gold price surges to record high of Rs254,000 per tola in Pakistan

    Gold price surges to record high of Rs254,000 per tola in Pakistan

    The price of gold in Pakistan soared to a new record on Thursday, with 24-karat gold increasing by Rs4,600 per tola, reaching an unprecedented Rs254,000. This surge aligns with global market trends influenced by economic indicators in the United States.

    The rise in gold prices is driven by signs of slowing inflation in the US, prompting speculation that the Federal Reserve may soon lower interest rates. Historically, high interest rates tend to negatively impact gold prices as the precious metal does not yield interest, making it less attractive to investors compared to interest-bearing assets.

    Notably, the current gold price in Pakistan is Rs4,000 below its actual market value due to a decrease in purchasing power, reflecting broader economic challenges.

    According to the Karachi Sarafa Association, the price of 24-karat gold per 10 grammes has risen by Rs3,944, now standing at Rs217,764 per tola. Similarly, 22-karat gold is now priced at Rs199,617 per 10 grammes.

    Meanwhile, silver prices have remained stable in the domestic market. The price of 24-karat silver is Rs2,900 per tola and Rs2,486 per 10 grammes.

    Globally, spot gold is trading near $2,468 an ounce, having surpassed the previous all-time high set in May. This global uptrend in gold prices is reflected in the domestic market, influencing local prices accordingly.

    The significant rise in gold prices highlights the ongoing economic uncertainties and the impact of international financial trends on the local market. As investors navigate these fluctuations, the gold market continues to be a barometer of economic sentiment.

  • Gold price surges by Rs2,200 per tola amid renewed interest in investment

    Gold price surges by Rs2,200 per tola amid renewed interest in investment

    On Friday, the price of 24-karat gold in Pakistan increased by Rs2,200, bringing the total to Rs249,000 per tola. This rise follows the release of the US inflation report for June, which indicated the lowest price gains since 2021, sparking renewed interest in gold as an investment.

    Currently, the local price is about Rs2,800 lower than its actual cost, a discrepancy attributed to the reduced purchasing power of consumers.

    According to the Karachi Sarafa Association, the price of 24-karat gold is recorded at Rs213,477 per tola for a 10-gramme unit, reflecting a rise of Rs1,886 per tola. Meanwhile, the price of 22-karat gold has also seen an increase, now priced at Rs195,687 per 10-gramme.

    In contrast, silver prices in the domestic market have remained stable, with 24-karat silver being sold at Rs2,900 per tola and Rs2,486 per 10-gramme.

    On the global front, spot gold has levelled off after surpassing $2,400 per ounce, buoyed by the cooler-than-expected US inflation figures, which have raised hopes for an interest rate cut. On Thursday, gold closed 1.9 per cent higher, marking its most significant gain since March.

    The recent inflation data revealed the slowest growth in core consumer prices, the Federal Reserve’s preferred measure, since 2021.

    This development has led traders to anticipate a September rate cut, with expectations for at least two quarter-point reductions in 2024, according to Bloomberg. Such lower borrowing costs are generally favourable for bullion, which does not yield interest.

    Gold’s current rally, which has seen a 17 per cent increase this year, is supported by strong demand from central banks, geopolitical tensions, and increased purchases from Chinese consumers, as the metal approaches its all-time high of $2,450.07 set in May.

  • Gold price increases by Rs1,200 to Rs246,800 per tola

    Gold price increases by Rs1,200 to Rs246,800 per tola

    On Thursday, gold prices in Pakistan saw a notable increase, reflecting global market dynamics. According to the Karachi Sarafa Association, 24-karat gold was priced at Rs246,800 per tola, marking a Rs1,200 rise per tola.

    Notably, despite this uptick, the price remains Rs2,500 below its actual cost due to prevailing economic conditions impacting purchasing power.

    For 10-gramme quantities, the price of 24-karat gold stood at Rs211,591, up by Rs1,029 per tola. Meanwhile, 22-karat gold was quoted higher at Rs193,959 per 10 grammes.

    In contrast, silver prices remained steady within the domestic market. The price of 24-karat silver was reported at Rs2,900 per tola and Rs2,486 per 10 grammes.

    Internationally, spot gold prices near $2,382 per ounce showed a modest increase of $9.6 or 0.41 per cent from the previous session.

    This latest movement in precious metal prices underscores both local economic factors influencing consumer buying power and broader global trends impacting commodity markets.

  • 24 karat gold price increases by Rs600 to Rs245,600 per tola

    24 karat gold price increases by Rs600 to Rs245,600 per tola

    Gold prices in Pakistan witnessed a slight rise on Wednesday, following a similar trend in international markets.

    According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola increased by Rs600, bringing it to Rs245,600.

    The price for 10 grammes of gold also saw a modest uptick, gaining Rs514 to reach Rs210,562.

    This increase comes after a minor decline on Tuesday when the price per tola dropped by Rs100.

    Internationally, gold prices also climbed on Wednesday. The APGJSA reported that the global rate for gold stood at $2,372 per ounce, inclusive of a $20 premium, after a $10 increase.

    In contrast, silver prices remained stable, with the rate per tola holding steady at Rs2,900.

    It is noteworthy that in April, gold prices in the local market hit an all-time high of Rs252,200 per tola.