Tag: gold price today

  • Gold price drops by Rs600 per tola in Pakistan following global rate decline

    Gold price drops by Rs600 per tola in Pakistan following global rate decline

    Gold prices in Pakistan experienced a notable decrease on Saturday, mirroring a similar downward trend in international markets.

    The cost of gold per tola dropped by Rs600, settling at Rs244,400. This decline came after a recent surge in prices, adding a new dynamic to the local market’s fluctuations.

    Similarly, the price for 10 grammes of gold fell by Rs514, concluding the day at Rs209,534, according to the latest data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    These changes reflect the sensitive nature of gold prices to international trends and the inherent volatility in the market.

    Friday had seen a significant uptick in gold prices, with an increase of Rs2,500 per tola.

    This rapid shift highlights the unpredictable nature of gold valuations, influenced by a myriad of factors including global economic conditions, currency exchange rates, and market speculation.

    On the international front, gold prices also faced a downturn on Saturday, with a reported drop of $6 per ounce.

    The APGJSA noted that the international rate for gold was set at $2,337 per ounce, including a premium of $20.

    This shift in global pricing further underscores the interconnectedness of gold markets and their impact on local prices.

    While gold prices experienced a dip, silver rates remained steady, with the per tola rate holding at Rs2,650.

    The stability in silver pricing contrasts with the more volatile gold market, providing a level of consistency for those investing in precious metals.

    Just a week prior, gold prices in Pakistan had reached an all-time high, with the rate per tola hitting Rs252,200.

    The recent fluctuations are a stark reminder of the dynamic and often unpredictable nature of the precious metals market, where international trends can have a significant impact on local pricing.

  • Local gold price rises by Rs2,500, reaching Rs245,000 per tola

    Local gold price rises by Rs2,500, reaching Rs245,000 per tola

    Gold prices in Pakistan increased on Friday, reflecting a similar upward trend in the international markets.

    The price per tola (approximately 11.66 grammes) of gold reached Rs245,000, marking a single-day increase of Rs2,500. This comes after a modest gain of Rs500 on Thursday.

    The rates for 10 grammes of gold also saw a significant uptick, reaching Rs210,048 following a rise of Rs2,143, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    This surge in local prices corresponds with a jump in international gold prices, which rose by $21 per ounce to settle at $2,343 (including a premium of $20) on Friday.

    Despite these increases in gold prices, silver rates remained unchanged, with the price per tola staying steady at Rs2,650.

    The recent volatility in gold prices underscores the impact of international market trends on the local Pakistani market.

    Last week, the price of gold reached an all-time high in Pakistan, with a tola selling for Rs252,200.

    The fluctuations in precious metal prices are closely monitored by investors and consumers alike, as they reflect broader economic trends and market sentiments.

    For gold traders and investors in Pakistan, these price shifts suggest a continuing trend of fluctuation, likely influenced by global economic factors and investor demand.

    The APGJSA will continue to provide updates on market trends and price changes as they occur.

  • Gold rates close week at all-time high of Rs245,100 per tola

    Gold rates close week at all-time high of Rs245,100 per tola

    Gold prices in Pakistan soared to unprecedented levels this week, surpassing previous records and reaching an all-time high, fueled by a significant surge in international rates.

    The prominent benchmark of the local gold market concluded the week at an extraordinary Rs245,100 per tola, marking a notable increase of Rs10,300 compared to the previous week’s closing figures.

    The ongoing rally in the domestic bullion market has been evident since March, during which the precious metal witnessed a substantial surge of Rs19,100, closely mirroring the upward trajectory of international gold prices.

    Notably, the preceding peak for 24-karat gold was recorded earlier in the week at Rs240,000, as documented on May 10, 2023.

    According to the Karachi Sarafa Association, the price of 24-karat gold surged to Rs210,134 per 10 grammes, registering an impressive increase of Rs8,831 week-on-week.

    Similarly, the price of 22-karat gold also experienced an upward trend, being quoted at Rs192,62 per 10 grammes.

    The remarkable ascent in gold prices underscores the dynamic nature of global economic factors impacting the precious metals market, highlighting the heightened demand and investor sentiment towards gold as a safe-haven asset amidst economic uncertainties.

  • Gold price increases by Rs500 to Rs227,800 per tola

    Gold price increases by Rs500 to Rs227,800 per tola

    Gold prices in the domestic market showed a slight uptick on Wednesday. The value of 24-karat gold rose by Rs500 to reach Rs227,800 per tola, according to the Karachi Sarafa Association.

    For smaller quantities, the price of 24-karat gold per 10 grammes climbed to Rs195,302, marking an increase of Rs429. Meanwhile, 22-karat gold saw a similar trend, reaching Rs179,027 per 10 grammes.

    In contrast, silver prices remained stable, with 24-karat silver being traded at Rs2,580 per tola and Rs2,211.93 per 10 grammes.

    Last week, 24-karat gold saw a reversal from its two-week upward trend, registering a loss of Rs2,700 per tola.

    On the global scale, international spot gold hovered around $2,155.8 an ounce, experiencing a marginal decline of 0.08 per cent compared to the previous session.

    Investors are eagerly awaiting the policy decision from the US Federal Reserve later today, with prevailing expectations leaning towards the Fed maintaining its current stance.

  • Gold loses shine: Jewellers report Rs300 per tola decline in gold rates

    Gold loses shine: Jewellers report Rs300 per tola decline in gold rates

    In a significant market shift, the per tola price of 24 karat gold witnessed a decline of Rs300, settling at Rs213,900 on Saturday, as opposed to its previous rate of Rs214,200 on the last trading day.

    The decrease in gold prices extended to 10 grams of 24 karat gold, experiencing a Rs257 drop to Rs183,385 from Rs183,642.

    Similarly, the prices for 10 grams of 22 karat gold also dipped, reaching Rs168,103 from Rs168,338, as reported by the All Sindh Sarafa Jewellers Association.

    Contrastingly, both per tola and ten grams of silver remained unchanged at Rs2,600 and Rs2,229.08, respectively.

    The international market also observed a decline in gold prices, with a $2 drop to $2,038 from $2,040, according to the Association’s report.

    Meanwhile, the US dollar experienced a fall, following data indicating a modest increase in December’s inflation, with a downward trend.

    This development is expected to keep the Federal Reserve on course to reduce interest rates by the middle of the year.

    Despite this, the dollar is poised to mark gains for the fourth consecutive week, with the dollar index down 0.3 per cent at 103.25.

    Data revealed that the Personal Consumption Expenditures (PCE) price index rose by 0.2 per cent last month, following a previously unaltered 0.1 per cent drop in November.

    Over the 12 months through December, the PCE price index recorded a 2.6 per cent increase, aligning with November’s unrevised gain and meeting consensus expectations.

    For the third consecutive month, the annual inflation rate remained below 3 per cent, a key indicator monitored by the Fed for its 2 per cent inflation target.

    This stable inflation rate suggests a cautious approach towards future monetary policy decisions.

  • 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 prices in Pakistan kick off 2024 with decline, hitting Rs219,700 per tola

    Gold prices in Pakistan kick off 2024 with decline, hitting Rs219,700 per tola

    On the inaugural day of 2024, gold prices experienced a downturn in Pakistan.

    The precious metal, colloquially referred to as the yellow metal, was valued at Rs219,700 per tola following a decline of Rs300 in Pakistani gold market on Monday. 

    In terms of 10 grammes, gold was traded at Rs188,357, reflecting a decrease of Rs258, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). 

    Notably, this came after a Rs900 per tola decrease in gold prices on the preceding Saturday.

    Concurrently, the global gold rate exhibited stability at $2,082 per ounce on Monday, with an additional $20 premium per ounce, according to APGJSA. 

    In the realm of silver, rates held steady at Rs2,680 per tola in Pakistan.

  • 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 reaches Rs234,000 per tola, nearing new record high

    Gold price reaches Rs234,000 per tola, nearing new record high

    Gold prices in Pakistan continued to rise on Tuesday, influenced by the Pakistani rupee’s decline against the US dollar and an uptick in global prices. 

    According to the All Pakistan Gems and Jewellers Sarafa Association, the cost of 24-carat gold settled at Rs234,500 per tola, marking a substantial increase of Rs4,600. Similarly, the price of 10 grammes of gold rose by Rs3,944 to reach Rs201,046.

    It is expected that the price of gold might reach unprecedented levels due to the relentless and rapid decline of local currency against the greenback.

    The movement of gold prices in Pakistan closely follows the path of the US dollar due to the country’s reliance on gold imports. 

    The Pakistani rupee saw a notable decrease, falling to a new all-time low against the US dollar. It ended at Rs299.01 rupees per dollar, reflecting a decline of Rs1.88, as reported by the State Bank of Pakistan.

    Currency experts attribute the surge in gold prices to the recent depreciation of the rupee. 

    With growing concerns about the country’s economic situation, investors are turning to gold as a safe-haven asset. This shift has resulted in a significant increase of Rs12,700 per tola in just one week.

    Read more: PKR to USD rate

    Notably, the hike in gold prices coincided with political turmoil and a decrease in the local currency’s value, leading to an all-time high valuation of Rs240,000 per tola on May 10, 2023. On the international front, the price of gold saw a $10 increase, reaching $1,901 per ounce on Tuesday.