Tag: gold price update

  • 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 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.

  • 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 drops by Rs1,050 per tola in Pakistan

    Gold price drops by Rs1,050 per tola in Pakistan

    On Saturday, gold rates in Pakistan saw a decline, mirroring the global trend where prices dipped.

    The precious metal was valued at Rs227,500 per tola after experiencing a drop of Rs1,050 throughout the day. Similarly, the 10-gramme gold price stood at Rs195,045, marking a decrease of Rs900.

    These figures were provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    The previous day, Friday, gold prices had remained steady at Rs228,550 per tola. However, Saturday witnessed a shift as the international rate of gold, with a premium of $20, settled at $2,175 per ounce.

    This reflects a $13 decrease in the international market, as reported by APGJSA.

    In contrast, silver rates remained unchanged at Rs2,600 per tola, indicating stability in that market segment amidst the fluctuations in gold prices.

    The fluctuations in gold rates are closely monitored by investors and consumers alike, as they reflect not only economic dynamics within Pakistan but also global trends impacting the precious metals market.

    This dip in prices may influence consumer behaviour and investment decisions in the coming days.

  • Gold rate increases to Rs215,200 per tola

    Gold rate increases to Rs215,200 per tola

    In Wednesday’s market update, the price of 24-karat gold exhibited an upward trend, surging by Rs750 per tola and reaching Rs215,200 per tola.

    The Karachi Sarafa Association noted a marginal gain in the price of 10-gramme 24-karat gold, which stood at Rs184,500, marking an increase of Rs644 from the previous session. Similarly, the price of 10-gramme 22-karat gold experienced an uptick, reaching Rs169,124.

    Global traders are currently anticipating the release of the US Federal Reserve’s meeting minutes on January 30 and 31. This event is expected to provide valuable insights into the economic outlook and potential policy shifts.

    Contrastingly, silver prices remained stable, with 24-karat silver maintaining a selling price of Rs2,580 per tola, and 10-gramme silver being traded at Rs2,211.93.

    It’s noteworthy that domestic gold concluded the previous week in the red zone, influenced by a downturn in international prices. Speaking of global trends, international spot gold hovered around $2,028, showing a 0.2 per cent change compared to the preceding session.

    Market participants are keenly awaiting the minutes from the Federal Reserve’s January policy meeting, scheduled for release on Wednesday, which are anticipated to provide valuable insights into the central bank’s stance and potential future monetary policy adjustments.

  • Gold price plummets by Rs3,500 to Rs210,800 per tola in Pakistan

    Gold price plummets by Rs3,500 to Rs210,800 per tola in Pakistan

    In a significant market development, the price of 24-karat gold in the local bullion market took a sharp nosedive, plummeting by Rs3,500 to Rs210,800 per tola. 

    This dramatic downturn comes in the wake of hotter-than-expected US inflation data, which has sparked speculation that the Federal Reserve may delay anticipated rate cuts.

    According to the Karachi Sarafa Association, the price of 10-gramme 24-karat gold saw a notable decline, settling at Rs180,727, marking a loss of Rs3,001 compared to the previous session. Similarly, the price of 10-gramme 22-karat gold fell to Rs165,666.

    The downward trend extended to silver prices as well, with 24-karat silver being sold at Rs2,580 per tola, showing a decrease of Rs20 day-over-day. The 10-gramme silver price also experienced a dip, dropping by Rs17.15 to Rs2,211.93.

    On the global stage, international spot gold slipped below $2,000 for the first time in two months, experiencing a 1.34 per cent decline or $27. 

    This shift follows the release of American Consumer Price Index (CPI) data, which disappointed investors after a recent downturn in price pressures had fostered expectations for rate cuts this year, as reported by Bloomberg.

    Federal Reserve Chairman Jerome Powell’s cautious stance, echoed by other Fed speakers, gained credence in light of the CPI figures. 

    Swap contracts referencing Fed policy meetings, which previously indicated a high likelihood of a rate cut in May and substantial easing by year-end, were significantly affected. 

    The odds of a May cut dropped to about 32 per cent from 64 per cent prior to the inflation data, with expectations for fewer than 90 basis points of easing this year.

  • Gold price remains steady at Rs214,300 per tola with no fluctuations

    Gold price remains steady at Rs214,300 per tola with no fluctuations

    The cost of 24-karat gold in the local bullion market remained unchanged at Rs214,300 per tola on Tuesday, according to the Karachi Sarafa Association. 

    Similarly, the prices for both 10-gramme 24-karat and 22-karat gold stood at Rs183,728 and Rs168,416, respectively. 

    Last week, a decline in international prices led to a Rs1,700 drop in the domestic market for 24-karat gold per tola.

    Silver prices also maintained stability in the domestic market, with 24-karat silver selling at Rs2,600 per tola and Rs2,229.08 per 10 grammes. Meanwhile, on the global stage, international spot gold traded near $2,025.7 as of 12:50 pm, marking a 0.35 per cent increase for the day.

    Investors are closely watching for the release of crucial US inflation data later today, which may provide further insight into the timing of the Federal Reserve’s potential interest rate adjustments.

  • Gold price in Pakistan falls by Rs1,200 per tola, breaking winning streak

    Gold price in Pakistan falls by Rs1,200 per tola, breaking winning streak

    In a reversal from its recent gains, gold prices in Pakistan opened the new week in the red, witnessing a decline of Rs1,200 per tola for 24-karat gold, bringing it to Rs214,800 on Monday.

    The Karachi Sarafa Association reported a decrease of Rs1,029 in the 10-gramme 24-karat gold, settling at  184,156. The 10-gramme 22-karat gold closed at Rs168,810.

    This comes after a notable surge last week, where gold prices rose by Rs2,100 per tola due to an upswing in international prices. Contrary to gold, silver prices remained steady in the domestic market, with 24-karat silver selling at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    The international context reveals a 0.8 per cent drop in spot gold during today’s early trade session, amounting to $16.18.

    This decline is attributed to a rise in US Treasury yields and the dollar, fueled by diminished expectations of a rate cut. Federal Reserve Chair Jerome Powell dismissed the idea of lowering interest rates in the spring, expressing confidence in inflation returning to the 2 per cent target, according to Reuters.

    Adding to the pressure on domestic gold prices is the Pakistani rupee’s continued success against the US dollar. As the PKR maintains its positive trajectory, it further contributes to the challenges faced by the domestic gold market.

  • Gold price soars to Rs216,300 per tola with Rs800 increase in Pakistan

    Gold price soars to Rs216,300 per tola with Rs800 increase in Pakistan

    In alignment with the surge in the global market, gold rates in Pakistan experienced an upward trajectory on Thursday.

    The precious metal, often viewed as a barometer for economic sentiment, reached Rs216,300 per tola, marking an increase of Rs800 over the course of the day.

    As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold bar was traded at Rs185,442 following a notable rise of Rs686.

    This shift in prices follows a contrasting trend from the preceding day, when gold prices in Pakistan had seen a decline of Rs600 per tola.

    The international gold rate exhibited a similar positive movement on Thursday, reaching $2,060 per ounce with a $20 premium.

    This uptick of $5 in the global market, as highlighted by APGJSA, contributed to the buoyancy in the local gold prices.

    Conversely, silver rates remained steadfast at Rs2,600 per tola, maintaining stability in the precious metals market.

    This fluctuation in gold prices can be attributed to the intricate interplay of various global economic factors.

    Analysts suggest that investors and traders should closely monitor these trends to make informed decisions in the ever-evolving market.

  • Gold price surges by Rs700 per tola, reaching Rs216,100 in domestic market

    Gold price surges by Rs700 per tola, reaching Rs216,100 in domestic market

    The domestic bullion market experienced an upswing on Tuesday as the price of 24-karat gold surged by Rs700 per tola, reaching Rs216,100.

    This price hike was reported by the Karachi Sarafa Association, which also noted a Rs600 increase in the 10-gramme 24-karat gold, now standing at Rs185,271. The 10-gramme 22-karat gold was priced at Rs169,832.

    In contrast, silver prices remained stable in the domestic market, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    The sudden spike in domestic gold prices can be attributed to the rise in international prices. Currently, international spot gold is trading at $2,039.598, marking a 0.24 per cent increase compared to the previous session’s closing.

    Last week, we witnessed the second consecutive weekly loss in the international gold market due to diminishing expectations of a rate cut. However, the recent escalation of tensions in the Middle East has triggered a surge in the demand for safe-haven assets, particularly gold, signalling a bullish trend.

    Despite the persistent pressure on domestic gold caused by the continuous strengthening of the Pakistani Rupee (PKR), the market dynamics shifted due to the sudden upturn in international prices.

    The impact of the PKR’s strength was outweighed by the growing appeal of gold in the wake of geopolitical uncertainties.

    Investors and analysts are closely monitoring the evolving situation both domestically and internationally as they assess the potential impacts on precious metal markets.

    The fluctuating trends in gold prices highlight the intricate relationship between global events and their influence on the financial landscape.