Tag: gold price

  • Gold price in Pakistan increases by Rs400, reaching Rs214,200 per tola

    Gold price in Pakistan increases by Rs400, reaching Rs214,200 per tola

    In a noteworthy market development, gold prices in Pakistan witnessed a modest recovery this Friday.

    The per-tola price of 24-karat gold surged by Rs400, reaching Rs214,200, according to the latest data from the Karachi Sarafa Association.

    The 10-gramme 24-karat gold also reflected this upward trend, standing at Rs183,642, indicating an increase of Rs342 compared to the previous day. Additionally, the 10-gramme 22-karat gold was reported at Rs168,338.

    Contrastingly, silver prices remained steady in the domestic market. The per-tola price of 24-karat silver held at Rs2,600, while the 10-gramme price stood at  Rs2,229.08.

    On the global stage, the international spot gold market exhibited stability, with the current trading price at $2,025.9 [12:49 pm PST].

    This value remains unchanged in comparison to the closing figure from the preceding session. 

    Market analysts continue to monitor these fluctuations, as economic factors and global dynamics contribute to the ever-evolving landscape of precious metal prices.

    Gold prices, Karachi Sarafa Association, 24-karat gold, 22-karat gold, Rs168,338, silver prices, stable market, 10-gram, global spot gold, market analysis, precious metals, economic trends, gold price in Pakistan, 

  • Gold rate in local market declines by Rs1,400 to Rs213,800 per tola

    Gold rate in local market declines by Rs1,400 to Rs213,800 per tola

    In a noteworthy development, gold prices in Pakistan experienced a decline on Thursday, with the tola rate of 24 karat gold decreasing by Rs1,400.

    The current per-tola gold price in Pakistan now stands at Rs213,800 in local bullion market.

    According to market insiders, the price for 10 grammes of 24 karat gold witnessed a reduction of Rs1,200, reaching Rs183,300 in the domestic market, as reported by the All Sindh Sarafa Jewellers Association.

    Simultaneously, the prices of both per tola and 10-gramme silver saw a reduction, falling by Rs1200 to Rs183,300.

    Meanwhile, in the international market, the price of gold exhibited a rise of $12, reaching $2035. Gold prices, on the whole, experienced a 0.2 per cent increase to $2,018 per ounce, hitting a session low of $2,013.

    This came after a 0.75 per cent decrease on Wednesday, marking a one-week trough at $2,011, spurred by robust US economic data. The market dynamics are being closely observed for further insights into these fluctuations.

  • Gold price rebounds in Pakistan, registers Rs500 gain

    Gold price rebounds in Pakistan, registers Rs500 gain

    In a notable recovery, the gold price in Pakistan rebounded from yesterday’s losses, marking an upward trend in the market. 

    The latest figures from the Karachi Sarafa Association indicate that 24-karat gold is now fetching Rs215,200 per tola, showcasing a gain of Rs500. 

    Additionally, the 10-gramme 24-karat gold stands at Rs184,500, reflecting a significant increase of Rs429 day-on-day. 

    Meanwhile, the price of 10-gramme 22-karat gold is reported at Rs169,124.

    Contrastingly, silver maintains stability in the domestic market, with 24-karat silver priced at Rs2,600 per tola and Rs2,229.08 per 10-gramme. 

    On the global front, the international spot gold market is currently trading at $2,026.87 [03:24 p.m. PST], marking a gain of $6.29 or 0.31 per cent for the day.

    It’s worth noting that the domestic gold market experienced a substantial setback last week, witnessing a drop of Rs2,150 per tola. 

    Analysts attribute this decline to the overall downturn in international gold prices and the continuous strengthening of the home currency. 

  • Gold prices in Pakistan rebound, surging Rs1,300 per tola

    Gold prices in Pakistan rebound, surging Rs1,300 per tola

    Gold prices in Pakistan rebounded significantly on Friday, overcoming a challenging trend in the preceding three sessions. 

    The value of 24-karat gold surged by Rs1,300 per tola, reaching Rs215,000, according to the Karachi Sarafa Association. 

    The price for 10-gramme 24-karat gold witnessed an increase of Rs1,115, standing at Rs184,328. Additionally, the rate for 10-gramme 22-karat gold was Rs168,976, compared to yesterday’s Rs167,945.

    In contrast, silver maintained stability in the domestic market, with 24-karat silver selling at Rs2,600 per tola and Rs2,229.08 per 10-gramme. 

    On the global front, international spot gold continued its positive momentum, currently trading at $2,027.32. 

    Despite today’s uptick, global gold is poised for its weakest weekly performance in the past six weeks, driven by diminishing expectations for interest rate cuts. 

    This decline in commodity prices is attributed to central bankers pushing back against market bets for rate cuts, contributing to a widespread selloff across stocks and bonds.

  • 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.

  • Pakistan’s gold prices slide amidst strengthened rupee and international rate hike

    Pakistan’s gold prices slide amidst strengthened rupee and international rate hike

    In Pakistan, the domestic gold price continued its decline for the second consecutive week, with the cost of 24-karat gold dropping by Rs550 per tola to Rs217,450. 

    The Karachi Sarafa Association noted that 24-karat gold concluded the week’s last trading session with a gain of Rs950 per tola. 

    The 10-gramme 24-karat gold settled at Rs186,428, reflecting a gain of Rs814, while the 10-gramme 22-karat gold closed at Rs170,146.

    The international spot rate, used for calculating local rates, closed at $2,068, marking a $3 increase compared to last week. 

    Escalating concerns over the Middle East conflict led to a rise in the safe-haven asset, but gains were limited due to hawkish remarks from Federal Reserve officials.

    Despite the international rate showing an uptick, domestic bullion faced a downside this week due to the strengthened value of the Pakistani rupee against the US dollar. 

    The PKR marked its ninth consecutive weekly gain against the USD, driven by positive developments as the Executive Board of the IMF concluded the first review of Pakistan’s economic reform programme under the Stand-by Arrangement. 

    This successful review further boosted investor confidence, contributing significantly to the PKR’s upward trend against the dollar.

    The interplay between the domestic gold price and the local rupee is evident, as gold, denominated in US dollars, tends to decrease in value when the home currency appreciates against the greenback.

  • Reversal trend: Gold price settles at Rs216,100 per tola, erasing recent upsurge

    Reversal trend: Gold price settles at Rs216,100 per tola, erasing recent upsurge

    In Wednesday’s trading session, the domestic gold market witnessed a reversal, wiping out gains from the previous day. 

    The price of 24-karat gold in Pakistan experienced a notable decline, dropping by Rs300 per tola to reach Rs216,100. 

    The Karachi Sarafa Association reported that the price of 10-gramme 24-karat gold also reflected this downturn, standing at Rs185,271 with a decline of Rs257. 

    Similarly, the price of 10-gramme 22-karat gold experienced a decrease, reaching Rs169,832, down by Rs235.

    Silver prices followed suit, with 24-karat silver selling at Rs 2,650 per tola and Rs 2,271.94 per 10-gram. 

    The decline in the domestic market is attributed to a slight dip in international prices and the persistent strengthening of the home currency.

    The international spot gold market observed a $3 drop when the Karachi Sarafa Association released the local gold rates. 

    This decrease is attributed to a stronger US dollar and elevated Treasury yields. Market participants are eagerly awaiting the US inflation report scheduled for Thursday, anticipating insights into the US Federal Reserve’s stance on a potential policy shift.

    Furthermore, the ongoing appreciation of the Pakistani rupee (PKR) against the greenback continues to exert additional pressure on the domestic gold market. 

    In the preceding session, the PKR secured its fifth consecutive victory against the US dollar, breaking a 13-day upside streak. 

    The dynamics of international and domestic factors are shaping the trajectory of the gold market, making it a focal point for investors and analysts alike.

  • Gold price hits Rs219,800 per tola after an increase of Rs1,800

    Gold price hits Rs219,800 per tola after an increase of Rs1,800

    In a notable uptrend, domestic gold prices in Pakistan experienced significant gains on Friday, with the price of 24-karat gold rising by Rs1,800 per tola and concluding the session at Rs219,800.

    According to the Karachi Sarafa Association, the closing price for 10 grammes of 24-karat gold in today’s session was Rs188,443, marking an increase of Rs1,543.

    Similarly, the price for 10 grammes of 22-karat gold reached Rs172,740, showing a gain of Rs1,415.

    Contrastingly, the price of silver remained steady in the local market, with 24-karat silver and 10-gramme 24-karat silver settling at Rs2,650 and Rs2,271.94, respectively.

    The continuous surge in international gold prices is a driving force behind the upward trajectory of gold prices in the domestic market.

    Currently, international spot gold is trading at $2,055.91, indicating a 0.48 per cent increase compared to the previous session’s closing.

    Furthermore, international gold is set for its second consecutive weekly gain, influenced by the weakening dollar and US Treasury yields.

    The recent statement from the US Federal Reserve, outlining a cumulative rate cut of 75 basis points in 2024, is putting sustained pressure on the dollar and Treasury yields, contributing to further gains for the precious metal.

    In addition to the impact of international price fluctuations, the domestic gold market is also susceptible to changes in the interbank exchange rate of the local currency.

    The intricate interplay between global and domestic factors continues to shape the dynamics of the gold market in Pakistan.

  • Gold price surges by Rs4,900 in a single day, reaches Rs202,000 per tola 

    Gold price surges by Rs4,900 in a single day, reaches Rs202,000 per tola 

    The price of gold in Pakistan has experienced a significant surge following an increase in the global market.  

    According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the cost of 24-carat gold has risen by Rs4,900, reaching Rs202,000 per tola.  

    Meanwhile, the price of 10-gramme gold has also seen a substantial increase, going up by Rs4,201 to settle at Rs173,182. 

    In the international market, the price of gold saw a notable uptick, with a $46 increase, bringing it to $1,938 per ounce.  

    Concurrently, the US dollar (USD) weakened by Rs5.07 against the Pakistani rupee in the interbank market over the course of this week’s trading. In interbank trading, the USD declined from Rs282.69 to Rs277.62 this week. 

    Furthermore, the American currency witnessed a decrease of Rs4.50 in the open market at the end of the week, closing at Rs277, down from Rs281.50. 

  • 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.