Tag: Gold rate

  • Gold price climbs Rs2,000 to Rs262,100 per tola after two consecutive declines

    Gold price climbs Rs2,000 to Rs262,100 per tola after two consecutive declines

    Gold prices in Pakistan saw a significant rise on Thursday, with the rate of 24-karat gold increasing by Rs2,000, reaching Rs262,100 per tola, according to the Karachi Sarafa Association.

    The price for 10 grammes of 24-karat gold also climbed, standing at Rs224,708, an increase of Rs1,714.

    Meanwhile, 22-karat gold was priced higher at Rs205,983 per 10 grammes, reflecting the overall upward trend in the market.

    In contrast, silver prices remained stable, with 24-karat silver holding steady at Rs2,900 per tola and Rs2,486 per 10 grammes.

    On the international market, spot gold traded at $2,504 per ounce, marking an increase of $8.9, or 0.36 per cent, from the previous session.

  • 24-karat gold price increases by Rs1,600 to Rs242,900 per tola in Pakistan

    24-karat gold price increases by Rs1,600 to Rs242,900 per tola in Pakistan

    The price of gold in Pakistan saw a significant increase on Friday, with 24-karat gold reaching Rs242,900 per tola, marking a rise of Rs1,600 per tola. Despite this increase, the price is notably Rs4,500 below its actual cost due to a decline in purchasing power.

    The Karachi Sarafa Association reported that the price of 24-karat gold per 10 grammes rose to Rs208,248, an increase of Rs1,372. Similarly, 22-karat gold prices also saw a hike, reaching Rs190,894 per 10 grammes.

    In contrast, silver prices remained stable in the domestic market. The price of 24-karat silver stood at Rs2,750 per tola and Rs2,358 per 10 grammes.

    On the global market, spot gold was trading near $2,364 an ounce, a modest increase of $3.9 or 0.17 per cent from the previous session. The precious metal is poised for a second consecutive weekly gain, bolstered by softer U.S. economic data that has fueled investor optimism about potential monetary easing.

    Thursday’s data showed a moderate decline in first-time applications for U.S. unemployment benefits last week, coupled with a drop in new housing construction. Additionally, retail sales data from the previous month were tepid, all of which have increased the likelihood of a rate cut in September, according to Reuters.

    Lower interest rates tend to reduce the opportunity cost of holding non-yielding bullion, making gold a more attractive investment. Meanwhile, China’s yuan fell to a fresh seven-month low against the dollar, further influencing the global economic landscape.

  • Gold price drops by Rs1,200 per tola to Rs240,700

    Gold price drops by Rs1,200 per tola to Rs240,700

    In a significant shift on Thursday, gold prices in Pakistan witnessed a notable decrease. The price of 24-karat gold fell by Rs1,200 per tola, bringing it to Rs240,700 per tola.

    This reduction reflects the ongoing challenges in purchasing power, with the price being set Rs1,500 below its actual market value.

    The Karachi Sarafa Association reported that the price for 24-karat gold was Rs206,361 per 10 grammes, a decrease of Rs1,029. Meanwhile, 22-karat gold was quoted at Rs189,165 per 10 grammes, reflecting a similar downward trend.

    In contrast, silver prices remained stable in the domestic market. The price of 24-karat silver held steady at Rs2,750 per tola and Rs2,358 per 10 grammes, indicating no change from previous rates.

    Globally, the gold market also experienced a decline. Spot gold was traded near $2,305 an ounce, marking a decrease of $15.5 or 0.67 per cent from the previous session. This downturn follows a report indicating that the US core consumer price index fell to its lowest level in over three years, suggesting a potential for faster policy easing.

    Bloomberg reported that the Federal Reserve has adjusted its expectations, now projecting just one quarter-point interest rate cut this year, down from the three cuts anticipated in March.

    Swap traders are currently pricing in a 25-basis-point rate cut by November, with a 75 per cent probability of a similar reduction by year-end.

    This is a shift from the 50 per cent chance of a second cut that was forecasted two days prior. US producer prices, expected to be released later on Thursday, may provide further indications of market trends.

    Overall, the drop in gold prices reflects both domestic economic pressures and global market adjustments, offering a complex landscape for investors and consumers alike.

  • NAB clears Nawaz Sharif in Toshakhana reference

    NAB clears Nawaz Sharif in Toshakhana reference

    The National Accountability Bureau (NAB) has cleared Pakistan Muslim League-Nawaz (PML-N) supremo Nawaz Sharif of any wrongdoing in the Toshakhana vehicle reference.

    The anti-graft body has requested the accountability court to clear the former prime minister of any charges. The court directed NAB to include PML-N leaders in the investigation.

    The court may acquit Nawaz Sharif from the Toshakhana reference, as the watchdog stated in its report submitted before the court today, highlighting that the car in question was not a part of the Toshakhana at the time of purchase by the former prime minister.

    The anti-corruption body found that the Saudi government gave a car to then-Prime Minister Nawaz in 1997, which he deposited in Toshakhana.

    The report stated that in 2008, then prime minister Yousaf Raza Gillani offered Nawaz Sharif to buy the same car.

    Therefore, the PML-N head didn’t buy the car from Toshakhana. Instead, he bought it from the federal transport pool. According to the NAB report, Nawaz Sharif didn’t use a fake account to buy a car.

  • 8th straight surge: Gold price increases to Rs228,600 per tola in Pakistan

    8th straight surge: Gold price increases to Rs228,600 per tola in Pakistan

    In a remarkable eighth consecutive session, the domestic bullion market has maintained its bullish trend, driving the price of 24-karat gold to new heights.

    The surge reached an impressive Rs13,800 per tola during this period, with today’s session witnessing a gain of Rs450 per tola, bringing the current trade value to Rs228,600.

    The Karachi Sarafa Association reported that the price of 10-gramme 24-karat gold has soared to Rs195,988 per tola, marking an increase of Rs386.

    Additionally, the price of 10-gramme 22-karat gold has experienced a notable rise, reaching Rs179,655.

    Contrastingly, silver prices have remained unchanged, with 24-karat silver maintaining its position at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    Internationally, the spotlight is on the global spot gold market, which is poised to record its most significant weekly jump in five months.

    Over the past eight sessions, spot rates have climbed by 6.7 per cent, or $136, spurred by remarks from FED Chair Jerome Powell that have solidified expectations for interest rate cuts later in the year.

    The inverse relationship between gold and bond yields has contributed to the precious metal’s robust performance.

    Additionally, the rally in procyclical asset classes, particularly equities, has provided further support to gold as investors seek to diversify their risk exposure.

  • Gold price increases by Rs3,500 per tola

    Gold price increases by Rs3,500 per tola

    In a notable turn of events, gold prices in Pakistan witnessed a substantial surge on Saturday, aligning with the upward momentum in the international market.

    The yellow metal reached a notable price point of Rs220,300 per tola, marking an impressive gain of Rs3,500 within the span of a single day.

    According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gramme gold now commands a selling price of Rs188,872, reflecting an increase of Rs3,001.

    This surge follows a noteworthy uptick on Friday when gold prices in Pakistan rose by Rs1,100 per tola.

    The international gold market also experienced a surge, with the Saturday rate set at $2,103 per ounce, indicating a $36 increase.

    The APGJSA reported a $20 premium on the international gold rate, emphasising the global dynamics influencing the precious metal markets.

    Simultaneously, silver rates in Pakistan witnessed an increase of Rs30 per tola, settling at Rs2,600.

    These fluctuations in precious metal prices underline the intricate interplay between local and global market forces, capturing the attention of investors and industry stakeholders alike.

  • Second consecutive decline: Gold price drops by Rs900 per tola in Pakistani markets

    Second consecutive decline: Gold price drops by Rs900 per tola in Pakistani markets

    Gold sustained its downward trend for the second consecutive session on Saturday, experiencing a decline of Rs900 per tola in the Pakistani gold market.

    The price of one tola gold was established at Rs220,000, and the 10-gramme gold recorded a sale at Rs188,615, reflecting a decrease of Rs771.

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

    In comparison, Friday witnessed a decrease of Rs1,900 per tola in gold rates in Pakistan. This local downturn aligns with the global moderation observed in the price of gold.

    The international rate of gold, marked by a $20 premium, was set at $2,082 per ounce on Saturday, following an $8 dip in the international market, according to APGJSA.

    In contrast, silver rates in Pakistan remained stable at Rs2,680 per tola.

    Reflecting on the broader trend, the year 2023 saw a noteworthy 20 per cent increase in gold prices in Pakistan, with the price per tola reaching around Rs184,000 by the end of 2022.

    The pinnacle of gold rates in 2023 occurred on September 2, recording Rs242,700 per tola, while the lowest point in the year was noted on October 4 at Rs188,400 per tola, based on APGJSA data.

  • Shahnawaz Dahani ne African language kyun seekhi, player reveals details

    Shahnawaz Dahani ne African language kyun seekhi, player reveals details

    Shahnawaz Dahani, Pakistan’s ace fast-medium pacer, has opened up about a viral video featuring the cricketer on the streets of Zimbabwe, singing a famous African traditional song with local children.

    Recently, the Pakistan Shaheens toured Zimbabwe for two Test matches and six One Day Internationals (ODIs), winning both test matches while Zimbabwe emerged victorious in four out of six ODI matches. These were unofficial matches held in Harare.

    The most interesting part of the series was Shahnawaz Dahani’s lively moments on the streets of Zimbabwe with African kids singing their traditional songs in the African Shona language.

    While speaking exclusively to “The Current Life”, Shahnawaz Dahani was asked if he loves spending time with children and the story behind the viral video, as well as how he learned the language.

    “I love spending time with children as they are the future of Pakistan. They watch us and learn from us, and they have dreams just like we did in our childhood. The same goes for the Zimbabwean kids. They enjoy watching us, and we also enjoy their company,” the bowler said.

    “I learned the language in just 30 days. I observed and watched them closely to understand what they were saying, and I quickly picked up the language.

    My teammates were amazed at how I learned the language, and although they tried, they failed. The credit goes to me for learning the African Shona language in just 30 days,” Dhani stated.

    Zimbabwean kids really like cricket and follow Pakistan, the pacer explained, adding that it motivated him to learn their language. “If you have passion, you can easily accomplish difficult and seemingly impossible things,” he remarked.

    When asked how many languages Shahnawaz Dahani can speak, he replied, “I try to learn as many as I can. I love learning languages and new things. I can speak five to six languages.”

  • Gold price drops by Rs8,600 per tola as rupee strengthens

    Gold price drops by Rs8,600 per tola as rupee strengthens

    The price of 24 karat gold decreased by Rs8,600 per tola and Rs7,373 per 10 grams to settle at Rs145,300 and Rs124,571, respectively, in the local market, according to figures released on Wednesday by All Sindh Sarafa and Jewellers Association (ASSJA).

    The latest decrease was in accordance with what the traders anticipated that the market would correct itself after achieving fresh heights in earlier sessions.

    On July 28, the price of a tola of gold rose to an all-time high of Rs162,500.

    The local currency made a significant comeback against the US dollar, rising by nearly Rs9 or 4 per cent, which diminished the shine of the precious metal.

    In the last three sessions, the price of gold has fallen by a total of Rs14,300 per tola, from Monday to Wednesday.

    Read more: Pakistan rupee appreciates Rs9.58 against US dollar, closes at Rs228.8

    Compared to Dubai, the price of gold in Pakistan is Rs2,000 per tola less.

    Bullion prices also fell $14 per ounce to close at $1,766 on the global market.

  • Gold prices in Pakistan hit historic high of Rs143,600 per tola

    Gold prices in Pakistan hit historic high of Rs143,600 per tola

    Gold prices in Pakistan continued to rise as the Pakistani currency fell deeper versus the US dollar, pushing the precious metal to a high of Rs143,600 per tola.

    The price of gold per tola increased by Rs1,950 per tola, as per the All Sindh Sarafa Jewellers Association (ASSJA). Moreover, the price per 10 gramme jumped by Rs1,672 to Rs123,114.

    Following yesterday’s gain of Rs1,950 per tola, the gold price has risen by Rs5,250 in the last four days (Friday-Tuesday).

    During the current economic crisis, gold has resurfaced as a secure investment, and consumers have been eagerly buying gold to preserve their savings against inflation.

    The rupee’s collapse, which reached an all-time low of Rs201.41 versus the US dollar in the interbank market, compelled the gold trading body to drastically raise the bullion price.

    The price of yellow metal fell by $4 per ounce on the international market to settle at $1,858. When compared to the Dubai market, gold prices in Pakistan are roughly Rs1,500 lower.