Tag: Gold rate today

  • 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.

  • 24-karat gold price increases to Rs211,100 per tola

    24-karat gold price increases to Rs211,100 per tola

    In a rebound from the significant dip in the previous session influenced by higher-than-expected US inflation data, the price of 24-karat gold in the local bullion market surged by Rs300, reaching Rs211,100 per tola on Thursday.

    According to the Karachi Sarafa Association, the cost of 10-gramme 24-karat gold witnessed a notable increase, reaching Rs180,984, marking a gain of Rs257 compared to the previous session.

    Conversely, the price of 10-gramme 22-karat gold experienced a decline, falling to Rs165,902.

    Silver prices, on the other hand, remained stable today.

    The 24-karat silver was reported to be trading at Rs2,580 per tola, while the 10-gramme silver was at Rs2,211.93.

    Internationally, the spot gold market showed signs of recovery, currently being traded at $1,993.75, registering a gain of $1.45 day-on-day.

    Notably, yesterday’s shock in the consumer price index (CPI) pushed gold prices below the $2,000 mark for the first time in two months.

    The disappointing US CPI data took investors by surprise, following a recent decline in price pressures that had fueled expectations of rate cuts later this year, as reported by Bloomberg.

    The likelihood of a rate cut in May dropped to about 32 per cent, down from around 64 per cent before the release of the inflation data, with less than 90 basis points anticipated for the remainder of the year.

  • 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 prices hold steady in Pakistan despite international dip

    Gold prices hold steady in Pakistan despite international dip

    In a Monday market report, the All Pakistan Gems and Jewellers Sarafa Association (APGJSA) revealed that gold prices in Pakistan remained unchanged, defying a slight decrease observed in the international market.

    As per the rates provided by APGJSA, the gold price per tola stood firm at Rs214,300, showcasing resilience in the local market.

    The 10-gramme gold rate echoed this stability, with APGJSA reporting it at Rs183,728, remaining unchanged from the previous close.

    Despite the international market witnessing a slight dip, Pakistan maintained its pricing consistency.

    Internationally, the gold rate, with a $20 premium, settled at $2,043 per ounce on Monday. This marked a marginal decrease of $2 in the wake of market fluctuations, according to APGJSA.

    The association emphasised the steadfast nature of the local gold market despite the international trend.

    In contrast, silver rates in Pakistan remained unwavering, standing at Rs2,600 per tola on Monday, reinforcing the stability observed in precious metal markets locally.

  • 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.

  • Gold glitters again: Domestic bullion rebounds with Rs1,500 per tola increase

    Gold glitters again: Domestic bullion rebounds with Rs1,500 per tola increase

    In a notable reversal, domestic bullion has rebounded from a four-week decline, initiating the current week with a positive trajectory. The price of 24-karat gold has seen a robust surge, ascending by Rs1,500 per tola and reaching Rs215,400. 

    The Karachi Sarafa Association reported a noteworthy uptick in the 10-gramme 24-karat gold, now standing at Rs184,671, reflecting a gain of Rs1,286 from the preceding day. Meanwhile, the 10-gramme 22-karat gold is reported at Rs169,282.

    Contrary to the gold market’s dynamic, silver prices have maintained stability domestically. The 24-karat silver is being traded at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    This positive shift in the domestic gold market is attributed to the rise in international prices. At present, the international spot gold is trading at $2,032.5 [12:42 p.m. PST], exhibiting a 0.7 per cent increase from the closing of the previous session. 

    Notably, the global market witnessed a second consecutive weekly loss last week, driven by diminishing expectations of a rate cut.

    However, the current surge in gold prices is fueled by escalating tensions in the Middle East, prompting an increased demand for safe-haven assets. 

    This geopolitical development signals a bullish trend for gold, counteracting the pressure on domestic gold caused by the continuous strengthening of the Pakistani Rupee (PKR). 

    The sudden upturn in international prices has effectively outweighed the market impact of the PKR’s persistent strength.

  • 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.