Tag: Gold Rates

  • Gold price drops by Rs800 to Rs239,200 per tola

    Gold price drops by Rs800 to Rs239,200 per tola

    Gold prices in Pakistan continued their downward trend on Wednesday, with 24-karat gold losing Rs800 per tola and settling at Rs239,200.

    This drop follows a significant decline over the past two weeks, during which the price of 24-karat gold fell by Rs6,400 last week, bringing the total decrease to Rs14,200 per tola, a cumulative reduction of 5.63 per cent.

    According to the Karachi Sarafa Association, the price of 24-karat gold for 10 grammes dropped to Rs205,075, a decrease of Rs686 from the previous day. The price of 22-karat gold also decreased, with the 10-gramme rate quoted at Rs187,986.

    In contrast, silver prices remained steady in the domestic market. The price of 24-karat silver was unchanged at Rs2,620 per tola and Rs2,254.8 per 10-gramme.

    In the global market, spot gold continued to show weakness. It was trading near $2,311.76 an ounce, a decrease of 0.10 per cent compared to the previous close. This international dip contributed to the downward pressure on domestic gold prices.

    The recent declines in gold prices in Pakistan reflect broader trends in the international market, influenced by factors such as currency fluctuations, changes in demand, and global economic uncertainty.

    As a result, investors and consumers are keeping a close eye on these trends, watching for signs of further volatility or stability in the precious metals market.

  • Local gold market sees surge: Prices hit Rs217,900 per tola

    Local gold market sees surge: Prices hit Rs217,900 per tola

    On Monday, gold rates in Pakistan experienced a notable surge, mirroring an upward trend in the global market.

    The price of the precious metal reached Rs217,900 per tola in the local market, marking a gain of Rs450 within the day.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold was traded at Rs186,814, reflecting an increase of Rs386.

    This upward trajectory follows a noteworthy rise of Rs950 per tola in gold prices on the preceding Saturday.

    The international gold rate exhibited a similar positive movement, reaching $2,075 per ounce on Monday with a $20 premium.

    This uptick of $7 in the global market was reported by APGJSA. Meanwhile, silver rates remained unchanged at Rs2,650 per tola.

    These fluctuations in precious metal prices highlight the dynamic nature of the market, influenced by both domestic and international factors.

    Investors and stakeholders continue to monitor these developments for their implications on the broader economic landscape.

  • Gold price increases Rs300 per tola to Rs216,400

    Gold price increases Rs300 per tola to Rs216,400

    Gold rates in Pakistan witnessed a notable upswing on Tuesday, aligning with the international market trend.

    The precious metal was quoted at Rs216,400 per tola in the local market, marking a substantial increase of Rs300 within the day.

    According to data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold price reached Rs185,528 after experiencing a rise of Rs257 on the same day.

    This surge in gold prices follows a recent decline on Tuesday, where the yellow metal in Pakistan had seen a decrease of Rs1,900 per tola.

    The international gold rate, with a $20 premium, stood at $2,050 per ounce on Tuesday, marking an increase of $3 in the global market, as reported by the APGJSA.

    Meanwhile, silver rates maintained stability in the local market at Rs2,660 per tola on the same day, indicating a lack of significant fluctuations in silver prices.

    Market analysts are attributing the rise in gold rates in Pakistan to the positive movement in the global market, emphasising the impact of international factors on the local precious metals landscape.

    Investors and traders are closely monitoring these fluctuations as they evaluate their investment strategies in the backdrop of the dynamic economic environment.

  • Gold price in Pakistan goes up by Rs1,600 per tola

    Gold price in Pakistan goes up by Rs1,600 per tola

    On Tuesday, gold prices in Pakistan experienced a notable surge, aligning with the upward trend in the global market.

    The precious metal reached a valuation of Rs221,300 per tola in the domestic market, marking a substantial gain of Rs1,600 throughout the day.

    As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold was traded at Rs189,729 after witnessing an increase of Rs1,372. This movement follows a Rs300 decrease per tola in gold prices on the preceding Monday.

    In the international arena, gold exhibited a rise of $12 on Tuesday, reaching $2,094 per ounce with an additional premium of $20, as communicated by APGJSA.

    Conversely, silver maintained stability at Rs2,680 per tola in the local market amidst these fluctuations in gold prices.

  • Gold prices in Pakistan see weekend dip, reflecting global trend

    Gold prices in Pakistan see weekend dip, reflecting global trend

    On Saturday, gold prices in Pakistan experienced a decline, aligning with the global trend.

    The cost of one tola of gold in domestic market dropped by Rs500, settling at Rs219,300. 

    Similarly, the 10-gramme gold rate decreased by Rs429, reaching Rs188,014, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    Contrastingly, the previous day witnessed a surge in gold prices by Rs1,800, concluding at Rs219,800 per tola in Pakistan. 

    The international gold rate, despite a $2 decrease, stood at $2,072 per ounce, maintaining a $20 premium, as indicated by APGJSA.

    In the midst of these fluctuations, silver rates remained unchanged at Rs2,650 per tola.

  • Second consecutive decline: Gold price drops by more than Rs6,000 per tola

    Second consecutive decline: Gold price drops by more than Rs6,000 per tola

    The price of gold in Pakistan fell for the second consecutive day on Tuesday, as the rupee depreciated against the US dollar. The price of 24 karat gold decreased by Rs6,300 per tola (11.66 grammes) and Rs5,402 per 10 grammes, to settle at Rs232,800 and Rs199,588, respectively.

    The decline in gold prices was in line with the fall in the international market, where the price of gold fell by $9 to settle at $1,931 per ounce. The gold rate has been volatile in Pakistan recently due to political and economic uncertainty, and high inflation.

    The price of silver also fell by Rs100 per tola and Rs85.74 per 10 grammes, to settle at Rs2,800 and Rs2400.5, respectively.

    The depreciation of the rupee against the dollar is the main reason for the decline in gold prices in Pakistan. When the rupee weakens, gold becomes more expensive for buyers in Pakistan, who have to pay more rupees to buy the same amount of gold.

    The political and economic uncertainty in Pakistan is also a factor that is contributing to the volatility of gold prices. Investors are unsure about the future of the country, and they are looking to gold as a safe haven investment. This demand for gold is pushing up prices.

    The high inflation in Pakistan is also making gold more expensive. When inflation rises, the value of the rupee decreases, which makes gold more expensive for buyers in Pakistan.

    Overall, the gold rate in Pakistan is expected to remain volatile in the near future due to the factors mentioned above.

  • Zainab Ali and Usman Qamar win gold at Special Olympics World Games

    Zainab Ali and Usman Qamar win gold at Special Olympics World Games

    Usman Qamar and Zainab Ali Raza of Pakistan won gold medals in the Special Olympics World Games 2023 being played in Germany.

    Usman Qamar also won the gold medal in a cycling competition.

    Qamar completed the distance of five km road race in seven minutes and 21.59 seconds. After the triumph, he said, “I had prepared hard for the World Games and I hoped that I would reach the victory stand but winning the gold medal is a dream come true. And I am also grateful to Special Olympic Pakistan who helped me a lot in my training and preparations”.

    Usman Qamar, who belongs to Islamabad, further said that he has been cycling since 2016 and attended two campuses for the World Games.

    Meanwhile, in the javelin men’s event of the 16th Special Olympic World Games of Athletics, Pakistan’s Umair Kayani won the gold medal with a throw of 38.81 meters, while Umaima Iftikhar of Pakistan won the silver medal with a throw of 10.47 meters in the women’s javelin event.

    The 25-year-old national athlete Umair Kayani from Wah Cantt called Commonwealth Games gold medalist Arshad Nadeem his idol.

    Umair’s Head Coach Irfan Anwar says that Umair is skilled in shot-put and javelin throwing since his early days and keeping this in mind for the World Games, his preparation has been going on for the past two years.

    The Head Coach hoped he will continue his streak of good performances in the shot put as well in the future as well and will win more honors and laurels for the country.

    The number of Golds for Pakistan is six now.

    Pakistan’s Saif Ullah won two gold medals, one silver, and one bronze medal in the powerlifting category of the ongoing Special Olympics in Berlin.

  • Gold price hits all-time high of Rs195,500 per tola after removal of an unofficial dollar cap

    Gold price hits all-time high of Rs195,500 per tola after removal of an unofficial dollar cap

    Gold prices in Pakistan continued their record-breaking spree as the price of 24-carat gold reached an all-time high of Rs195,500 after gaining Rs4,900.

    In addition, the price of 10 grammes also witnessed an increase of Rs4,201 to settle at Rs167,610, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

    Moreover, the bullion rate in the international market reached $1,936 after a surge of $11.

    The Pakistani rupee (PKR) on Thursday dropped drastically to approach an all-time low, days after exchange companies abolished the cap on the rupee-dollar exchange rate.

    The sudden hike in yellow metal prices comes as the weakening rupee pushed investors to the safety of bullion to hedge against intensifying economic turmoil in the country.

    On Thursday, the local currency crashed to approach another historic low, as it dropped to Rs255.43 versus the US dollar in the interbank market, sliding Rs24.54 or 9.61 per cent from Wednesday’s close, according to the State Bank of Pakistan.

  • Gold price increases by Rs1,200 to Rs187,200 per tola

    Gold price increases by Rs1,200 to Rs187,200 per tola

    The per tola price of 24-karat gold witnessed an increase of Rs1,200 on Saturday and was traded at Rs187,200, up from Rs186,000 the previous trading day. The price of 10 grammes of 24-karat gold also increased by Rs1,029 to Rs160,494 according to All Sindh Sarafa Jewellers Association.

    Although gold is often used as an inflation hedge, it is quite vulnerable to monetary tightening, which raises the opportunity cost of owning the bullion, which is typically a non-yielding asset like other precious metals. In other words, a precious metal investment cannot be “put to use” to try to make a profit.

    According to the jewellers association, gold in the local market continued to be “undercost” by Rs3,000 a tola when compared to the Dubai market, maintaining its Friday trend.

    Dealers claimed it was difficult to determine if the potential increase in the policy rate of 100–200 basis points (BPS) had been included in the price of the yellow metal.

    According to a research report from Pearl Securities, the State Bank of Pakistan (SBP) may raise the policy rate by 100 to 200 basis points to reduce ongoing inflationary pressures.

  • Gold surges to Rs147,250 per tola in local market

    Gold surges to Rs147,250 per tola in local market

    On Monday, gold prices in the local market rose by Rs1,450 per tola to a new all-time high, pushed up by the Pakistani currency’s continued depreciation against the US dollar.

    Despite no change in gold rates in the international market, gold rates in the local market increased to Rs147,250 per tola, according to data released by the All Sindh Saraf Jewelers Association. Similarly, the price of a gramme of gold increased by Rs1,243 to Rs126,243.

    However, gold prices on the international market remained unchanged at $1,840 per ounce.

    The price of silver per tola remained unchanged at Rs1,560. The price of a gramme of silver also remained unchanged at Rs1,337.44. When compared to rates in the Dubai gold market, local jewellers said prices in the local market remained below Rs3,000 per tola.

    Pakistani rupee dips to new lows

    Experts predict that the Pakistan rupee will continue to fall against the US dollar and other major currencies owing to concerns regarding the IMF’s $6 billion program’s restoration, the country’s expanding current account deficit, and dwindling foreign exchange reserves.

    The PKR which lost 32.5 per cent of its value in the current financial year 2021-22 is forecasted to remain under stress as the dollar is in high demand in the market due to economic crises.

    The central bank appears helpless to stem the rupee’s speculative fall, as demand for the US dollar continues to rise due to quarter-end payment strain.