Tag: gold

  • Gold price in Pakistan surges to Rs216,800 per tola

    Gold price in Pakistan surges to Rs216,800 per tola

    In a noteworthy surge, gold rates continued their upward momentum on Friday, amplifying economic concerns for investors and traders.

    The price of 24-karat gold witnessed a significant surge, jumping by Rs1,100 per tola to reach Rs216,800.

    The Karachi Sarafa Association, a key player in the precious metals market, reported that the price of 10-gramme 24-karat gold also experienced a notable increase, settling at Rs185,871 per tola.

    This reflected a substantial rise of Rs943, prompting a reevaluation of investment strategies in the local jewellery market.

    Similarly, the price of 10-gramme 22-karat gold exhibited an upward trend, reaching Rs170,382 per tola, marking a gain of Rs865.

    This surge in gold prices is creating ripples across the domestic market, influencing the decisions of both investors and consumers alike.

    On the global front, the international spot gold market is witnessing an upward trend, with a $2.77 increase on the day, currently trading at $2,046.72.

    This surge in global gold prices is directly influencing the domestic market, with the gains seen locally being closely linked to the rally in the international gold market.

    The international gold market is on track for a third consecutive daily victory, driven by a relatively weaker dollar. The weakening of the dollar has bolstered gold prices, making it an attractive investment amid economic uncertainties.

    Furthermore, the Pakistani rupee recorded a marginal decline against the US dollar, depreciating by 0.03 per cent in the inter-bank market on Friday.

    At the close, the local unit settled at 279.19, reflecting a loss of Re0.08 against the greenback, according to the State Bank of Pakistan (SBP).

    This slight depreciation comes after a relatively stable period on Thursday, where the rupee settled at 279.11 against the US dollar.

  • Gold price rises to Rs215,700 per tola with Rs900 surge

    Gold price rises to Rs215,700 per tola with Rs900 surge

    The 24-karat gold price in Pakistan has once again surged, rebounding from a previous drop of Rs1,100 per tola in the last trading session.

    The latest market data reveals a noteworthy increase of Rs900 per tola, closing at Rs215,700 per tola on Thursday.

    On the preceding day, gold prices had recorded a dip to Rs214,800 per tola, experiencing a decline of Rs1,100. However, the recent spike has brought the values back on an upward trajectory.

    The local market also witnessed a rise in the price of 10 grammes of 24-karat gold, marking an increase of Rs772 to reach Rs184,928 from Rs184,156.

    Similarly, the price of 10 grams of 22-karat gold climbed to Rs169,517 from Rs168,810, as reported by the All Sindh Sarafa Jewellers Association.

    The association suggests that these fluctuations are closely tied to the fluctuations in the value of the US dollar.

    This correlation emphasises the intricate relationship between currency values and gold prices, highlighting the impact of global economic factors on local gold markets.

    In contrast, the price of 24-karat silver remained stable at Rs2,570. Internationally, the global gold price experienced a minor uptick of $9, reaching $2,057 per ounce.

    This stability in silver prices locally and the marginal increase in global gold prices indicate the complex dynamics at play in the precious metals market.

    Investors and market analysts continue to monitor these shifts closely, recognising the interplay between global economic variables and the valuation of precious metals in the local market.

    The resilience of gold prices, despite recent fluctuations, underscores the ongoing influence of international factors on Pakistan’s gold market.

  • Pakistan Customs officials foil attempt to smuggle PKR 1.5 crore in gold and cash

    Pakistan Customs officials foil attempt to smuggle PKR 1.5 crore in gold and cash

    Customs officials made a significant seizure of gold and cash at Jinnah International Airport in Karachi on Tuesday. 

    Acting on a tip-off, the officials intercepted a passenger scheduled to depart for Hong Kong on Thai Airways flight TG-342, suspected of carrying a substantial amount of undeclared valuables.

    Following the tip-off, Customs personnel conducted a thorough search of the passenger’s belongings, uncovering over $40,000 (PKR 11 million) in assorted foreign currencies, along with 21 tolas of gold coins and jewelry. 

    The combined value of the confiscated items is estimated to be approximately $56,000 (PKR 15 million).

    The detained passenger failed to declare the cash and gold, a requirement for amounts exceeding $10,000 (PKR 2.78 million), when leaving Pakistan, leading to allegations of money laundering and smuggling. An FIR has been filed, and the investigation is ongoing.

  • Gold price drops by Rs1,100 to Rs214,800 per tola

    Gold price drops by Rs1,100 to Rs214,800 per tola

    In a shift from its recent upward trend, gold prices in Pakistan experienced a decline on Wednesday, with the price of 24-karat gold dropping by Rs1,100 per tola to reach Rs214,800.

    The Karachi Sarafa Association reported that the cost of 10 grammes of 24-karat gold also saw a decrease, settling at Rs184,156, reflecting a decline of Rs944.

    Additionally, 10-gramme 22-karat gold was valued at Rs168,810.

    In contrast, silver prices remained steady on the day, with 24-karat silver maintaining its position at Rs2,570 per tola and Rs2,203.36 per 10 grammes.

    On the global stage, international spot gold demonstrated resilience, trading at $2,026.92, marking a 0.17% increase for the day.

    However, international spot silver experienced a slight dip, standing at $22.33, reflecting a 0.55% decrease.

    Market observers are closely watching key inflation data and anticipating remarks from Federal Reserve officials this week to gain insights into the central bank’s potential decision regarding interest rates.

    It is noteworthy that the latest Federal Reserve minutes have indicated that most US officials are not in a hurry to implement rate cuts.

  • Gold rate inches up to Rs215,900 per tola with marginal gain

    Gold rate inches up to Rs215,900 per tola with marginal gain

    In a sustained upward trajectory, domestic bullion recorded gains on Tuesday, driven by a surge in 24-karat gold. The precious metal reached Rs215,900 per tola, reflecting an increase of Rs100.

    The latest data from the Karachi Sarafa Association reveals that the cost of 10 grammes of 24-karat gold saw a slight rise, reaching Rs185,100 with an uptick of Rs86. Additionally, 10-gramme 22-karat gold was quoted at Rs169,674.

    Contrastingly, silver prices remained stable, maintaining their previous rates. The 24-karat silver was traded at Rs2,570 per tola, while the cost per 10-gramme stood at Rs2,203.36.

    On the global front, the international spot gold market witnessed a positive trend, with prices hovering near $2,036.26, indicating a 0.26% increase for the day. In parallel, international spot silver held strong around $22.63, marking a 0.58% uptick.

    The financial landscape also saw influence from the latest Federal Reserve minutes, which indicated a collective sentiment among most US officials against rushing into rate cuts.

    This news brings additional insights into the dynamics shaping the global precious metals market.

  • Gold price increases by Rs700 to Rs215,800 per tola

    Gold price increases by Rs700 to Rs215,800 per tola

    In a notable shift in the precious metals market, the price of 24-karat gold in Pakistan exhibited an increase of Rs700 per tola, reaching Rs215,800 on Monday.

    This surge follows the closing price of Rs215,100 on the last trading day, Saturday.

    The price adjustment was not exclusive to tola measurements; the cost of 10 grammes of 24-karat gold also experienced an uptick, rising by Rs600 to Rs185,014 from its previous value of Rs184,414.

    Similarly, 22-karat gold saw an increase in its 10-gramme price, climbing to Rs169,596 from Rs169,046, as reported by the All Sindh Sarafa Jewellers Association.

    Contrary to the movement in gold prices, the rates for silver remained consistent. The cost of one tola and ten grammes of silver held steady at Rs2,570 and Rs2,203.36, respectively.

    Internationally, the gold market displayed a contrasting trend, witnessing a decrease of $02, with the new rate standing at $2,054, down from $2,056, according to the association’s findings.

    Meanwhile, the Pakistan Stock Exchange (PSX) recorded a week of positive trends and increased business activities. Investors demonstrated optimism regarding political stability following the general elections on February 8.

    As the business week concluded, the KSE-100 index closed at an impressive 62,815 points, reflecting a gain of 2,943 points, or 4.92 per cent.

    The index had reached its peak during the week, showcasing investor confidence in the anticipated political stability post-elections.

  • Gold price declines by Rs1,200 to Rs214,100 per tola

    Gold price declines by Rs1,200 to Rs214,100 per tola

    Gold rates in Pakistan experienced a significant decrease on Friday, mirroring the decline observed in the international market.

    According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the yellow metal was priced at Rs214,100 per tola after shedding Rs1,200 during the day.

    The 10-gram gold rate also witnessed a decrease, with prices dropping to Rs183,556 after a decline of Rs1,029, as reported by the APGJSA.

    This reversal follows a slight increase in gold prices on Thursday, where rates had gone up by Rs100 per tola in Pakistan.

    However, the international market experienced a decline of $11, resulting in a $20 premium on the international gold rate, which was set at $2,040 per ounce on Friday.

    The APGJSA further reported that the silver rate remained stable at Rs2,570 per tola in Pakistan.

    The fluctuation in gold prices is attributed to the dynamic nature of the global market, where various economic factors and geopolitical events can influence the demand and supply dynamics of precious metals. Investors and consumers are advised to stay updated on market trends and consult with financial experts for informed decisions.

    It is essential to note that gold and silver rates can be subject to change rapidly, and individuals are encouraged to monitor the market closely for real-time updates.

  • 24-karat gold price rises by Rs100 per tola

    24-karat gold price rises by Rs100 per tola

    In the local market, the price of 24 karat gold witnessed a modest rise on Thursday, marking an increase of Rs100 per tola.

    The precious metal was traded at Rs215,300, compared to its previous rate of Rs215,200 during the last trading session.

    Similarly, the cost of 10 grammes of 24 karat gold experienced an uptick, registering a rise of Rs85 and reaching Rs184,585 from its previous value of Rs184,500.

    The All Sindh Sarafa Jewellers Association disclosed that the prices of 10 grammes of 22 karat gold also showed an increase, climbing to Rs169,203 from Rs169,124.

    However, the silver market remained stable, with the cost of per tola and ten-gramme silver remaining unchanged at Rs2,570 and Rs2,203.36, respectively.

    Internationally, the price of gold demonstrated a slight escalation, as it rose by $3 to $2,051 from its earlier value of $2,048, according to reports from the Association.

    Market analysts attribute these fluctuations to various factors, including global economic conditions, geopolitical events, and changes in investor sentiment.

  • 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 jumps by Rs1,100 per tola, reaching Rs214,300

    Gold price jumps by Rs1,100 per tola, reaching Rs214,300

    The gold prices in Pakistan continued their upward trajectory, building on gains from the last session of the previous week. On Monday, the price of 24-karat gold surged by Rs1,100 per tola, reaching Rs214,300 per tola.

    According to the Karachi Sarafa Association, the price of 10-gramme 24-karat gold stood at Rs183,728, marking an increase of Rs943 compared to the previous session. Additionally, the price of 10-gramme 22-karat gold rose to Rs168,417.

    In contrast, silver prices remained stable, with 24-karat silver being sold at Rs2,580 per tola and 10-gramme silver trading at Rs2,211.93.

    It is noteworthy that domestic gold ended last week in the red zone due to a decline in international prices. The ongoing uncertainty surrounding the delay in election results also failed to stimulate demand for this safe-haven asset.

    Internationally, spot gold has extended its rally for the third consecutive session, currently trading at $2,021.8. This rebound follows last week’s release of hotter-than-anticipated US inflation data, which initially pushed gold below the $2,000 mark for the first time in two months.

    Given the influence of domestic currency fluctuations on the domestic gold rate, it is crucial to mention that the Pakistani rupee (PKR) concluded its 13-week-long historic winning streak against the US dollar. Last week, the PKR experienced a marginal drop of 8 paisa.

    Since gold is denominated in US dollars, a depreciation of the PKR against the US dollar results in an increase in the value of PKR-denominated gold. The market remains attentive to both global and domestic factors influencing these shifts in precious metal prices.