Tag: gold

  • 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 in Pakistan settles at Rs216,800 per tola

    Gold price in Pakistan settles at Rs216,800 per tola

    In a noteworthy shift, the per-tola price of 24 karat gold witnessed a decrease of Rs1,800, settling at Rs216,800 on Saturday.

    This marks a discernible drop from its previous standing of Rs218,600 during the last trading day.

    Similarly, the cost of 10 grammes of 24 karat gold experienced a dip of Rs1,543, now standing at Rs185,871 as opposed to its previous valuation of Rs187,414.

    Meanwhile, the prices of 10 grammes of 22-karat gold also exhibited a downward trend, reaching Rs170,382 from Rs171,796, as reported by the All Sindh Sarafa Jewellers Association.

    Contrastingly, the prices of silver remained unchanged, with per tola and ten gramme silver holding steady at Rs2,670 and Rs2,289.09, respectively.

    Taking a broader perspective, the international gold market saw a decline as well, with the price of gold dropping by $15 to $2,040 from its previous position at $2,055, according to the latest report from the Association.

    This shift in the precious metals market has sparked interest and attention within financial circles.

  • Gold price in Pakistan experiences massive single-day gain of Rs5,700 per tola

    Gold price in Pakistan experiences massive single-day gain of Rs5,700 per tola

    In a significant development, gold staged a recovery from its recent five-session decline in Pakistan on Thursday, driven by a surge in the global market.

    The domestic market witnessed a notable upswing in gold prices today, surging to Rs218,300 per tola after a massive single-day gain of Rs5,700 per tola.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold price in Pakistan experienced a surge, reaching Rs187,157 after a significant uptick of Rs4,887.

    This marks a considerable shift from Wednesday’s scenario, when gold prices in Pakistan witnessed a decline of Rs1,000 per tola.

    Internationally, the gold market reflected this positive momentum, setting the rate at $2,052 per ounce with a $20 premium on Thursday. This uptick translated into a $54 increase in the international market, as reported by APGJSA.

    Simultaneously, silver rates observed an upward trend, climbing by Rs70 and settling at Rs2,650 per tola.

    While these developments unfolded in the precious metal markets, the Pakistan Stock Exchange experienced a tumultuous Wednesday, initially plummeting by over 1,900 points.

    Despite the initial setback, the market rebounded, ultimately concluding the business day with a loss of over 1,100 points.

    The benchmark KSE-100 index kicked off Thursday’s session on a pessimistic note, extending its downward trajectory to revisit the previous day’s lows of approximately 64,400.

    However, buyers intervened, successfully defending this level once again.

    The index maintained a rangebound pattern for the remainder of the session, closing at 65,450.19, marking an increase of 170 points or 0.26 per cent day-over-day.

  • 24-karat gold price plunges by Rs1,800 per tola, reflecting global market trends

    24-karat gold price plunges by Rs1,800 per tola, reflecting global market trends

    On Tuesday, the price of gold experienced a further decline, with 24-karat gold witnessing a decrease of Rs1,800, settling at Rs213,600 per tola.  

    The Karachi Sarafa Association indicated that the closing rate for 10 grammes of 24-karat gold in today’s session was Rs183,128, reflecting a loss of Rs1,543.  

    Simultaneously, 10 grammes of 22-karat gold registered a decline to Rs167,867, down by Rs1,415. 

    Last week, gold investors in the domestic bullion market faced a significant setback when the price of 24-karat gold plummeted by Rs8,000 per tola.  

    This drop was attributed to a notable decrease in international prices and the strengthening of the local currency. 

    In contrast, the price of silver remained stable in the domestic market today, with 24-karat silver and 10 grammes of 24-karat silver closing at Rs2,600 and Rs2,229.08, respectively.  

    The downturn in the local market is linked to the ongoing decline in international prices. 

    The international spot gold market experienced a 1.04 per cent decrease this week, currently standing at $1,994.46.  

    This decline is influenced by the pressure stemming from a stronger dollar and increased US Treasury yields, marking the second consecutive session in which the commodity has traded in the red zone. 

    Market participants are eagerly anticipating the US consumer price report scheduled for 05:30 pm PST today.  

    This report could offer valuable insights into potential rate cuts ahead of the Federal Reserve’s statement and Chair Jerome Powell’s comments on Wednesday. 

    In the domestic market, gold prices are also susceptible to fluctuations in the local exchange rate.  

    Rupee remains stable against US dollar

    During yesterday’s interbank session, the Pakistani rupee (PKR) maintained stability, settling at PKR 283.9 per USD, representing a marginal depreciation of around 3 paisa against the US dollar compared to the previous session’s closing of PKR 283.87 per USD.  

    As gold is denominated in US dollars, a strengthening local unit contributes to a decrease in the value of PKR-denominated gold. 

  • Gold price in Pakistan increases to Rs221,000 per tola

    Gold price in Pakistan increases to Rs221,000 per tola

    The per tola price of 24-karat gold in Pakistan witnessed a rise of Rs2,600, reaching Rs221,000 on Wednesday. This marks an increase from its previous sale at Rs218,400 on the last trading day.

    Similarly, the price of 10 grammes of 24-karat gold experienced an uptick of Rs2,229, settling at Rs189,472 compared to the previous Rs187,243.

    Meanwhile, the cost of 10 grammes of 22-karat gold rose to Rs173,683 from Rs171,640, according to the All Sindh Sarafa Jewellers Association.

    The prices for both per tola and ten-gramme silver remained unchanged at Rs2,620 and Rs2,246.21, respectively.

    In the international market, the price of gold increased by $29, reaching $2,062 from the previous $2,033, as reported by the Association.

  • Global market impact: Gold price in Pakistan drops by Rs2,400 per tola

    Global market impact: Gold price in Pakistan drops by Rs2,400 per tola

    On Thursday, gold prices in Pakistan experienced a decline, mirroring the global market trend.

    The value of the yellow metal reached Rs211,800 per tola, marking a decrease of Rs2,400. 

    The 10-gram gold was traded at Rs181,584, reflecting a Rs2,058 drop, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). 

    In the preceding session, gold prices had risen by Rs200, settling at Rs214,200 per tola.

    The international gold rate, accompanied by a $20 premium, was established at $1,968 on Thursday, indicating a $20 reduction in the global market, according to APGJSA. 

    In the midst of these changes, silver rates remained steady at Rs2,580 per tola in Pakistan.

  • Gold price drops by Rs1,500 per tola in Pakistan amidst global market slump

    Gold price drops by Rs1,500 per tola in Pakistan amidst global market slump

    On Friday, the price of gold in Pakistan witnessed a decline of Rs1,500 per tola, losing its luster due to a decrease in the international market.

    The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released data indicating that the price of 24-carat gold dropped by Rs1,500 per tola and Rs1,285 per 10 grammes, settling at Rs217,000 and Rs186,043, respectively.

    Concurrently, the international market saw a $10 decrease, with the yellow metal settling at $1,919 per ounce.

    Recent times have seen the gold rate in Pakistan fluctuate amidst ongoing political and economic uncertainty, as well as high inflation. Consequently, individuals tend to view this precious commodity as a secure investment and a hedge during such periods. The association’s data revealed that the price of silver remained unchanged at Rs2,550 per tola and Rs2,186.21 per 10 grammes.

    Furthermore, the data highlighted that the cost of bullion in Pakistan is Rs4,000 per tola lower than the Dubai market, indicating that the Pakistani gold market currently offers more affordable prices than the global market.

    In terms of foreign exchange, the Pakistani rupee maintained stability against the US dollar, experiencing a nominal increase of Rs0.01. The interbank market closed on Friday with the exchange rate at Rs286.74.

  • Heist at Toronto Airport: thieves swipe $15 million worth of gold and valuables

    Heist at Toronto Airport: thieves swipe $15 million worth of gold and valuables

    In a theft of an unusually big scale, thieves have managed to steal CA $20 million (USD $15m) worth of gold from a cargo terminal at Toronto’s main international airport on Monday.

    This is the biggest gold heist since July 2019, when a theft of $30 million occurred at an airport in Sao Paulo, Brazil. According to Inspector Stephen Duivesteyn, the container carrying the gold arrived on a flight on Monday evening, but he did not disclose its origin.
    The cargo of the plane carrying the gold, was transferred to a holding facility. However, according to Inspector Duivesteyn, the container carrying the gold was unlawfully taken and reported as missing right after the unloading process.

    “An aircraft arrived here at the airport in the early evening. As per normal procedure, the aircraft was unloaded and cargo was transported from the aircraft to a holding cargo facility,” he said.

    It is uncertain whether the stolen gold is still within the country’s borders. According to The Ottawa Sun, the gold may have been transported from a mine in Northern Ontario to Toronto on behalf of one of the banks. The authorities have not confirmed whether the perpetrators were professional criminals or not, but the investigation is continuing.

    The Toronto Sun claimed that organized criminal gangs are suspected of being responsible for the heist.

  • Gold prices rise on weaker Pakistani rupee and economic outlook

    Gold prices rise on weaker Pakistani rupee and economic outlook

    On Tuesday, gold prices rose further to reach a one-week peak achieved last week, supported by a weaker Pakistani rupee. Investors were keeping an eye on upcoming economic developments that could impact the market’s direction. The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of gold (24 carats) rose by Rs500 per tola and Rs429 per 10 grammes to settle at Rs197,000 and Rs168,896, respectively.

    The decline of the Pakistani rupee against the US dollar in the interbank market by 0.24 per cent to Rs262.51 boosted the appeal of the precious metal. However, the outlook for gold remained uncertain as the prospects of the rupee’s recovery against the dollar increased, driven by optimism surrounding the revival of the International Monetary Fund (IMF) programme.

    The yellow metal gained Rs3,800 per tola over the last three sessions. Silver prices in the domestic market also increased by Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,150 per tola and Rs1,843.27 per 10 grammes, respectively.

    Meanwhile, in the international market, gold prices dropped by $12 per ounce to settle at $1,832 due to the rise of the dollar, while investors awaited US economic data to determine the Federal Reserve’s interest rate strategy. The dollar index remained high, making dollar-priced gold more expensive for buyers with other currencies.

    Han Tan, chief market analyst at Exinity, said that gold’s primary driver remains the changing expectations surrounding the Fed’s policy moves, and the upcoming release of the FOMC minutes could provide more clues. If the US economy continues to defy the Fed’s rate hikes, it could lead to a higher peak for US rates, which would disappoint bullion bulls.

    The market focus this week is on the release of the Federal Open Market Committee’s January meeting minutes on Wednesday, followed by US gross domestic product data on Thursday and Friday’s core PCE price index. Although gold prices reached their highest level since April 2022 earlier this month at $1,959.60, they have dropped by approximately $130 after US data indicated a robust economy.

  • Gold bounces back by Rs2,200 to Rs207,200 per tola

    Gold bounces back by Rs2,200 to Rs207,200 per tola

    As the international precious metal markets rose Thursday in response to a hawkish US Federal Reserve, investors were also drawn to gold as their available saving choices remained constrained. Pakistan’s gold price likewise maintained its impressive run.

    The price of gold (24 karats) climbed by Rs2,200 per tola and Rs1,887 per 10 grammes to settle at Rs207,200 and Rs177,641, respectively, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

    A stagnant International Monetary Fund (IMF), declining foreign exchange reserves, and a weak rupee have all contributed to the precious metal’s advances over the past two sessions. These factors will increase the price of importing gold.

    However, investors were only buying gold bars, not jewellery, which had lowered goldsmiths’ profit margins and put the labour force at risk of losing jobs as jewellery manufacturers turned to other careers in the absence of work.

    As investors continued to believe that the US Federal Reserve will end its rate-hiking cycle soon after announcing a 25-basis-point hike, gold reached a nine-month high on the international market due to a weak dollar.

    Having earlier in the day reached its highest level since April 2022, spot gold was up $31 at $1,955 per ounce.

    After a year of bigger rate hikes, the US central bank on Wednesday reduced the rate rise to a quarter percentage point. It said that the battle against high inflation had reached a turning point, but that “winning” would still require raising rates and keeping them there at least through 2023.

    Moreover, local silver prices rose by Rs50 per tola and Rs42.88 per 10 grammes to settle at Rs2,300 and Rs1,971.88, respectively.