Tag: gold

  • Gold prices hit an all-time high of Rs152,000 per tola

    Gold prices hit an all-time high of Rs152,000 per tola

    On Wednesday, the price of gold in Pakistan rose to an all-time high, reaching Rs152,000 per tola, primarily as a result of increased demand and the weakening of Pakistani rupee (PKR).

    Just on Wednesday, gold prices increased by Rs2,500. The price per tola has climbed by a total of Rs10,900 since July 1 with the most recent hike.

    Pakistan often follows the trajectory of the global market for bullion and other precious metals. A declining rupee, however, has altered the situation.

    According to Akhtar Tesori, chairman of the Pakistan Gems Jewellery Traders and Exporters Association (PGJTEA), demand for gold jewelry was significantly decreased in the country during the past several months.

    In the interbank market on Wednesday, the rupee finished at Rs236.02. This is a new record low for the rupee versus the US dollar.

    The cost of silver in the domestic market remained steady at Rs1,600 for a tola and Rs1,371.74 for a gramme.

  • 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.

  • Gold gains Rs2,800, reaching Rs142,000 per tola

    Gold gains Rs2,800, reaching Rs142,000 per tola

    Keeping in view the rates maintained by the All Sindh Sarafa Jewelers Association, the price of gold per tola jumped Rs2,800 in the local market on Monday, bringing it to Rs142,000.

    Today, at 4 pm, the precious yellow metal was trading at $1,854 per ounce on the international market.

    Pakistan, as a price-taker, follows the trend in the world market for gold and other precious metals. Gold and other precious metals, such as silver, are priced in ounces around the world.

    Chairman of the Pakistan Gems Jewelry Traders and Exporters Association (PGJTEA), Akhtar Tesori, said the gold jewellery market has suffered as gold prices have risen in the country.

    According to him, the country’s commodities prices have reached new highs in recent years due to devaluation of the local currency against the green back and increases in the price of international gold.

  • 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.

  • Gold price jumps Rs900 per tola as Rupee declines

    Gold price jumps Rs900 per tola as Rupee declines

    The price of gold in Pakistan increased by Rs900 per tola as the Pakistani rupee continued its downward trend against the US dollar, crossing the Rs184 threshold in the interbank market once more. The yellow metal increased by Rs900 per tola and Rs771 per ten gramme to Rs133,300 and Rs114,283, respectively.

    Gold fell $15 per ounce on the international market, settling at $1,976 per ounce. When compared to the Dubai market, gold prices in Pakistan are roughly Rs4,000 lower.

    Silver prices in the local market, meanwhile, remained stable at Rs1,520 and Rs1,303.15.

    The rupee declined by 0.54 per cent versus the US dollar, closing at Rs182.54 after winning three paisas and settling at Rs181.55 on Saturday, April 16. During the open market session, the Indian rupee (INR) touched an intraday high of Rs181.00 versus the US dollar.

    Read more: PKR declines against US Dollar after winning for a week

    The consumer market is still torn between those who see gold as a hedge against inflation, growth concerns, and high volatility in other financial markets and those who do not.

  • Gold prices go up by Rs350 per tola to Rs130,300

    Gold prices go up by Rs350 per tola to Rs130,300

    The price of gold in the local market soared by Rs350 per tola (11.7 gramme) on April 13. All Pakistan Jewellers Manufacturers Association stated that the precious yellow metal is currently trading at Rs130,300 per tola.

    Accordingly, the cost of 10 gramme of gold jumped by Rs300 to Rs111,711. Silver prices in the local market as of April 13, remained constant at Rs1,520 and Rs1,303.15.

    Gold prices touched a one-month high in the international market as surging consumer costs bolstered its desirability as an inflation hedge, while investors seemed to ignore the Federal Reserve’s imminent interest rate hike and a healthier dollar.

    By 12:40 pm. ET (1640 GMT), spot gold had risen 0.6 per cent to $1,978.81 per ounce, after reaching its highest level since March 14 at $1,979.95. Gold futures in the United States (US) increased 0.3 per cent to $1,982.6.

    Read more: Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Bullion prices surged $22 per ounce on the global market, settling at $1,977 per ounce. When compared to the Dubai market, gold prices in Pakistan are approximately Rs5,000 cheaper.

  • Gold loses shine, price drops by Rs2,000 to Rs132,300 per tola

    Gold loses shine, price drops by Rs2,000 to Rs132,300 per tola

    Gold prices fell sharply in the local market on April 8, following the US dollar’s loss of value versus the rupee.

    The price of precious yellow metal dropped by Rs2,000 to Rs132,300 a tola (11.66 grams). Similarly, the cost of 10 grammes of gold decreased by Rs1,715 to Rs113,426. On the flip side, it jumped from $6 to $1,933 per ounce (28.3 gram) on the global market.

    The yellow metal in Karachi is reportedly selling for as low as Rs129,400, while 10 grams is being sold at Rs110,940. This rate for 24K gold announced by the Sarafa Bazar Association is also followed by the majority of gold markets in cities including Lahore, Islamabad, Peshawar, Quetta, and Karachi.

    The Pakistani rupee (PKR) gained Rs3.50 yesterday against the US dollar, making it the greatest single-day gain since April 2020. The local currency is currently trading at Rs184.68.

    During inter-day trading on April 7, the domestic unit crossed the Rs189 threshold, notwithstanding the political uncertainty. However, following a Rs2.5 depreciation, it concluded at Rs188.18.

    The gold correction had been overdue for a long time, since the political turmoil had created widespread panic, and individuals were transferring their capital to gold, as various rules had made it difficult for everyone to buy dollars.

  • Police investigators find ‘mastermind’of Rs 750M bank gold scam

    Police investigators find ‘mastermind’of Rs 750M bank gold scam

    The investigation officials have found out that a ‘woman manager’ was a mastermind in the Rs750m gold scam at a private bank in Karachi, ARY News reported.

    As per reports, the investigators have found more hints while investigating financial fraud at a Karachi private bank after they interrogated the suspects.

    They revealed that a woman manager of the bank’s Gulistan-e-Johar branch who had allegedly planned the gold scam divided the shares and gave the money earned from the frauds to the accused bank staffers.

    The accused woman kept giving gifts to the staffers. Investigators also found Rs2,400,000 funds in the bank account of the bank’s gold finance executive Adeel.

    The woman manager had also gifted expensive mobile phones to the bank employees and invested the remaining money to the stock exchange, as well as bought luxurious vehicles.

    The officials said that the mastermind had also given ‘pocket money to the bank staffers in both branches. Police said that 14 arrests have been made in the Rs750 million bank gold scam case so far.

  • Locals rush to dig gold after discovering mountain ‘filled with gold’

    Locals rush to dig gold after discovering mountain ‘filled with gold’

    Villagers ran to dig gold from a mountain ‘filled with gold’ discovered in Congo’s South Kivu province, forcing authorities to ban mining in the area.  

    According to reports, the discovery of gold-rich ore in Luhihi brought masses of diggers to the site.

    A video of the event went viral on social media.

    “A video from the Republic of the Congo documents the biggest surprise for some villagers in this country, as an entire mountain filled with gold was discovered,” read the caption. “They dug the soil inside the gold deposits and take them to their homes in order to wash the dirt and extract the gold.”

    The video shows locals using shovels and other tools to dig the ground to extract the gold from the soil. Some were even seen using their bare hands.

    Another video shared on social media showed locals washing the dirt off the precious metal and collecting them in metal containers.

    What would you do if you found a mountain of gold? Let us know in the comments below.