Tag: International gold prices

  • Gold price rebounds by Rs2,400 to Rs243,000 per tola

    Gold price rebounds by Rs2,400 to Rs243,000 per tola

    In a notable shift, gold prices in Pakistan surged significantly on Thursday, aligning with an upward trend in international markets.

    The local price of gold per tola (approximately 11.66 grammes) climbed to Rs243,000, marking a substantial single-day increase of Rs2,400.

    Similarly, the price of 10 grammes of gold rose by Rs2,057, reaching Rs208,333. These figures were reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    This surge follows a minor decline on Wednesday, when the gold price per tola in Pakistan decreased by Rs400.

    Contrary to the local market trend, the international gold price witnessed a decrease on Thursday.

    According to the APGJSA, the international rate settled at $2,362 per ounce, inclusive of a $20 premium, after experiencing a $30 drop during the day.

    In contrast, silver prices remained stable, with the rate fixed at Rs2,800 per tola.

    It’s noteworthy that back in April, the price of gold in the local market reached an all-time high of Rs252,200 per tola, highlighting the volatility and significant fluctuations in the precious metals market.

  • 24-karat gold price drops by Rs1,500 to Rs241,200 per tola

    24-karat gold price drops by Rs1,500 to Rs241,200 per tola

    On Thursday, gold prices in Pakistan saw a significant decline, with the cost of 24-karat gold dropping by Rs1,500 to settle at Rs241,200 per tola.

    This decrease is noteworthy as the current price is kept Rs3,000 below its actual value, reflecting reduced purchasing power among consumers.

    The Karachi Sarafa Association reported that the price of 24-karat gold per 10 grammes fell by Rs1,286 to Rs206,790. Similarly, the price of 22-karat gold decreased, now quoted at Rs189,558 per 10 grammes.

    In contrast, silver prices remained stable. The price for 24-karat silver was unchanged at Rs2,900 per tola and Rs2,486.28 per 10 grammes.

    On the international market, spot gold was trading near $2,333 an ounce, marking a 0.22 per cent decline from the previous session. This downturn is largely influenced by investor sentiments regarding the potential for U.S. interest rate cuts.

    A key inflation report due later in the week has added to the market’s cautious outlook.

    Recent minutes from the Federal Reserve’s policy meeting indicated a commitment to maintaining higher interest rates for an extended period to combat persistent inflation.

    This policy stance is seen as bearish for gold, as higher interest rates increase the opportunity cost of holding non-yielding assets like gold, reducing its appeal.

    As economic conditions remain volatile, both local and international gold markets continue to respond to shifts in monetary policy and consumer demand.

  • Gold price drops by Rs500 to Rs237,100 per tola

    Gold price drops by Rs500 to Rs237,100 per tola

    The local bullion market saw a downturn in its rally on Tuesday, with the price of 24-karat gold dropping by Rs500 per tola to Rs237,100.

    This decline comes after a significant increase of Rs19,100 in March, aligning with the upward trend in international gold prices.

    According to the Karachi Sarafa Association, the price of 24-karat gold stood at Rs203,275 per 10-gramme, marking a decrease of Rs429 compared to the previous session. Similarly, the price of 22-karat gold was quoted lower at Rs186,335 per 10-gramme.

    Meanwhile, silver prices remained steady, with 24-karat silver being sold at Rs2,600 per tola and Rs2,211.93 per 10-gramme.

    In the global market, international spot gold continued its upward trajectory, reaching a new peak amid moderated US inflation data.

    Gold prices surged to $2,261.03 an ounce on Tuesday, reflecting a 0.42 per cent increase from the previous day’s close.

    The US core personal consumption expenditures (PCE) index showed a cooling trend in February, with a month-on-month increase of 0.3 per cent and a year-on-year increase of 2.8 per cent.

    Federal Reserve Chair Jerome Powell, addressing concerns about inflation, stated that the recent data did not alter the central bank’s fundamental outlook.

    However, he stressed that with the economy showing strength, there was no rush to adjust monetary policy.

    Looking ahead, traders are keeping a close watch on Friday’s release of the US nonfarm payrolls report. Another robust jobs report could potentially trigger a pullback in gold prices, as highlighted by Waterer.

  • 24-karat gold price increases to Rs227,300 per tola

    24-karat gold price increases to Rs227,300 per tola

    In Tuesday’s trading session, the local bullion market witnessed a modest recovery, as the price of 24-karat gold rose by Rs400 to reach Rs227,300 per tola.

    The Karachi Sarafa Association disclosed that the price of 24-karat gold for 10 grammes climbed to Rs194,873, marking a Rs343 increase.

    Similarly, the price of 22-karat gold saw an uptick, reaching Rs178,634 per 10 grammes.

    Contrarily, silver prices remained stable, with 24-karat silver maintaining its rate at Rs2,580 per tola and Rs2,211.93 per 10 grammes.

    Last week, 24-karat gold concluded its two-week ascent with a setback of Rs2,700 per tola.

    On the global scale, international spot gold hovered around $2,155 per ounce, experiencing a marginal decline of 0.25 per cent compared to the preceding session.

    This dip in the global market is attributed to dampened expectations of a US interest rate reduction following lackluster price data from the previous week.

    Notably, US consumer prices surpassed projections in February, while producer prices hinted at inflationary pressures.

  • Gold price in Pakistan increases by Rs250 to Rs228,550 per tola

    Gold price in Pakistan increases by Rs250 to Rs228,550 per tola

    The local bullion market exhibited stability on Thursday, with 24-karat gold fetching Rs228,550 per tola, marking an increase of Rs250 compared to the previous session.

    This pricing trend persists near its historical highs, fueled by anticipations of US interest rate adjustments, heightened Chinese purchasing activity, and ongoing geopolitical tensions.

    According to the Karachi Sarafa Association, the cost of 10-gramme 24-karat gold rose to Rs195,945 per tola, reflecting a gain of Rs215.

     Similarly, the price of 10-gramme 22-karat gold experienced a marginal uptick, reaching Rs179,616.

    Contrarily, silver rates remained unchanged today, with 24-karat silver trading at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    Internationally, spot gold hovered around $2,169 per ounce, following a $16.8 or 0.78% increase yesterday.

    JPMorgan Chase & Co. identifies gold as the top preference in commodities markets, projecting a potential price surge to $2,500 per ounce this year.

  • Gold price drops by Rs1,800 per tola as PKR records modest gains

    Gold price drops by Rs1,800 per tola as PKR records modest gains

    Gold prices in Pakistan experienced a downturn on Wednesday, echoing the global market trend.

    The precious metal, commonly known as the yellow metal, was priced at Rs228,300 per tola, marking a decrease of Rs1,800 over the course of the day.

    Data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA) revealed that the price of 10 grammes of gold stood at Rs195,730 after a decrease of Rs1,544.

    This decline follows a Rs100 reduction in gold prices per tola observed on Tuesday within the country. Internationally, gold was valued at $2,179 per ounce on Wednesday, reflecting a $18 decrease with a premium of $20.

    Meanwhile, silver prices remained stable at Rs2,600 per tola during the same period.

    On another front, the Pakistani rupee showed a slight improvement against the US dollar, appreciating by 0.11 per cent in the interbank market on Wednesday.

    At the close, the local currency settled at 278.79, gaining Re0.29 against the greenback, as reported by the State Bank of Pakistan (SBP).

    On Monday, the rupee experienced a marginal decline, settling at 279.08 against the US dollar, according to the State Bank of Pakistan (SBP).

  • 24-karat gold price dips slightly by Rs100 per tola

    24-karat gold price dips slightly by Rs100 per tola

    In the domestic bullion market, Tuesday saw a relatively stagnant session, with the price of 24-karat gold slipping by Rs100 to Rs230,100 per tola.

    Notably, this marks the first decline in gold prices in Pakistan following ten consecutive sessions of growth.

    Just last week, the price of 24-karat gold surged by almost Rs10,000 per tola, reaching levels unseen since September 2023.

    However, according to the Karachi Sarafa Association, the price of 10-gramme 24-karat gold dropped to Rs197,274 per tola, reflecting a decrease of Rs86.

    Similarly, the price of 10-gramme 22-karat gold experienced a slight dip, settling at Rs180,834.

    Contrastingly, silver prices remained stable today, with 24-karat silver maintaining its rate at Rs 2,600 per tola and Rs2,229.08 per 10-gramme.

    On the global stage, international spot gold traded near $2,177.14 an ounce, marking a 0.26% decrease from the previous session.

    Investors are closely monitoring Tuesday’s U.S. inflation data, anticipating its impact on monetary policy.

  • Gold price remains unchanged at Rs230,200 per tola

    Gold price remains unchanged at Rs230,200 per tola

    In a day of consistency, gold prices in Pakistan remained unaltered on Monday, mirroring the steady trend observed in the international market.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local market reported no change in the price of gold per tola, maintaining a steady Rs230,200.

    Similarly, the 10-gramme gold price remained constant at Rs197,360.

    The international market echoed this stability, with the global rate of gold holding firm at $2,198 per ounce on Monday. APGJSA noted a premium of $20, maintaining the equilibrium of the precious metal’s value.

    In parallel, silver prices also exhibited stability in the local market, remaining fixed at Rs2,600 per tola.

    This unswerving trend further highlights the current stability in the precious metals market, providing insights for investors and enthusiasts alike.

  • Gold price closes week above Rs230,000 per tola

    Gold price closes week above Rs230,000 per tola

    In a notable development, gold prices in Pakistan witnessed a substantial increase, with the per-tola price surging by Rs1,600 in the local market.

    The gold rate climbed to a new height, reaching Rs230,200 in the domestic market, reflecting the ongoing economic dynamics.

    Specifically, the price of 10 grammes of 22-karat gold has also experienced an upward trend, trading at Rs180,913.

    This surge in gold prices is likely to impact various sectors of the economy, prompting investors and market observers to closely monitor the situation.

    Simultaneously, the Pakistan Stock Exchange (PSX) has marked a week of positive trends and significant growth in business activities following the recently held general elections.

    As the business week concluded, the KSE-100 index stood at 65,793 points, indicating a gain of 468 points, or 0.70 per cent. 

    Throughout the week, the KSE-100 index reached its peak at an impressive 66,150 points, underscoring the confidence of investors in the market.

    However, it is noteworthy that the index experienced fluctuations, with the lowest point recorded at 65,187.

  • 8th straight surge: Gold price increases to Rs228,600 per tola in Pakistan

    8th straight surge: Gold price increases to Rs228,600 per tola in Pakistan

    In a remarkable eighth consecutive session, the domestic bullion market has maintained its bullish trend, driving the price of 24-karat gold to new heights.

    The surge reached an impressive Rs13,800 per tola during this period, with today’s session witnessing a gain of Rs450 per tola, bringing the current trade value to Rs228,600.

    The Karachi Sarafa Association reported that the price of 10-gramme 24-karat gold has soared to Rs195,988 per tola, marking an increase of Rs386.

    Additionally, the price of 10-gramme 22-karat gold has experienced a notable rise, reaching Rs179,655.

    Contrastingly, silver prices have remained unchanged, with 24-karat silver maintaining its position at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    Internationally, the spotlight is on the global spot gold market, which is poised to record its most significant weekly jump in five months.

    Over the past eight sessions, spot rates have climbed by 6.7 per cent, or $136, spurred by remarks from FED Chair Jerome Powell that have solidified expectations for interest rate cuts later in the year.

    The inverse relationship between gold and bond yields has contributed to the precious metal’s robust performance.

    Additionally, the rally in procyclical asset classes, particularly equities, has provided further support to gold as investors seek to diversify their risk exposure.