Tag: International gold prices

  • 7th consecutive rise: Gold price surges by over Rs2,700 per tola

    7th consecutive rise: Gold price surges by over Rs2,700 per tola

    In a remarkable seventh consecutive session, the gold market in Pakistan continued its bullish trend, witnessing a surge in the price of 24-karat gold by Rs2,750 per tola, reaching Rs228,150 on Thursday.

    Over the course of the past seven trading days, the domestic bullion market has experienced a significant uptick, with the price of gold appreciating by Rs13,350 per tola, marking a substantial 6.2 per cent increase. This surge is attributed to the notable rise in the international market.

    The Karachi Sarafa Association shared that the price of 10-gramme 24-karat gold has reached Rs195,602 per tola, indicating a substantial rise of Rs2,358.

    Additionally, the price of 10-gramme 22-karat gold has also seen an upward trend, reaching Rs179,301.

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

    On the global front, the international spot gold market continued its rapid ascent, reaching a peak of $2,161.48 per ounce.

    These gains have surprised many investors, especially considering the absence of major changes in expectations regarding the Federal Reserve’s rate-cutting decisions, as reported by Bloomberg.

    It’s worth noting that gold traditionally exhibits an inverse relationship with bond yields, further contributing to the complexity of recent market movements.

  • Gold price surpasses Rs225,000 per tola following yet another major surge

    Gold price surpasses Rs225,000 per tola following yet another major surge

    Gold prices witnessed another substantial surge in Pakistan on Wednesday, attracting the attention of investors and consumers alike.

    The coveted yellow metal reached a notable milestone, standing at Rs225,400 per tola after witnessing a substantial gain of Rs1,500 throughout the day.

    The All Pakistan Gems and Jewellers Sarafa Association (APGJSA) provided the latest rates, revealing that the 10-gram gold was traded at Rs193,244, reflecting an increase of Rs1,286. This surge follows Tuesday’s notable rise, where gold prices in the country had escalated by Rs2,700 per tola.

    The international market played a pivotal role in influencing this surge, with gold commanding a premium of $20 on Wednesday.

    The global rate for gold was established at $2,148 per ounce after experiencing a $13 upswing, as reported by the APGJSA.

    In contrast, silver rates maintained their stability, holding steady at Rs2,600 per tola.

    The resilience in silver prices adds an intriguing dynamic to the precious metals market, warranting continued observation.

  • Gold price soars to Rs223,900 per tola following notable surge

    Gold price soars to Rs223,900 per tola following notable surge

    In a significant turn of events, gold prices experienced a notable surge in Pakistan on Tuesday, aligning with the upward trend in the international market.

    The precious metal, often referred to as “yellow gold,” witnessed a price hike of Rs2,700 per tola, reaching a new valuation of Rs223,900.

    According to the latest data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold bar was traded at Rs191,958, reflecting an increase of Rs2,315.

    This comes on the heels of a substantial jump of Rs3,500 per tola recorded on Saturday.

    Internationally, the gold rate demonstrated a robust performance, closing at $2,135 per ounce with a $20 premium on Tuesday. This marked a noteworthy uptick of $29 in the global market, as reported by APGJSA.

    In contrast, silver rates remained stable at Rs2,600 per tola during the same period.

    Shifting focus to the currency market, the Pakistani rupee experienced a slight dip against the US dollar, depreciating by 0.02 per cent in the inter-bank market on Tuesday.

    The closing exchange rate, according to the State Bank of Pakistan (SBP), stood at 279.31, indicating a marginal loss of Re0.05 against the greenback.

    This follows a similar trend observed on Monday, when the rupee settled at 279.26 against the US dollar.

  • Gold price increases to Rs221,200 per tola in Pakistan

    Gold price increases to Rs221,200 per tola in Pakistan

    In a significant turn of events on the first trading day of the week, gold prices in Pakistan continued their upward trajectory, witnessing a surge of Rs900 per tola to reach Rs221,200.

    According to the latest data from the Karachi Sarafa Association, the price of 10-gramme 24-karat gold experienced a notable increase, rising to Rs189,643 per tola, reflecting a gain of Rs771.

    Similarly, the 10-gramme 22-karat gold was noted at Rs173,840 per tola.

    In contrast, silver prices remained unchanged today, with 24-karat silver holding steady at Rs2,600 per tola and Rs2,229 per 10-gramme.

    Last week, the local market experienced a substantial boost in gold prices, witnessing a surge of Rs5,200 per tola for 24-karat gold.

    This surge is closely linked to the international market rally, with international spot gold reaching a two-month peak on Friday.

    The boost in international spot gold was attributed to strengthened expectations of a rate cut by June, driven by economic data from the United States.

    The data indicated a slump in manufacturing activity, while price data aligned with market expectations. This led to a decline in the dollar, resulting in gains for the safe-haven asset.

    Presently, international spot gold is trading at $2,086.62, reflecting a gain of $3.76, or 0.2 per cent, day-on-day, further impacting the domestic gold market positively.

    In parallel with economic developments, the Pakistani rupee (PKR) saw a marginal depreciation of 7 paisa against the US dollar in Monday’s interbank session.

    The currency settled the trade at PKR 279.26, compared to the previous day’s closing of PKR 279.19 per USD.

    During the intraday session, the local unit reached a high (bid) of 279.6 and a low (ask) of 278.95. In the open market, exchange companies quoted the dollar at 279.41 for buying and 282.05 for selling.

    It is noteworthy that the Pakistani rupee closed last week with a gain of 17 paisa week-on-week against the US dollar, showcasing some resilience in the face of external economic fluctuations.

  • 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.

  • 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.