Tag: international gold rates

  • Gold price hits record high of Rs261,000 per tola in Pakistan

    Gold price hits record high of Rs261,000 per tola in Pakistan

    Gold prices in Pakistan continued their upward trend on Wednesday, reaching a new record high, driven by a rise in international rates. The price of gold per tola in the local market increased by Rs300, bringing it to Rs261,000. Meanwhile, the price for 10 grammes of gold rose by Rs257, reaching Rs223,765.

    On the previous day, the price of gold had settled at Rs260,700, marking a Rs700 increase, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    While the international gold rate remained steady on Wednesday, the APGJSA noted that the price was $2,512 per ounce, which included a premium of $20.

    In contrast, silver prices in the local market remained unchanged at Rs2,950 per tola.

    Globally, gold prices continue to be buoyed by expectations of an imminent rate cut by the US Federal Reserve and ongoing geopolitical uncertainties.

    The anticipation of the Fed beginning a rate-cutting cycle as early as September has put downward pressure on US Treasury bond yields and the US Dollar, contributing to the surge in gold prices, which hit a new record on Tuesday.

    According to the CME Group’s FedWatch Tool, there is now over a 70 per cent probability that the US central bank will reduce borrowing costs by 25 basis points at the September FOMC meeting.

    Additionally, a recent Reuters poll suggests that a slight majority of economists expect the Fed to implement a 25 basis point cut at each of the three remaining meetings in 2024, one more reduction than was anticipated last month.

  • Gold price drops by Rs1,000 to Rs250,000 per tola

    Gold price drops by Rs1,000 to Rs250,000 per tola

    Gold prices in Pakistan experienced a decline for the second straight session on Saturday, mirroring the downward trend in international markets.

    In the local market, the price of gold per tola settled at Rs250,000, following a single-day drop of Rs1,000.

    According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of gold fell by Rs857, bringing it to Rs214,335.

    This decline follows a substantial decrease on Friday when the gold price per tola dropped by Rs3,000.

    On the international front, gold prices also saw a reduction on Saturday. The rate, as reported by the APGJSA, stood at $2,400 per ounce, inclusive of a $20 premium, after shedding $15 during the day.

    In contrast, silver prices showed an upward trend, increasing by Rs70 to reach Rs2,920 per tola.

    Earlier in the week, on Thursday, gold prices in Pakistan had surged by Rs4,600 per tola, reaching an all-time high of Rs254,000 per tola in the local market.

  • Gold price drops by Rs1,400 to Rs239,600 per tola

    Gold price drops by Rs1,400 to Rs239,600 per tola

    The price of gold in Pakistan continued its downward trajectory for the fifth consecutive session on Friday, dropping by another Rs1,400 to settle at Rs239,600 per tola.

    This sustained decline has caught the attention of investors and consumers alike, as it indicates a significant cooling of the precious metals market in the country.

    Alongside the decline in the price per tola, the rate for 10 grammes of gold also fell, reaching Rs205,418 after a reduction of Rs1,201 from the previous session.

    This comes after gold in Pakistan had already dropped by Rs900 per tola on Thursday, signalling a broader trend of decreasing gold prices.

    The downward movement in the local gold market aligns with trends observed internationally.

    The international rate of gold decreased on Friday, with APGJSA reporting a drop of $11 per ounce, settling at $2,297 (including a premium of $20).

    This decline in the global market is likely influencing the downturn in Pakistan’s gold prices.

    Interestingly, while gold has seen consistent declines, the price of silver has remained stable, with rates holding steady at Rs2,620 per tola.

    This divergence in the precious metals market raises questions about the underlying factors driving these trends and whether the gold-silver ratio is indicative of broader shifts in market sentiment.

    In the past five sessions, the cumulative decrease in gold prices per tola in Pakistan has reached Rs5,400, marking a significant reduction from the all-time high of Rs252,200 recorded last month.

    The recent volatility has left investors cautious, with many closely monitoring the market for signs of stabilisation or further declines.

    Given the significant fluctuations in the gold market, both local and international factors are likely to play a role in determining future trends.

    The ongoing uncertainties in global economic conditions and changing investor sentiment could further impact gold prices in the coming weeks.

  • Gold prices plunge, falling by Rs7,800 per tola in a single day

    Gold prices plunge, falling by Rs7,800 per tola in a single day

    Gold prices in Pakistan witnessed a significant downturn on Tuesday, following the global trend of declining gold rates.

    In the local market, the price of gold per tola dropped to Rs240,900 after a sharp single-day reduction of Rs7,800, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    Simultaneously, the price for 10 grammes of gold experienced a similar decrease, settling at Rs206,533, a drop of Rs6,687 from the previous day’s trading. This marks a substantial reduction after Monday’s decline, when gold per tola fell by Rs3,500.

    The international market also saw a downward trend in gold prices, which further impacted local rates.

    According to APGJSA, the international rate for gold was set at $2,309 per ounce, with a premium of $20, following a significant decline of $72 during the day. This indicates a continuing bearish outlook for the precious metal.

    In addition to the falling gold prices, silver rates also experienced a reduction. The price per tola for silver decreased by Rs100, settling at Rs2,780.

    This reflects a broader downward trend in precious metals, driven by fluctuating global market dynamics and investor sentiment.

    The cumulative effect of these decreases over just two trading sessions has led to a total decline of Rs11,300 per tola in the local market, mirroring an over $100 per ounce drop in the international rate.

    This sharp decline in gold prices comes just days after the metal hit an all-time high of Rs252,200 per tola in Pakistan on Saturday.

    The record surge in gold prices had been attributed to geopolitical tensions in the Middle East, coupled with central banks increasing their gold reserves, factors that typically drive demand for safe-haven assets like gold.

    However, the recent downward trend indicates a shift in market sentiment, with possible impacts on local and international investment strategies.

    Traders and investors will be closely monitoring the fluctuations in the gold market, looking for signs of stabilisation or further volatility as international and local factors continue to evolve.

  • Gold rates in Pakistan edge closer to historic high

    Gold rates in Pakistan edge closer to historic high

    The price of domestic gold is swiftly climbing, inching closer to its historic peak, with 24-karat gold now standing at Rs238,900 per tola, marking an increase of Rs1,800 in a single day.

    Back in June 2023, the pinnacle of gold prices saw 24-karat gold reaching Rs240,000, making the current rate just Rs1,100 short of that milestone.

    March witnessed a notable surge in the price of gold, with the precious metal gaining a significant Rs19,100, mirroring the upward trend in international gold rates.

    According to the Karachi Sarafa Association, the price of 24-karat gold stands at Rs204,818 per 10 grams, marking an increase of Rs1,543 from the previous session. Meanwhile, 22-karat gold is quoted at Rs187,750 per 10 grams.

    International gold rates are on the rise, fueled by escalating tensions in the Middle East and growing expectations for an imminent rate cut by the US Federal Reserve.

    In yesterday’s trading session, spot gold closed at an unprecedented high of $2,280.82. Daniel Ghali, commodity strategist at TD Securities, attributed this surge to the inflow of safe-haven demand triggered by Israeli strikes on Iran’s embassy in Syria, as reported by Reuters.

    Ghali further noted that the recent spike in gold prices may also be influenced by short covering activities among family offices and proprietary trading shops.

  • Gold prices in Pakistan remain unaffected by political uncertainties

    Gold prices in Pakistan remain unaffected by political uncertainties

    Despite political uncertainties, the domestic bullion market exhibited stability, with 24-karat gold maintaining its price at Rs215,500 on Friday, showing no deviation from the previous session.

    This stability is indicative of the domestic gold market functioning normally, aligning with international gold rates and the exchange rate.

    The Karachi Sarafa Association reported that the prices of 10-gramme 24-karat gold and 10-gramme 22-karat gold also remained constant at Rs184,756 and Rs169,360, respectively.

    Similarly, silver prices showed resilience in the domestic market, with 24-karat silver being traded at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    On the global stage, the international spot gold exhibited minimal fluctuations, standing at $2,033.5 as of 12:40 pm.

    This stability in both domestic and international markets suggests a steady scenario despite the prevailing political uncertainties.

  • Gold prices in Pakistan kick off 2024 with decline, hitting Rs219,700 per tola

    Gold prices in Pakistan kick off 2024 with decline, hitting Rs219,700 per tola

    On the inaugural day of 2024, gold prices experienced a downturn in Pakistan.

    The precious metal, colloquially referred to as the yellow metal, was valued at Rs219,700 per tola following a decline of Rs300 in Pakistani gold market on Monday. 

    In terms of 10 grammes, gold was traded at Rs188,357, reflecting a decrease of Rs258, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). 

    Notably, this came after a Rs900 per tola decrease in gold prices on the preceding Saturday.

    Concurrently, the global gold rate exhibited stability at $2,082 per ounce on Monday, with an additional $20 premium per ounce, according to APGJSA. 

    In the realm of silver, rates held steady at Rs2,680 per tola in Pakistan.

  • Gold price in Pakistan dips to Rs218,000 per tola

    Gold price in Pakistan dips to Rs218,000 per tola

    In a reversal of its recent upward trend, the price of gold in Pakistan saw a decline on Thursday, with the value of 24-karat gold dropping by Rs500 per tola and settling at Rs218,000.

    According to the Karachi Sarafa Association, the closing price for 10-gramme 24-karat gold in today’s session was recorded at Rs186,900, indicating a loss of Rs428.

    Additionally, the price of 10-gramme 22-karat gold stood at Rs171,325.

    Meanwhile, silver prices remained unchanged in the domestic market, with 24-karat silver and 10-gramme 24-karat silver concluding at Rs2,650 and Rs2,271.94, respectively.

    This decline in gold prices follows three consecutive sessions of steady increases, aligning with the continuous uptick in international gold prices.

    However, today’s downturn is attributed to a drop in global gold prices and the relative strengthening of the Pakistani rupee (PKR).

    The international spot gold market experienced a decrease of approximately $8.5 in the previous session, driven by a rebound in the U.S. dollar.

    Presently, spot gold is trading at $2,037.14, marking a 0.25% increase for the day as the dollar faces renewed pressure.

    Despite the gains observed today, they are not substantial enough to offset yesterday’s decline, resulting in an overall loss for the local bullion market.

    The market remains sensitive to fluctuations in both international gold prices and the strength of the Pakistani rupee.