Tag: international market

  • 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 surges by Rs4,900 in a single day, reaches Rs202,000 per tola 

    Gold price surges by Rs4,900 in a single day, reaches Rs202,000 per tola 

    The price of gold in Pakistan has experienced a significant surge following an increase in the global market.  

    According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the cost of 24-carat gold has risen by Rs4,900, reaching Rs202,000 per tola.  

    Meanwhile, the price of 10-gramme gold has also seen a substantial increase, going up by Rs4,201 to settle at Rs173,182. 

    In the international market, the price of gold saw a notable uptick, with a $46 increase, bringing it to $1,938 per ounce.  

    Concurrently, the US dollar (USD) weakened by Rs5.07 against the Pakistani rupee in the interbank market over the course of this week’s trading. In interbank trading, the USD declined from Rs282.69 to Rs277.62 this week. 

    Furthermore, the American currency witnessed a decrease of Rs4.50 in the open market at the end of the week, closing at Rs277, down from Rs281.50. 

  • Petroleum prices expected to decline as rupee gains ground against US dollar 

    Petroleum prices expected to decline as rupee gains ground against US dollar 

    As reported by Geo News on Saturday, there’s an expectation that starting on October 1st, petroleum prices will see a decrease due to the stability of the Pakistani rupee (PKR) against the US dollar (USD). This shift is also attributed to a decline in international market prices. 

    The final decision on these petroleum prices will be made by the Ministry of Finance following consultations with interim Prime Minister Anwaar-ul-Haq Kakar. 

    In recent news, the Oil and Gas Regulatory Authority (OGRA) cautioned against prematurely speculating about petroleum product pricing. This comes after federal ministers suggested that rates for petroleum, oil, and lubricants (POL) might decrease in the next fortnightly review. 

    Earlier statements by Caretaker Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Information and Broadcasting Murtaza Solangi hinted at a potential drop in POL prices, thanks to the recent strengthening of the Pakistani rupee against the US dollar. 

    Over the past two weeks, the Pakistani rupee has gained about Rs19 against the US dollar. This is significant because Pakistan, as a net importer of POL products, conducts transactions in US dollars. 

    In the previous fortnightly review, the caretaker government had raised petrol prices by more than Rs26 per litre and diesel prices by over Rs17 per litre, reaching record highs at Rs331.38 and Rs329.18 per litre, respectively. 

    OGRA emphasised that the pricing of petroleum products in Pakistan depends on international market trends and the exchange rate between the US dollar and the Pakistani rupee. While international petroleum prices have risen recently, the exchange rate between the US dollar and the Pakistani rupee has improved. 

    However, OGRA pointed out that there’s still one week left before the official announcement of new prices. So, any speculations about price changes during this period are speculative and could disrupt the smooth operation of the oil supply chain. 

  • Govt raises petrol price by Rs26.02 per litre, diesel by Rs17

    On Friday night, the interim government implemented a significant adjustment in fuel prices. The cost of petrol rose by Rs26.02 per litre, reaching a new rate of Rs331.38 per litre, while high-speed diesel (HSD) saw an increase of Rs17.34 per litre, settling at Rs329.18 per litre.

    The Ministry of Finance made this announcement via a post on X (formerly known as Twitter) after midnight.

    This decision was driven by the continuous upward trajectory of petroleum prices in the global market. It’s important to note that there were no alterations made to the rates of kerosene or light diesel oil.

    This latest price surge closely follows a substantial hike on September 1, when the interim government elevated fuel prices by up to Rs18 per litre. This increase was preceded by similar adjustments made by the interim government on August 15.

    The rationale behind these price adjustments lies in adherence to existing tax structures and import parity prices. These changes were primarily necessitated by currency fluctuations and a slight uptick in international oil prices.

  • Gold price increases by Rs6,200 to Rs221,000 per tola

    Gold price increases by Rs6,200 to Rs221,000 per tola

    On Tuesday, the gold price in Pakistan experienced a significant increase, aligning with the international market trends and the depreciation of the Pakistani rupee.

    The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of 24-carat gold rose by Rs6,200 per tola and Rs5,316 per 10 grammes, reaching Rs221,000 and Rs189,472 respectively.

    Simultaneously, the global market witnessed a $10 rise in the price of gold, settling at $1,967 per ounce.

    In contrast, the prices of silver per tola and 10 grammes remained unchanged at Rs2,650 and Rs2,271.94 respectively. The gold rate in Pakistan has shown volatility in recent times due to ongoing political and economic uncertainty, coupled with high inflation.

    Read more: Pakistan’s current account surplus soars to $334 million in June

    Furthermore, the Pakistani rupee displayed weakness against the dollar in the interbank market on Tuesday, depreciating by Rs3.78, as per data from the State Bank of Pakistan.

  • Gold price increases to Rs209,000 per tola amid depreciation of Pakistani rupee

    Gold price increases to Rs209,000 per tola amid depreciation of Pakistani rupee

    The price of gold in Pakistan experienced a slight increase at the beginning of the week, corresponding to the devaluation of the rupee against the dollar.

    As per the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold rose by Rs800 per tola and Rs686 per 10 grammes, reaching Rs209,000 and Rs179,184 respectively.

    In contrast, the international market maintained a stable price for gold at $1,925 per ounce. The gold market in Pakistan has displayed volatility in recent times, influenced by ongoing political and economic uncertainties, as well as high inflation. Consequently, individuals tend to view gold as a secure investment and a hedge during such periods.

    Data provided by the association indicates that the price of silver remained unchanged at Rs2,480 per tola and Rs2,26.20 per 10 grammes. During the previous session on Saturday, the price of gold experienced a decrease of Rs200 per tola.

    Meanwhile, the local currency underwent a marginal depreciation of 0.68 per cent against the US dollar in the interbank market, as reported by the State Bank of Pakistan (SBP). The rupee concluded the day at Rs279.80 against the dollar.

  • 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.

  • Gold price in Pakistan drops by more than Rs5,700 per tola in two days

    Gold price in Pakistan drops by more than Rs5,700 per tola in two days

    On Tuesday, the price of gold in Pakistan continued its downward trend, influenced by post-budget concerns and the impending cyclone Biparjoy, resulting in a deserted market. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) provided data indicating a decrease in the price of gold (24 carats) by Rs4,000 per tola and Rs3,430 per 10 grams, reaching Rs221,500 and Rs189,900, respectively.

    Internationally, the price of gold experienced a $2 decline, settling at $1,961 per ounce. Over the past two sessions, the cumulative decline in the prices of this precious commodity amounted to Rs5,750. Moreover, it is worth noting that gold is priced Rs4,000 per tola lower in Pakistan compared to the Dubai market.

    The fluctuating gold rates in Pakistan can be attributed to ongoing political and economic uncertainty, high inflation, and currency depreciation. During such times, individuals tend to consider gold as a safe investment and a hedge. Tuesday’s market witnessed a significant decline due to various factors, including international rates, dollar depreciation, cyclone Biparjoy, and unfavorable weather conditions that deterred buyers from venturing out.

    Data from the association indicated that the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams. Furthermore, the local currency experienced a decrease of Rs0.34 or 0.12 per cent against the US dollar, concluding the day at Rs287.97 in the interbank market.

  • Pakistan to pay for Russian oil in Chinese yuan, shipping expected in June

    Pakistan to pay for Russian oil in Chinese yuan, shipping expected in June

    According to a senior official from Pakistan’s Ministry of Energy, the country is expected to pay for a test cargo of 750,000 barrels of Russian oil in Chinese Yuan. The cargo is set to dock in Pakistan in June, with a possibility of arrival by the end of May.

    It has been suggested that the Bank of China will play a role in the transactions. However, the exact mode of payment and discount offered have not been made public to avoid backlash from other countries purchasing Russian oil directly from Moscow.

    The test cargo will likely contain URAL crude, which will be refined by Pakistan Refinery Limited. Commercial analysis of Russian crude has been conducted in favour of Pakistan’s economy, but will be further assessed after refining. The estimated shipping cost of the Russian oil is around $15 per barrel, which will be confirmed upon arrival at the Pakistani port.

    Pakistan has reportedly settled on a per barrel price of $50-52, lower than the cap price of G7 countries at $60 per barrel. Pakistani refineries currently import 80 per cent of crude under long-term agreements with ADNOC and Saudi Aramco. However, the remaining 20 per cent provides a cushion to purchase Russian oil under GtG on a long-term agreement to some extent. The government plans to keep some cushion for purchasing crude from the international market, as crude prices can fluctuate.

    Pakistan had initially hoped to obtain Russian crude at a discount close to $50 per barrel, $10 per barrel below the cap price imposed by G7 countries in response to the Ukraine conflict. However, a top official from the coalition government has expressed concern that importing Russian crude at a 30 per cent discount under the GtG agreement may not provide sufficient relief.

  • Historic high: Gold price in Pakistan soars to record-breaking Rs225,300 per tola

    Historic high: Gold price in Pakistan soars to record-breaking Rs225,300 per tola

    Pakistan’s economic turmoil and an increase in international gold rates have led to a new high in the value of the precious metal in the country.

    According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) surged by Rs2,600 per tola and Rs2,229 per 10 grams to reach Rs225,300 and Rs193,158, respectively.

    The price of gold in the international market also rose by $29 to settle at $2,044 per ounce. In Pakistan, the rising gold rate is a consequence of weakened economic fundamentals, rupee depreciation, and record-high inflation.

    During such times, people prefer to buy gold as a hedge against inflation and currency depreciation. Furthermore, the delay in an agreement with the International Monetary Fund (IMF) for a much-needed economic bailout has led to increased demand for gold as it negatively impacts the currency market.

    The APSGJA also revealed that the price of gold is Rs2,500 per tola “undercost” in Pakistan as compared to the Dubai market, indicating that the Pakistani gold market is currently cheaper than the global market.

    Finally, the rate of silver also increased to a new high in the country, with the rate of silver rising by Rs120 per tola and Rs102.88 per 10 grams to settle at Rs2,870 and Rs2,357.68, respectively.