Tag: International markets

  • Gold price drops by Rs1,300 per tola to Rs245,100 per tola

    Gold price drops by Rs1,300 per tola to Rs245,100 per tola

    Gold prices in Pakistan experienced a notable drop on Monday, mirroring a decrease in international markets.

    The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of gold per tola fell by Rs1,300, bringing it down to Rs245,100. Similarly, the rate for 10 grammes of gold decreased by Rs1,113, settling at Rs210,134.

    On the global stage, the price of gold was set at $2,376 per ounce, including a $20 premium, after a decline of $12 during the day.

    In contrast, silver prices in Pakistan remained steady, with rates holding firm at Rs2,900 per tola.

    Moreover, the Pakistani rupee on the first trading day of the week declined by Rs12.74 paisa to Rs278.5 against the US dollar.

  • Gold prices reverse previous day’s gains with Rs4,200 per tola drop

    Gold prices reverse previous day’s gains with Rs4,200 per tola drop

    Gold prices experienced a downturn in the domestic market on Friday, aligning with the global trend.

    The price of 24-karat gold dropped by Rs4,200 to reach Rs228,200 per tola, reflecting fluctuations in international gold prices.

    Notably, the previous day saw a significant increase of Rs4,600 per tola in gold prices in Pakistan.

    According to the Karachi Sarafa Association, the price of 24-karat gold per 10 grammes fell to Rs195,645, marking a decrease of Rs3,600.

    Similarly, the price of 22-karat gold also saw a decline, reaching Rs179,341 per 10 grammes.

    In addition to gold, silver prices also saw a decrease. 24-karat silver was sold at Rs2,580 per tola and Rs2,211.93 per 10 grammes, indicating a decrease of Rs20 per tola and Rs17.15 per 10 grammes, respectively.

    Internationally, spot gold prices retreated after reaching a milestone of over $2,200 an ounce for the first time.

    This drop followed the Federal Reserve’s indication of maintaining its trajectory for three interest-rate cuts this year. Spot gold traded near $2,166.81, showing a decrease of $14.65 or 0.68 per cent for the day.

    The correction in gold prices was influenced by the strengthening of the dollar, which rose by 0.8 per cent after hitting a one-week low.

  • Gold price drops by Rs600 to Rs215,700 per tola in Pakistan

    Gold price drops by Rs600 to Rs215,700 per tola in Pakistan

    In Monday’s trading, the per-tola price of 24 karat gold in Pakistan witnessed a decrease, dropping by Rs600 to Rs215,700, as reported by the All Sindh Sarafa Jewellers Association. 

    This marks a slight dip compared to its previous sale at Rs215,300.

    Similarly, the cost of 10 grammes of 24 karat gold experienced a decline of Rs514, settling at Rs184,071, down from Rs184,585. The price of 10 grammes of 22 karat gold also saw a reduction to Rs168,731 from Rs169,203.

    Meanwhile, the silver market remained stable, with the per tola and ten-gramme prices maintaining their positions at Rs2,600 and Rs22,229.08, respectively.

    On the international front, the price of gold took a downward turn, decreasing by $8 to $2,042 from $2,050, according to the association’s report.

  • Pakistan imposes minimum export price on onions to tackle soaring local prices

    Pakistan imposes minimum export price on onions to tackle soaring local prices

    In a move aimed at stabilising local prices, the government announced on Friday the establishment of a minimum export price for onions and shallots at $1,200 per metric ton.

    The notification detailing this decision was issued by the Ministry of Commerce.

    This decision comes in response to the escalating local prices of onions and shallots, driven by a surge in demand in international markets.

    Exporters operating in the domestic market have been capitalising on India’s ban on the export of these items, resulting in a shortage for local consumers.

    The latest weekly inflation figures, ending on January 11, 2024, revealed a 1.36 per cent week-over-week increase in the Sensitive Price Indicator (SPI) for the Combined Group. Notably, the second-highest surge among all 51 items was witnessed in onion prices, which rose by 8.94 per cent.

    This move by the government is strategically designed to curb the impact of export-related activities on local availability and pricing, with a focus on maintaining stability in the market.

    The Ministry of Commerce’s notification underscores its commitment to addressing the challenges posed by increased international demand and its repercussions on the domestic front.

    As authorities strive to strike a balance between facilitating exports and ensuring the availability of essential commodities for local consumers, the implementation of the minimum export price serves as a significant step in mitigating the adverse effects of market dynamics on the pricing of onions and shallots within the country.

  • Local gold prices drop by Rs1,900 per tola

    Local gold prices drop by Rs1,900 per tola

    On Monday, gold prices in Pakistan experienced a decline in alignment with the global market trend. 

    The local market recorded the yellow metal at Rs216,100 per tola, marking a decrease of Rs1,900 throughout the day.

    The 10-gram gold was traded at Rs185,271, reflecting a reduction of Rs1,629, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    Contrastingly, on the preceding Saturday, gold prices had surged by Rs1,000 per tola in Pakistan.

    The international gold rate exhibited a $20 premium, reaching $2,047 per ounce on Monday, following an $18 dip in the global market, according to APGJSA.

    In parallel, silver rates remained steadfast at Rs 2,660 per tola during this period.

  • Gold prices in Pakistan follow global trend, decline by Rs1,300 per tola

    Gold prices in Pakistan follow global trend, decline by Rs1,300 per tola

    On Wednesday, gold prices in Pakistan experienced a reduction, mirroring the global downward trend. 

    The current valuation of the precious metal stands at Rs220,000 per tola, marking a decrease of Rs1,300 throughout the day.

    As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold rate now stands at Rs188,614, reflecting a decline of Rs1,115.

     In contrast, the previous day witnessed a surge of Rs 1,600 per tola in gold prices.

    The international gold rate, despite a $12 dip in the global market, settled at $2,082 per ounce on Wednesday, with a $20 premium, according to APGJSA.

    In contrast, silver rates remained unchanged at Rs2,680 per tola during this period.

  • Second consecutive decline: Gold price drops by Rs900 per tola in Pakistani markets

    Second consecutive decline: Gold price drops by Rs900 per tola in Pakistani markets

    Gold sustained its downward trend for the second consecutive session on Saturday, experiencing a decline of Rs900 per tola in the Pakistani gold market.

    The price of one tola gold was established at Rs220,000, and the 10-gramme gold recorded a sale at Rs188,615, reflecting a decrease of Rs771.

    These figures were provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    In comparison, Friday witnessed a decrease of Rs1,900 per tola in gold rates in Pakistan. This local downturn aligns with the global moderation observed in the price of gold.

    The international rate of gold, marked by a $20 premium, was set at $2,082 per ounce on Saturday, following an $8 dip in the international market, according to APGJSA.

    In contrast, silver rates in Pakistan remained stable at Rs2,680 per tola.

    Reflecting on the broader trend, the year 2023 saw a noteworthy 20 per cent increase in gold prices in Pakistan, with the price per tola reaching around Rs184,000 by the end of 2022.

    The pinnacle of gold rates in 2023 occurred on September 2, recording Rs242,700 per tola, while the lowest point in the year was noted on October 4 at Rs188,400 per tola, based on APGJSA data.

  • Gold rate drops by Rs1,900 per tola

    Gold rate drops by Rs1,900 per tola

    On Friday, the gold market in Pakistan halted its previous upward trend, experiencing a decline in tandem with the global decrease in gold prices. 

    As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price per tola of gold was adjusted to Rs220,900, reflecting a one-day decrease of Rs1,900. 

    The 10-gramme gold rate also saw a reduction, reaching Rs189,386 after a decrease of Rs1,629.

    Contrary to Thursday’s surge of Rs 2,200 per tola, the international gold rate exhibited a setback, settling at $2,090 per ounce on Friday with a $20 premium. This decline of $15 in the global market was noted by the APGJSA.

    In the same period, silver rates remained unchanged at Rs2,680 per tola in the local market.

  • Gold price in Pakistan registers Rs2,200 per tola single-day surge

    Gold price in Pakistan registers Rs2,200 per tola single-day surge

    On Thursday, the price of gold in Pakistan once again saw an upward trend, mirroring the global surge in rates. 

    The valued yellow metal reached Rs222,800 per tola in the domestic market, marking a noteworthy single-day gain of Rs2,200. 

    The 10-gramme gold, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), was traded at Rs191,015 following an increase of Rs1,886.

    This escalation follows a Rs1,000 per tola rise in gold prices in Pakistan on the preceding Wednesday. 

    Internationally, gold prices experienced a $20 increment, reaching $2,105 per ounce (with a premium of $20), as highlighted by APGJSA. 

    Concurrently, silver rates remained constant at Rs2,680 per tola in the local market.

  • 24-karat gold price in Pakistan increases by Rs1,000 per tola

    24-karat gold price in Pakistan increases by Rs1,000 per tola

    On Wednesday, the gold price in Pakistan experienced notable gains, with the 24-karat gold increasing by Rs1,000 per tola, reaching Rs220,600. 

    The Karachi Sarafa Association reported a gain of Rs857 for the 10-gramme 24-karat gold, priced at Rs189,129, while the 10-gramme 22-karat gold stood at Rs173,369.

    It’s worth mentioning that 24-karat gold had risen by Rs2,500 per tola the previous week. 

    Additionally, silver prices saw an uptick today, with 24-karat silver and 10-gramme 24-karat silver gaining Rs30 and Rs25.72, respectively, being sold at Rs2,680 and Rs2,297.66.

    Internationally, spot gold is currently trading at $2,066.85, marking a 0.04 per cent increase, while spot silver is at $24.13, reflecting a -0.25 per cent change.

    Notably, fluctuations in global prices, coupled with shifts in the interbank exchange rate of the Pakistani rupee, impact the domestic gold market. 

    The PKR is maintaining its winning streak against the US dollar, trading at PKR 281.98/282.37 per USD in its 11th consecutive session.