Tag: Investment News

  • 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.

  • Gold price in Pakistan settles at Rs216,800 per tola

    Gold price in Pakistan settles at Rs216,800 per tola

    In a noteworthy shift, the per-tola price of 24 karat gold witnessed a decrease of Rs1,800, settling at Rs216,800 on Saturday.

    This marks a discernible drop from its previous standing of Rs218,600 during the last trading day.

    Similarly, the cost of 10 grammes of 24 karat gold experienced a dip of Rs1,543, now standing at Rs185,871 as opposed to its previous valuation of Rs187,414.

    Meanwhile, the prices of 10 grammes of 22-karat gold also exhibited a downward trend, reaching Rs170,382 from Rs171,796, as reported by the All Sindh Sarafa Jewellers Association.

    Contrastingly, the prices of silver remained unchanged, with per tola and ten gramme silver holding steady at Rs2,670 and Rs2,289.09, respectively.

    Taking a broader perspective, the international gold market saw a decline as well, with the price of gold dropping by $15 to $2,040 from its previous position at $2,055, according to the latest report from the Association.

    This shift in the precious metals market has sparked interest and attention within financial circles.

  • 24-karat gold price plunges by Rs1,800 per tola, reflecting global market trends

    24-karat gold price plunges by Rs1,800 per tola, reflecting global market trends

    On Tuesday, the price of gold experienced a further decline, with 24-karat gold witnessing a decrease of Rs1,800, settling at Rs213,600 per tola.  

    The Karachi Sarafa Association indicated that the closing rate for 10 grammes of 24-karat gold in today’s session was Rs183,128, reflecting a loss of Rs1,543.  

    Simultaneously, 10 grammes of 22-karat gold registered a decline to Rs167,867, down by Rs1,415. 

    Last week, gold investors in the domestic bullion market faced a significant setback when the price of 24-karat gold plummeted by Rs8,000 per tola.  

    This drop was attributed to a notable decrease in international prices and the strengthening of the local currency. 

    In contrast, the price of silver remained stable in the domestic market today, with 24-karat silver and 10 grammes of 24-karat silver closing at Rs2,600 and Rs2,229.08, respectively.  

    The downturn in the local market is linked to the ongoing decline in international prices. 

    The international spot gold market experienced a 1.04 per cent decrease this week, currently standing at $1,994.46.  

    This decline is influenced by the pressure stemming from a stronger dollar and increased US Treasury yields, marking the second consecutive session in which the commodity has traded in the red zone. 

    Market participants are eagerly anticipating the US consumer price report scheduled for 05:30 pm PST today.  

    This report could offer valuable insights into potential rate cuts ahead of the Federal Reserve’s statement and Chair Jerome Powell’s comments on Wednesday. 

    In the domestic market, gold prices are also susceptible to fluctuations in the local exchange rate.  

    Rupee remains stable against US dollar

    During yesterday’s interbank session, the Pakistani rupee (PKR) maintained stability, settling at PKR 283.9 per USD, representing a marginal depreciation of around 3 paisa against the US dollar compared to the previous session’s closing of PKR 283.87 per USD.  

    As gold is denominated in US dollars, a strengthening local unit contributes to a decrease in the value of PKR-denominated gold. 

  • Gold price in Pakistan increases to Rs221,000 per tola

    Gold price in Pakistan increases to Rs221,000 per tola

    The per tola price of 24-karat gold in Pakistan witnessed a rise of Rs2,600, reaching Rs221,000 on Wednesday. This marks an increase from its previous sale at Rs218,400 on the last trading day.

    Similarly, the price of 10 grammes of 24-karat gold experienced an uptick of Rs2,229, settling at Rs189,472 compared to the previous Rs187,243.

    Meanwhile, the cost of 10 grammes of 22-karat gold rose to Rs173,683 from Rs171,640, according to the All Sindh Sarafa Jewellers Association.

    The prices for both per tola and ten-gramme silver remained unchanged at Rs2,620 and Rs2,246.21, respectively.

    In the international market, the price of gold increased by $29, reaching $2,062 from the previous $2,033, as reported by the Association.

  • Gold price in Pakistan jumps to Rs229,900 per tola, up by Rs3,100

    Gold price in Pakistan jumps to Rs229,900 per tola, up by Rs3,100

    Starting the week on a high note, gold prices in Pakistan increased due to the Pakistani rupee’s decline against the US dollar and a rise in global rates. 

    Recent data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) shows that the price of 24-carat gold increased by Rs3,100 per tola, reaching Rs229,900, and by Rs2,658 per 10 grammes, reaching Rs197,102.

    Likewise, the price of gold in the international market saw a modest $2 increase, reaching $1,891 per ounce today. 

    Over the last six sessions, the local market experienced a substantial rise of Rs8,100 per tola in gold prices.

    According to the association’s data, the price of silver remained steady at Rs2,800 per tola and Rs2,400.54 per 10 grammes.

    The PKR continued its decline against the US dollar on Monday. The local currency went down by 0.45 per cent, which is about Rs1.35, and closed the day at Rs297.13 in the interbank market, as reported by the State Bank of Pakistan.

    Gold prices in the Pakistani market are consistently rising due to the depreciation of the local unit. Analysts suggest that despite the decline in global prices, local prices remain stable owing to the strengthening US dollar.

    In the event that the PKR continues to depreciate and global prices remain subdued, local gold prices are likely to hold steady. On the contrary, if global prices surge and the Pakistani currency remains weak, gold prices in the country might witness further escalation.