Tag: Karachi Sarafa Association

  • 24 karat gold rate drops by Rs900 per tola to Rs240,600

    24 karat gold rate drops by Rs900 per tola to Rs240,600

    On Wednesday, gold prices in Pakistan experienced a slight decrease. The price of 24 karat gold dropped by Rs900 per tola, bringing the new rate to Rs240,600 per tola.

    According to the Karachi Sarafa Association, the price of 24 karat gold per 10 grammes fell by Rs771, settling at Rs206,276. Additionally, the price of 22 karat gold was reported at Rs189,086 per 10 grammes, reflecting a decrease.

    This decline is attributed to a reduction in purchasing power, leading to the price being set Rs1,500 below its actual cost.

    In contrast, silver prices remained stable. The price of 24 karat silver stood at Rs2,850 per tola and Rs2,443 per 10 grammes.

    On the international market, spot gold traded near $2,316 an ounce, down by $14.4 or 0.62 per cent from the previous session.

    This trend highlights the ongoing fluctuations in precious metal prices, influenced by both local and global economic factors.

  • Gold price falls by Rs3,600 per tola to Rs239,400

    Gold price falls by Rs3,600 per tola to Rs239,400

    Gold prices in Pakistan witnessed a significant decrease on Saturday, with the rate of 24-karat gold falling by Rs3,600 per tola. According to the Karachi Sarafa Association, 24-karat gold was priced at Rs239,400 per tola.

    In tandem, the price of 24-karat gold per 10 grammes saw a reduction, now standing at Rs205,247, down by Rs3,086. The decline extended to 22-karat gold, which is now quoted at Rs188,143 per 10 grammes.

    Silver prices also experienced a drop in the domestic market. The rate for 24-karat silver decreased by Rs50, bringing the price to Rs2,750 per tola. Similarly, the price for 24-karat silver per 10 grammes fell by Rs43, settling at Rs2,358.

    On the global stage, spot gold concluded the week at $2,293 per ounce, marking a 1.4 per cent decline over the week. The drop in international gold prices has contributed to the downward trend observed in the local market.

    This decrease in gold and silver prices is reflective of broader economic factors influencing precious metals globally, impacting local market conditions.

  • Gold price rebounds by Rs2,400 to Rs243,000 per tola

    Gold price rebounds by Rs2,400 to Rs243,000 per tola

    In a notable shift, gold prices in Pakistan surged significantly on Thursday, aligning with an upward trend in international markets.

    The local price of gold per tola (approximately 11.66 grammes) climbed to Rs243,000, marking a substantial single-day increase of Rs2,400.

    Similarly, the price of 10 grammes of gold rose by Rs2,057, reaching Rs208,333. These figures were reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    This surge follows a minor decline on Wednesday, when the gold price per tola in Pakistan decreased by Rs400.

    Contrary to the local market trend, the international gold price witnessed a decrease on Thursday.

    According to the APGJSA, the international rate settled at $2,362 per ounce, inclusive of a $20 premium, after experiencing a $30 drop during the day.

    In contrast, silver prices remained stable, with the rate fixed at Rs2,800 per tola.

    It’s noteworthy that back in April, the price of gold in the local market reached an all-time high of Rs252,200 per tola, highlighting the volatility and significant fluctuations in the precious metals market.

  • 24-karat gold price drops by Rs1,500 to Rs241,200 per tola

    24-karat gold price drops by Rs1,500 to Rs241,200 per tola

    On Thursday, gold prices in Pakistan saw a significant decline, with the cost of 24-karat gold dropping by Rs1,500 to settle at Rs241,200 per tola.

    This decrease is noteworthy as the current price is kept Rs3,000 below its actual value, reflecting reduced purchasing power among consumers.

    The Karachi Sarafa Association reported that the price of 24-karat gold per 10 grammes fell by Rs1,286 to Rs206,790. Similarly, the price of 22-karat gold decreased, now quoted at Rs189,558 per 10 grammes.

    In contrast, silver prices remained stable. The price for 24-karat silver was unchanged at Rs2,900 per tola and Rs2,486.28 per 10 grammes.

    On the international market, spot gold was trading near $2,333 an ounce, marking a 0.22 per cent decline from the previous session. This downturn is largely influenced by investor sentiments regarding the potential for U.S. interest rate cuts.

    A key inflation report due later in the week has added to the market’s cautious outlook.

    Recent minutes from the Federal Reserve’s policy meeting indicated a commitment to maintaining higher interest rates for an extended period to combat persistent inflation.

    This policy stance is seen as bearish for gold, as higher interest rates increase the opportunity cost of holding non-yielding assets like gold, reducing its appeal.

    As economic conditions remain volatile, both local and international gold markets continue to respond to shifts in monetary policy and consumer demand.

  • Gold price in Pakistan dips by Rs1,200 per tola

    Gold price in Pakistan dips by Rs1,200 per tola

    Gold prices in Pakistan witnessed a decline on Monday, mirroring the downward trend in the international market.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local market saw a decrease in the price of gold per tola by Rs1,200, settling at Rs242,300 after a single-day fall.

    Similarly, the price of 10 grammes of gold dropped to Rs207,733, marking a decrease of Rs943, as reported by APGJSA.

    The international gold rate, as per APGJSA figures, was set at $2,349 per ounce, with a $20 premium, experiencing a $10 decrease during the day.

    In contrast, silver prices remained steady at Rs2,650 per tola.

    The recent decline comes after gold reached a record high of Rs252,200 per tola in the local market last month. Notably, on Saturday, gold prices in Pakistan had decreased by Rs300 per tola.

    The fluctuation in gold prices reflects the ongoing dynamics in both domestic and global markets, impacting investors and consumers alike.

  • Gold price in Pakistan falls to Rs243,500 per tola reflecting global decline

    Gold price in Pakistan falls to Rs243,500 per tola reflecting global decline

    Gold prices in Pakistan saw a decline on Saturday, mirroring the downward trend observed in the global market.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local market recorded a drop of Rs300 per tola, bringing the price to Rs243,500.

    For 10 grammes of gold, the price fell by Rs257, reaching Rs208,762, based on the rates shared by APGJSA.

    Internationally, the price of gold also experienced a decline on Saturday. APGJSA reported that the rate settled at $2,359 per ounce, with an additional premium of $20, marking a decrease of $7 throughout the day.

    In contrast, silver rates remained unchanged at Rs2,650 per tola.

    This decrease comes after a significant increase on Friday, where gold prices in Pakistan surged by Rs4,600 per tola.

    It’s noteworthy that just last month, gold reached an unprecedented high of Rs252,200 per tola in the Pakistani gold market, highlighting the volatility of precious metal prices in recent times.

  • 24-karat gold price remains unchanged at Rs239,200 per tola in local market

    24-karat gold price remains unchanged at Rs239,200 per tola in local market

    Gold prices in Pakistan held steady on Thursday, following two consecutive days of decline. The price for 24-karat gold was set at Rs239,200 per tola, unchanged from the previous session.

    In the last week, the price of 24-karat gold fell by Rs6,400 per tola, contributing to a cumulative loss of Rs14,200 per tola, or 5.63 per cent, over the past two weeks.

    According to the Karachi Sarafa Association, the price for 10 grammes of 24-karat gold remained at Rs205,075, while the price for 10 grammes of 22-karat gold stood at Rs187,986.

    Silver prices also remained steady in the domestic market, with 24-karat silver priced at Rs2,620 per tola and Rs2,254.8 per 10 grammes.

    Globally, the spot price of gold inched slightly downward. International spot gold was trading near $2,308.14 an ounce, down by 0.03 per cent compared to the previous trading session.

  • 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 price drops by Rs500 to Rs237,100 per tola

    Gold price drops by Rs500 to Rs237,100 per tola

    The local bullion market saw a downturn in its rally on Tuesday, with the price of 24-karat gold dropping by Rs500 per tola to Rs237,100.

    This decline comes after a significant increase of Rs19,100 in March, aligning with the upward trend in international gold prices.

    According to the Karachi Sarafa Association, the price of 24-karat gold stood at Rs203,275 per 10-gramme, marking a decrease of Rs429 compared to the previous session. Similarly, the price of 22-karat gold was quoted lower at Rs186,335 per 10-gramme.

    Meanwhile, silver prices remained steady, with 24-karat silver being sold at Rs2,600 per tola and Rs2,211.93 per 10-gramme.

    In the global market, international spot gold continued its upward trajectory, reaching a new peak amid moderated US inflation data.

    Gold prices surged to $2,261.03 an ounce on Tuesday, reflecting a 0.42 per cent increase from the previous day’s close.

    The US core personal consumption expenditures (PCE) index showed a cooling trend in February, with a month-on-month increase of 0.3 per cent and a year-on-year increase of 2.8 per cent.

    Federal Reserve Chair Jerome Powell, addressing concerns about inflation, stated that the recent data did not alter the central bank’s fundamental outlook.

    However, he stressed that with the economy showing strength, there was no rush to adjust monetary policy.

    Looking ahead, traders are keeping a close watch on Friday’s release of the US nonfarm payrolls report. Another robust jobs report could potentially trigger a pullback in gold prices, as highlighted by Waterer.

  • Gold price surges to Rs229,500 per tola

    Gold price surges to Rs229,500 per tola

    The local bullion market saw a modest rise on Wednesday, with 24-karat gold fetching Rs229,500 per tola, marking a Rs100 increase from the previous session.

    Last week, gold prices had surged by Rs700 per tola. According to the Karachi Sarafa Association, the price of 24-karat gold rose to Rs196,760 per 10 grammes, up by Rs86.

    Additionally, 22-karat gold was priced at Rs180,363 per 10 grammes.

    Silver prices, however, remained steady, with 24-karat silver maintaining its price at Rs2,580 per tola and Rs2,211.93 per 10 grammes.

    Internationally, spot gold approached its all-time high, trading at $2,181.6 an ounce, marking a 0.13 per cent increase for the day.

    Investors are closely observing the Personal Consumption Expenditures (PCE) index data, which serves as the Federal Reserve’s preferred measure of inflation.

    This data could offer insights into when the Federal Reserve might begin reducing interest rates. Lower interest rates typically benefit precious metals like gold, which do not yield interest.