Tag: market rebound

  • Gold prices in Pakistan rebound, surging Rs1,300 per tola

    Gold prices in Pakistan rebound, surging Rs1,300 per tola

    Gold prices in Pakistan rebounded significantly on Friday, overcoming a challenging trend in the preceding three sessions. 

    The value of 24-karat gold surged by Rs1,300 per tola, reaching Rs215,000, according to the Karachi Sarafa Association. 

    The price for 10-gramme 24-karat gold witnessed an increase of Rs1,115, standing at Rs184,328. Additionally, the rate for 10-gramme 22-karat gold was Rs168,976, compared to yesterday’s Rs167,945.

    In contrast, silver maintained stability in the domestic market, with 24-karat silver selling at Rs2,600 per tola and Rs2,229.08 per 10-gramme. 

    On the global front, international spot gold continued its positive momentum, currently trading at $2,027.32. 

    Despite today’s uptick, global gold is poised for its weakest weekly performance in the past six weeks, driven by diminishing expectations for interest rate cuts. 

    This decline in commodity prices is attributed to central bankers pushing back against market bets for rate cuts, contributing to a widespread selloff across stocks and bonds.

  • Gold price in Pakistan increases to Rs218,600 per tola

    Gold price in Pakistan increases to Rs218,600 per tola

    Gold prices in Pakistan experienced a marginal uptick on Friday, with the value of 24-karat gold climbing by Rs300 per tola, concluding the session at Rs218,600.

    According to the Karachi Sarafa Association, the closing rate for 10-gramme 24-karat gold in today’s session reached Rs187,414, marking an increase of Rs257.

    Simultaneously, the price of 10-gramme 22-karat gold reached Rs171,796, reflecting a rise of Rs235.

    In the domestic market, silver prices also saw an upward trend, with 24-karat silver and 10-gramme 24-karat silver settling at Rs2,670 and Rs2,289.09, respectively.

    It is noteworthy that the domestic bullion market displayed a robust recovery in the previous session after enduring five consecutive losses, resulting in a cumulative loss of Rs6,300 for 24-karat gold.

    This surge was attributed to a rally in international markets, which persisted today, contributing to gains in the domestic market.

    As of the latest update, international spot gold is trading at $2,041.17, reflecting a 0.26 per cent increase for the day.

    The ongoing upward trajectory in international gold prices is influenced by the recent statement from the US Federal Reserve, which indicates a cumulative rate cut of 75 basis points in 2024.