Tag: new gold price

  • Gold price surpasses Rs225,000 per tola following yet another major surge

    Gold price surpasses Rs225,000 per tola following yet another major surge

    Gold prices witnessed another substantial surge in Pakistan on Wednesday, attracting the attention of investors and consumers alike.

    The coveted yellow metal reached a notable milestone, standing at Rs225,400 per tola after witnessing a substantial gain of Rs1,500 throughout the day.

    The All Pakistan Gems and Jewellers Sarafa Association (APGJSA) provided the latest rates, revealing that the 10-gram gold was traded at Rs193,244, reflecting an increase of Rs1,286. This surge follows Tuesday’s notable rise, where gold prices in the country had escalated by Rs2,700 per tola.

    The international market played a pivotal role in influencing this surge, with gold commanding a premium of $20 on Wednesday.

    The global rate for gold was established at $2,148 per ounce after experiencing a $13 upswing, as reported by the APGJSA.

    In contrast, silver rates maintained their stability, holding steady at Rs2,600 per tola.

    The resilience in silver prices adds an intriguing dynamic to the precious metals market, warranting continued observation.

  • Gold price soars to Rs223,900 per tola following notable surge

    Gold price soars to Rs223,900 per tola following notable surge

    In a significant turn of events, gold prices experienced a notable surge in Pakistan on Tuesday, aligning with the upward trend in the international market.

    The precious metal, often referred to as “yellow gold,” witnessed a price hike of Rs2,700 per tola, reaching a new valuation of Rs223,900.

    According to the latest data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold bar was traded at Rs191,958, reflecting an increase of Rs2,315.

    This comes on the heels of a substantial jump of Rs3,500 per tola recorded on Saturday.

    Internationally, the gold rate demonstrated a robust performance, closing at $2,135 per ounce with a $20 premium on Tuesday. This marked a noteworthy uptick of $29 in the global market, as reported by APGJSA.

    In contrast, silver rates remained stable at Rs2,600 per tola during the same period.

    Shifting focus to the currency market, the Pakistani rupee experienced a slight dip against the US dollar, depreciating by 0.02 per cent in the inter-bank market on Tuesday.

    The closing exchange rate, according to the State Bank of Pakistan (SBP), stood at 279.31, indicating a marginal loss of Re0.05 against the greenback.

    This follows a similar trend observed on Monday, when the rupee settled at 279.26 against the US dollar.

  • Gold price increases to Rs221,200 per tola in Pakistan

    Gold price increases to Rs221,200 per tola in Pakistan

    In a significant turn of events on the first trading day of the week, gold prices in Pakistan continued their upward trajectory, witnessing a surge of Rs900 per tola to reach Rs221,200.

    According to the latest data from the Karachi Sarafa Association, the price of 10-gramme 24-karat gold experienced a notable increase, rising to Rs189,643 per tola, reflecting a gain of Rs771.

    Similarly, the 10-gramme 22-karat gold was noted at Rs173,840 per tola.

    In contrast, silver prices remained unchanged today, with 24-karat silver holding steady at Rs2,600 per tola and Rs2,229 per 10-gramme.

    Last week, the local market experienced a substantial boost in gold prices, witnessing a surge of Rs5,200 per tola for 24-karat gold.

    This surge is closely linked to the international market rally, with international spot gold reaching a two-month peak on Friday.

    The boost in international spot gold was attributed to strengthened expectations of a rate cut by June, driven by economic data from the United States.

    The data indicated a slump in manufacturing activity, while price data aligned with market expectations. This led to a decline in the dollar, resulting in gains for the safe-haven asset.

    Presently, international spot gold is trading at $2,086.62, reflecting a gain of $3.76, or 0.2 per cent, day-on-day, further impacting the domestic gold market positively.

    In parallel with economic developments, the Pakistani rupee (PKR) saw a marginal depreciation of 7 paisa against the US dollar in Monday’s interbank session.

    The currency settled the trade at PKR 279.26, compared to the previous day’s closing of PKR 279.19 per USD.

    During the intraday session, the local unit reached a high (bid) of 279.6 and a low (ask) of 278.95. In the open market, exchange companies quoted the dollar at 279.41 for buying and 282.05 for selling.

    It is noteworthy that the Pakistani rupee closed last week with a gain of 17 paisa week-on-week against the US dollar, showcasing some resilience in the face of external economic fluctuations.

  • Gold price increases by Rs3,500 per tola

    Gold price increases by Rs3,500 per tola

    In a notable turn of events, gold prices in Pakistan witnessed a substantial surge on Saturday, aligning with the upward momentum in the international market.

    The yellow metal reached a notable price point of Rs220,300 per tola, marking an impressive gain of Rs3,500 within the span of a single day.

    According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gramme gold now commands a selling price of Rs188,872, reflecting an increase of Rs3,001.

    This surge follows a noteworthy uptick on Friday when gold prices in Pakistan rose by Rs1,100 per tola.

    The international gold market also experienced a surge, with the Saturday rate set at $2,103 per ounce, indicating a $36 increase.

    The APGJSA reported a $20 premium on the international gold rate, emphasising the global dynamics influencing the precious metal markets.

    Simultaneously, silver rates in Pakistan witnessed an increase of Rs30 per tola, settling at Rs2,600.

    These fluctuations in precious metal prices underline the intricate interplay between local and global market forces, capturing the attention of investors and industry stakeholders alike.

  • 24-karat gold price rises by Rs100 per tola

    24-karat gold price rises by Rs100 per tola

    In the local market, the price of 24 karat gold witnessed a modest rise on Thursday, marking an increase of Rs100 per tola.

    The precious metal was traded at Rs215,300, compared to its previous rate of Rs215,200 during the last trading session.

    Similarly, the cost of 10 grammes of 24 karat gold experienced an uptick, registering a rise of Rs85 and reaching Rs184,585 from its previous value of Rs184,500.

    The All Sindh Sarafa Jewellers Association disclosed that the prices of 10 grammes of 22 karat gold also showed an increase, climbing to Rs169,203 from Rs169,124.

    However, the silver market remained stable, with the cost of per tola and ten-gramme silver remaining unchanged at Rs2,570 and Rs2,203.36, respectively.

    Internationally, the price of gold demonstrated a slight escalation, as it rose by $3 to $2,051 from its earlier value of $2,048, according to reports from the Association.

    Market analysts attribute these fluctuations to various factors, including global economic conditions, geopolitical events, and changes in investor sentiment.

  • Gold rate increases to Rs215,200 per tola

    Gold rate increases to Rs215,200 per tola

    In Wednesday’s market update, the price of 24-karat gold exhibited an upward trend, surging by Rs750 per tola and reaching Rs215,200 per tola.

    The Karachi Sarafa Association noted a marginal gain in the price of 10-gramme 24-karat gold, which stood at Rs184,500, marking an increase of Rs644 from the previous session. Similarly, the price of 10-gramme 22-karat gold experienced an uptick, reaching Rs169,124.

    Global traders are currently anticipating the release of the US Federal Reserve’s meeting minutes on January 30 and 31. This event is expected to provide valuable insights into the economic outlook and potential policy shifts.

    Contrastingly, silver prices remained stable, with 24-karat silver maintaining a selling price of Rs2,580 per tola, and 10-gramme silver being traded at Rs2,211.93.

    It’s noteworthy that domestic gold concluded the previous week in the red zone, influenced by a downturn in international prices. Speaking of global trends, international spot gold hovered around $2,028, showing a 0.2 per cent change compared to the preceding session.

    Market participants are keenly awaiting the minutes from the Federal Reserve’s January policy meeting, scheduled for release on Wednesday, which are anticipated to provide valuable insights into the central bank’s stance and potential future monetary policy adjustments.

  • 24-karat gold price increases by Rs1,300 per tola

    24-karat gold price increases by Rs1,300 per tola

    In a persistent upward trend, the domestic bullion market showcased further gains, particularly in the value of 24-karat gold, which surged by Rs1,300 per tola to reach Rs212,400 on Friday.

    According to the latest report from the Karachi Sarafa Association, the price of 10-gram 24-karat gold experienced a notable increase, reaching Rs182,099 and reflecting a gain of Rs1,115 compared to the previous session.

    Simultaneously, the price of 10-gram 22-karat gold saw an uptick, settling at Rs166,924.

    Despite the positive momentum in the gold market, silver prices remained steady, with 24-karat silver holding at Rs2,580 per tola and 10-gram silver trading at Rs2,211.93.

    Interestingly, despite today’s substantial rise in gold prices and the prevailing political instability in the country, local gold is on track to record a weekly loss.

    This comes on the heels of hotter-than-anticipated US inflation data released on Wednesday, causing gold to dip below the $2,000 mark for the first time in two months.

    Bloomberg reported that the American Consumer Price Index (CPI) data disappointed investors, reversing recent declines in price pressures and dampening expectations for rate cuts this year.

    However, the international spot gold has rebounded strongly since Wednesday’s decline, currently trading at $2,007.61, reflecting a gain of over $3 day-over-day.

    Amidst these global dynamics, the fluctuation in the domestic currency plays a crucial role in determining the domestic gold rate.

    It’s noteworthy that the Pakistani Rupee (PKR) snapped its 13-week-long and historic winning streak against the US Dollar, experiencing a marginal drop of 8 paisa.

    Given that gold is denominated in US dollars, a depreciation of the PKR against the dollar contributes to the rise in the value of PKR-denominated gold.

    The bullion market’s resilience in the face of global challenges highlights its sensitivity to both local and international economic factors, providing a nuanced perspective for investors and stakeholders.

  • 24-karat gold price increases to Rs211,100 per tola

    24-karat gold price increases to Rs211,100 per tola

    In a rebound from the significant dip in the previous session influenced by higher-than-expected US inflation data, the price of 24-karat gold in the local bullion market surged by Rs300, reaching Rs211,100 per tola on Thursday.

    According to the Karachi Sarafa Association, the cost of 10-gramme 24-karat gold witnessed a notable increase, reaching Rs180,984, marking a gain of Rs257 compared to the previous session.

    Conversely, the price of 10-gramme 22-karat gold experienced a decline, falling to Rs165,902.

    Silver prices, on the other hand, remained stable today.

    The 24-karat silver was reported to be trading at Rs2,580 per tola, while the 10-gramme silver was at Rs2,211.93.

    Internationally, the spot gold market showed signs of recovery, currently being traded at $1,993.75, registering a gain of $1.45 day-on-day.

    Notably, yesterday’s shock in the consumer price index (CPI) pushed gold prices below the $2,000 mark for the first time in two months.

    The disappointing US CPI data took investors by surprise, following a recent decline in price pressures that had fueled expectations of rate cuts later this year, as reported by Bloomberg.

    The likelihood of a rate cut in May dropped to about 32 per cent, down from around 64 per cent before the release of the inflation data, with less than 90 basis points anticipated for the remainder of the year.

  • Gold prices hold steady in Pakistan despite international dip

    Gold prices hold steady in Pakistan despite international dip

    In a Monday market report, the All Pakistan Gems and Jewellers Sarafa Association (APGJSA) revealed that gold prices in Pakistan remained unchanged, defying a slight decrease observed in the international market.

    As per the rates provided by APGJSA, the gold price per tola stood firm at Rs214,300, showcasing resilience in the local market.

    The 10-gramme gold rate echoed this stability, with APGJSA reporting it at Rs183,728, remaining unchanged from the previous close.

    Despite the international market witnessing a slight dip, Pakistan maintained its pricing consistency.

    Internationally, the gold rate, with a $20 premium, settled at $2,043 per ounce on Monday. This marked a marginal decrease of $2 in the wake of market fluctuations, according to APGJSA.

    The association emphasised the steadfast nature of the local gold market despite the international trend.

    In contrast, silver rates in Pakistan remained unwavering, standing at Rs2,600 per tola on Monday, reinforcing the stability observed in precious metal markets locally.

  • Gold loses shine: Jewellers report Rs300 per tola decline in gold rates

    Gold loses shine: Jewellers report Rs300 per tola decline in gold rates

    In a significant market shift, the per tola price of 24 karat gold witnessed a decline of Rs300, settling at Rs213,900 on Saturday, as opposed to its previous rate of Rs214,200 on the last trading day.

    The decrease in gold prices extended to 10 grams of 24 karat gold, experiencing a Rs257 drop to Rs183,385 from Rs183,642.

    Similarly, the prices for 10 grams of 22 karat gold also dipped, reaching Rs168,103 from Rs168,338, as reported by the All Sindh Sarafa Jewellers Association.

    Contrastingly, both per tola and ten grams of silver remained unchanged at Rs2,600 and Rs2,229.08, respectively.

    The international market also observed a decline in gold prices, with a $2 drop to $2,038 from $2,040, according to the Association’s report.

    Meanwhile, the US dollar experienced a fall, following data indicating a modest increase in December’s inflation, with a downward trend.

    This development is expected to keep the Federal Reserve on course to reduce interest rates by the middle of the year.

    Despite this, the dollar is poised to mark gains for the fourth consecutive week, with the dollar index down 0.3 per cent at 103.25.

    Data revealed that the Personal Consumption Expenditures (PCE) price index rose by 0.2 per cent last month, following a previously unaltered 0.1 per cent drop in November.

    Over the 12 months through December, the PCE price index recorded a 2.6 per cent increase, aligning with November’s unrevised gain and meeting consensus expectations.

    For the third consecutive month, the annual inflation rate remained below 3 per cent, a key indicator monitored by the Fed for its 2 per cent inflation target.

    This stable inflation rate suggests a cautious approach towards future monetary policy decisions.