Tag: Rs215

In a reversal from its recent gains, gold prices in Pakistan opened the new week in the red, witnessing a decline of Rs1,200 per tola for 24-karat gold, bringing it to Rs214,800 on Monday.

The Karachi Sarafa Association reported a decrease of Rs1,029 in the 10-gramme 24-karat gold, settling at  184,156. The 10-gramme 22-karat gold closed at Rs168,810.

This comes after a notable surge last week, where gold prices rose by Rs2,100 per tola due to an upswing in international prices. Contrary to gold, silver prices remained steady in the domestic market, with 24-karat silver selling at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

The international context reveals a 0.8 per cent drop in spot gold during today’s early trade session, amounting to $16.18.

This decline is attributed to a rise in US Treasury yields and the dollar, fueled by diminished expectations of a rate cut. Federal Reserve Chair Jerome Powell dismissed the idea of lowering interest rates in the spring, expressing confidence in inflation returning to the 2 per cent target, according to Reuters.

Adding to the pressure on domestic gold prices is the Pakistani rupee’s continued success against the US dollar. As the PKR maintains its positive trajectory, it further contributes to the challenges faced by the domestic gold market.

In alignment with the surge in the global market, gold rates in Pakistan experienced an upward trajectory on Thursday.

The precious metal, often viewed as a barometer for economic sentiment, reached Rs216,300 per tola, marking an increase of Rs800 over the course of the day.

As reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold bar was traded at Rs185,442 following a notable rise of Rs686.

This shift in prices follows a contrasting trend from the preceding day, when gold prices in Pakistan had seen a decline of Rs600 per tola.

The international gold rate exhibited a similar positive movement on Thursday, reaching $2,060 per ounce with a $20 premium.

This uptick of $5 in the global market, as highlighted by APGJSA, contributed to the buoyancy in the local gold prices.

Conversely, silver rates remained steadfast at Rs2,600 per tola, maintaining stability in the precious metals market.

This fluctuation in gold prices can be attributed to the intricate interplay of various global economic factors.

Analysts suggest that investors and traders should closely monitor these trends to make informed decisions in the ever-evolving market.

The domestic bullion market experienced an upswing on Tuesday as the price of 24-karat gold surged by Rs700 per tola, reaching Rs216,100.

This price hike was reported by the Karachi Sarafa Association, which also noted a Rs600 increase in the 10-gramme 24-karat gold, now standing at Rs185,271. The 10-gramme 22-karat gold was priced at Rs169,832.

In contrast, silver prices remained stable in the domestic market, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

The sudden spike in domestic gold prices can be attributed to the rise in international prices. Currently, international spot gold is trading at $2,039.598, marking a 0.24 per cent increase compared to the previous session’s closing.

Last week, we witnessed the second consecutive weekly loss in the international gold market due to diminishing expectations of a rate cut. However, the recent escalation of tensions in the Middle East has triggered a surge in the demand for safe-haven assets, particularly gold, signalling a bullish trend.

Despite the persistent pressure on domestic gold caused by the continuous strengthening of the Pakistani Rupee (PKR), the market dynamics shifted due to the sudden upturn in international prices.

The impact of the PKR’s strength was outweighed by the growing appeal of gold in the wake of geopolitical uncertainties.

Investors and analysts are closely monitoring the evolving situation both domestically and internationally as they assess the potential impacts on precious metal markets.

The fluctuating trends in gold prices highlight the intricate relationship between global events and their influence on the financial landscape.

In a notable reversal, domestic bullion has rebounded from a four-week decline, initiating the current week with a positive trajectory. The price of 24-karat gold has seen a robust surge, ascending by Rs1,500 per tola and reaching Rs215,400. 

The Karachi Sarafa Association reported a noteworthy uptick in the 10-gramme 24-karat gold, now standing at Rs184,671, reflecting a gain of Rs1,286 from the preceding day. Meanwhile, the 10-gramme 22-karat gold is reported at Rs169,282.

Contrary to the gold market’s dynamic, silver prices have maintained stability domestically. The 24-karat silver is being traded at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

This positive shift in the domestic gold market is attributed to the rise in international prices. At present, the international spot gold is trading at $2,032.5 [12:42 p.m. PST], exhibiting a 0.7 per cent increase from the closing of the previous session. 

Notably, the global market witnessed a second consecutive weekly loss last week, driven by diminishing expectations of a rate cut.

However, the current surge in gold prices is fueled by escalating tensions in the Middle East, prompting an increased demand for safe-haven assets. 

This geopolitical development signals a bullish trend for gold, counteracting the pressure on domestic gold caused by the continuous strengthening of the Pakistani Rupee (PKR). 

The sudden upturn in international prices has effectively outweighed the market impact of the PKR’s persistent strength.

In a noteworthy market development, gold prices in Pakistan witnessed a modest recovery this Friday.

The per-tola price of 24-karat gold surged by Rs400, reaching Rs214,200, according to the latest data from the Karachi Sarafa Association.

The 10-gramme 24-karat gold also reflected this upward trend, standing at Rs183,642, indicating an increase of Rs342 compared to the previous day. Additionally, the 10-gramme 22-karat gold was reported at Rs168,338.

Contrastingly, silver prices remained steady in the domestic market. The per-tola price of 24-karat silver held at Rs2,600, while the 10-gramme price stood at  Rs2,229.08.

On the global stage, the international spot gold market exhibited stability, with the current trading price at $2,025.9 [12:49 pm PST].

This value remains unchanged in comparison to the closing figure from the preceding session. 

Market analysts continue to monitor these fluctuations, as economic factors and global dynamics contribute to the ever-evolving landscape of precious metal prices.

Gold prices, Karachi Sarafa Association, 24-karat gold, 22-karat gold, Rs168,338, silver prices, stable market, 10-gram, global spot gold, market analysis, precious metals, economic trends, gold price in Pakistan, 

In a noteworthy development, gold prices in Pakistan experienced a decline on Thursday, with the tola rate of 24 karat gold decreasing by Rs1,400.

The current per-tola gold price in Pakistan now stands at Rs213,800 in local bullion market.

According to market insiders, the price for 10 grammes of 24 karat gold witnessed a reduction of Rs1,200, reaching Rs183,300 in the domestic market, as reported by the All Sindh Sarafa Jewellers Association.

Simultaneously, the prices of both per tola and 10-gramme silver saw a reduction, falling by Rs1200 to Rs183,300.

Meanwhile, in the international market, the price of gold exhibited a rise of $12, reaching $2035. Gold prices, on the whole, experienced a 0.2 per cent increase to $2,018 per ounce, hitting a session low of $2,013.

This came after a 0.75 per cent decrease on Wednesday, marking a one-week trough at $2,011, spurred by robust US economic data. The market dynamics are being closely observed for further insights into these fluctuations.

In a notable recovery, the gold price in Pakistan rebounded from yesterday’s losses, marking an upward trend in the market. 

The latest figures from the Karachi Sarafa Association indicate that 24-karat gold is now fetching Rs215,200 per tola, showcasing a gain of Rs500. 

Additionally, the 10-gramme 24-karat gold stands at Rs184,500, reflecting a significant increase of Rs429 day-on-day. 

Meanwhile, the price of 10-gramme 22-karat gold is reported at Rs169,124.

Contrastingly, silver maintains stability in the domestic market, with 24-karat silver priced at Rs2,600 per tola and Rs2,229.08 per 10-gramme. 

On the global front, the international spot gold market is currently trading at $2,026.87 [03:24 p.m. PST], marking a gain of $6.29 or 0.31 per cent for the day.

It’s worth noting that the domestic gold market experienced a substantial setback last week, witnessing a drop of Rs2,150 per tola. 

Analysts attribute this decline to the overall downturn in international gold prices and the continuous strengthening of the home currency.