Tag: Silver

  • 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.

  • 24 karat gold price surges by Rs800 per tola, silver takes a dip

    24 karat gold price surges by Rs800 per tola, silver takes a dip

    In a notable shift in the precious metals market, the per-tola price of 24 karat gold in Pakistan witnessed an increase of Rs800, reaching Rs213,200 on Saturday. This rise is compared to its previous sale at Rs212,400 on the last trading day.

    Similarly, the price of 10 grammes of 24 karat gold experienced an uptick, climbing by Rs686 to Rs182,785 from Rs182,099.  The All Sindh Sarafa Jewellers Association reported that the prices of 10 grammes of 22 karat gold also saw an increase, reaching Rs167,553 from Rs166,924.

    On the other hand, the price of per tola silver exhibited a decrease of Rs30, settling at Rs2,550. Simultaneously, the price of ten grammes of silver witnessed a decline of Rs25.72, reaching Rs2,186.21.

    Internationally, the price of gold ascended by $9, reaching $2,034 from $2,025, as reported by the Association. These fluctuations in the precious metals market reflect the dynamic nature of global economic conditions, influencing prices both domestically and internationally.

  • 24-karat gold price in Pakistan increases by Rs1,000 per tola

    24-karat gold price in Pakistan increases by Rs1,000 per tola

    On Wednesday, the gold price in Pakistan experienced notable gains, with the 24-karat gold increasing by Rs1,000 per tola, reaching Rs220,600. 

    The Karachi Sarafa Association reported a gain of Rs857 for the 10-gramme 24-karat gold, priced at Rs189,129, while the 10-gramme 22-karat gold stood at Rs173,369.

    It’s worth mentioning that 24-karat gold had risen by Rs2,500 per tola the previous week. 

    Additionally, silver prices saw an uptick today, with 24-karat silver and 10-gramme 24-karat silver gaining Rs30 and Rs25.72, respectively, being sold at Rs2,680 and Rs2,297.66.

    Internationally, spot gold is currently trading at $2,066.85, marking a 0.04 per cent increase, while spot silver is at $24.13, reflecting a -0.25 per cent change.

    Notably, fluctuations in global prices, coupled with shifts in the interbank exchange rate of the Pakistani rupee, impact the domestic gold market. 

    The PKR is maintaining its winning streak against the US dollar, trading at PKR 281.98/282.37 per USD in its 11th consecutive session.

  • Gold soars in Pakistani markets: Local rates surge despite stable global prices

    Gold soars in Pakistani markets: Local rates surge despite stable global prices

    On Tuesday, gold rates in Pakistan experienced an ascent, reaching Rs219,600 per tola in the domestic market, reflecting a gain of Rs300 throughout the day. 

    The 10-gramme gold price in Pakistan rose to Rs188,272, marking a Rs258 increase, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). 

    In contrast, international gold prices maintained stability at $2,072 (with a premium of $20), as noted by the APGJSA. 

    Notably, silver retained its position at Rs2,650 per tola in the local market.

  • Gold bounces back by Rs2,200 to Rs207,200 per tola

    Gold bounces back by Rs2,200 to Rs207,200 per tola

    As the international precious metal markets rose Thursday in response to a hawkish US Federal Reserve, investors were also drawn to gold as their available saving choices remained constrained. Pakistan’s gold price likewise maintained its impressive run.

    The price of gold (24 karats) climbed by Rs2,200 per tola and Rs1,887 per 10 grammes to settle at Rs207,200 and Rs177,641, respectively, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

    A stagnant International Monetary Fund (IMF), declining foreign exchange reserves, and a weak rupee have all contributed to the precious metal’s advances over the past two sessions. These factors will increase the price of importing gold.

    However, investors were only buying gold bars, not jewellery, which had lowered goldsmiths’ profit margins and put the labour force at risk of losing jobs as jewellery manufacturers turned to other careers in the absence of work.

    As investors continued to believe that the US Federal Reserve will end its rate-hiking cycle soon after announcing a 25-basis-point hike, gold reached a nine-month high on the international market due to a weak dollar.

    Having earlier in the day reached its highest level since April 2022, spot gold was up $31 at $1,955 per ounce.

    After a year of bigger rate hikes, the US central bank on Wednesday reduced the rate rise to a quarter percentage point. It said that the battle against high inflation had reached a turning point, but that “winning” would still require raising rates and keeping them there at least through 2023.

    Moreover, local silver prices rose by Rs50 per tola and Rs42.88 per 10 grammes to settle at Rs2,300 and Rs1,971.88, respectively.

  • Gold price hits new all-time high of Rs178,800 per tola

    Gold price hits new all-time high of Rs178,800 per tola

    One-tola and 10-gramme rates for domestic gold reached record highs of Rs178,800 and Rs153,292 on Tuesday after increasing by Rs3,900 and Rs3,344 respectively.

    The price of the yellow metal on the global market increased by $12, according to the All Sindh Sarafa Jewellers Association (ASSJA), and surged to $1,808 as a result.

    Gold prices have increased by Rs52,800 per tola and Rs45,096 per 10-gramme since January 1 when prices stood at Rs126,200 and Rs108,196 respectively.

    Vice President of ASSJA Junaid Samiwala claimed that the lack of pure gold on the market was to blame for the price increase. “Big groups are investing black money in gold for good profits.”

    He asked Ishaq Dar, the finance minister, to start an operation on individuals who are stockpiling the yellow metal.

    “Gold prices have reached this point today because of speculators. Ideally, as per the dollar rate, gold rates in Pakistan should be Rs152,000 per tola,” Samiwala said, calling for strict action against “groups” controlling the rates.

    Furthermore, the price of silver per tola increased by Rs20 to reach Rs2,050. 10-gramme silver costs increased by Rs25.72 to Rs1,757.54.

  • Gold price hits historic high of Rs169,650 per tola in Pakistan

    Gold price hits historic high of Rs169,650 per tola in Pakistan

    On Monday, the price of gold in Pakistan reached an all-time high of Rs169,650 a tola as investors continued to seek refuge in the safe-haven metal due to growing worries that the country’s economic situation will become worse.

    According to Geo, the rates of gold increased by Rs2,350 per tola and Rs2,016 per 10 grams, respectively, according to statistics supplied by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). These prices eventually reached an all-time high of Rs169,650 and Rs145,448.

    Gold has reached many heights recently and concluded the week at Rs167,300 per tola after rising by Rs4,000, or 2.49 per cent, during the week that ended December 10.

    In the meantime, silver prices rose over the key Rs1,900 per tola mark. Price increases of Rs80 per tola and Rs68.58 per 10 grams brought the price to an all-time high of Rs1,970 and Rs1,688.95.

    Investors’ attention has switched to gold as a result of the dollar scarcity since the price of yellow metal is also increasing on the global market.

  • Gold gains Rs2,800, reaching Rs142,000 per tola

    Gold gains Rs2,800, reaching Rs142,000 per tola

    Keeping in view the rates maintained by the All Sindh Sarafa Jewelers Association, the price of gold per tola jumped Rs2,800 in the local market on Monday, bringing it to Rs142,000.

    Today, at 4 pm, the precious yellow metal was trading at $1,854 per ounce on the international market.

    Pakistan, as a price-taker, follows the trend in the world market for gold and other precious metals. Gold and other precious metals, such as silver, are priced in ounces around the world.

    Chairman of the Pakistan Gems Jewelry Traders and Exporters Association (PGJTEA), Akhtar Tesori, said the gold jewellery market has suffered as gold prices have risen in the country.

    According to him, the country’s commodities prices have reached new highs in recent years due to devaluation of the local currency against the green back and increases in the price of international gold.

  • PUBG earns $307.1 million in Q1 2022 despite going free-to-play

    PUBG earns $307.1 million in Q1 2022 despite going free-to-play

    The South Korean company behind PUBG, Krafton revealed that the PC and console version of the battle royale shooter franchise is making a lot of money despite going free-to-play in January 2022.

    According to Krafton, the game earned $307.1 million in revenue in the first quarter of 2022, up 5 per cent year over year (YoY), after being downloaded more than one billion times as of March 2021.

    Sales on PC were boosted 61 per cent YoY to $82.3 million. The surge in console sales was even higher, up 124 per cent from the previous quarter and 274 per cent on a YoY basis, though Krafton did not disclose a cash amount for the period.

    From Q4 2021 to Q4 2022, PUBG’s average monthly active users nearly tripled.

    When PUBG: Battlegrounds first arrived in early access on Steam in 2017, it was a premium title, but free-to-play battle royale games like Fortnite, Call of Duty: Warzone, and Apex Legends established that the free model can be highly profitable.

    In fact, converting PUBG: Battlegrounds to free-to-play turned out highly beneficial for Krafton. The widely played PUBG: Mobile is already free to download on iOS and Android devices.

    Electronic Arts (EA) also announced that Apex Legends, which has been out for a little over three years, crossed $2 billion in lifetime net bookings in just two weeks, While Epic raised $144 million for Ukraine aid.

  • Gold prices go up by Rs350 per tola to Rs130,300

    Gold prices go up by Rs350 per tola to Rs130,300

    The price of gold in the local market soared by Rs350 per tola (11.7 gramme) on April 13. All Pakistan Jewellers Manufacturers Association stated that the precious yellow metal is currently trading at Rs130,300 per tola.

    Accordingly, the cost of 10 gramme of gold jumped by Rs300 to Rs111,711. Silver prices in the local market as of April 13, remained constant at Rs1,520 and Rs1,303.15.

    Gold prices touched a one-month high in the international market as surging consumer costs bolstered its desirability as an inflation hedge, while investors seemed to ignore the Federal Reserve’s imminent interest rate hike and a healthier dollar.

    By 12:40 pm. ET (1640 GMT), spot gold had risen 0.6 per cent to $1,978.81 per ounce, after reaching its highest level since March 14 at $1,979.95. Gold futures in the United States (US) increased 0.3 per cent to $1,982.6.

    Read more: Car sales up by 53.7 per cent in 2022, despite repeated price hikes

    Bullion prices surged $22 per ounce on the global market, settling at $1,977 per ounce. When compared to the Dubai market, gold prices in Pakistan are approximately Rs5,000 cheaper.