Tag: silver price

  • Gold price drops by Rs2,000 per tola as Pakistani rupee gains ground against US dollar

    Gold price drops by Rs2,000 per tola as Pakistani rupee gains ground against US dollar

    The gold price in Pakistan experienced a significant decline of more than Rs2,000 per tola following the appreciation of the local currency against the US dollar in the interbank market.

    According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) on Wednesday, the price of 24-carat gold witnessed a decrease of Rs2,400 per tola and Rs2,058 per 10 grammes, settling at Rs222,100 and Rs190,415, respectively.

    Conversely, the international market recorded a $12 increase in the price of gold, bringing it to $1,972.

    The fluctuating gold rate in Pakistan can be attributed to ongoing political and economic uncertainties and high inflation, prompting individuals to seek gold as a safe investment and hedge during such times.

    As per the data provided by the association, the price of silver remained constant at Rs2,750 per tola and Rs2,357.68 per 10 grammes.

    In parallel, the local currency demonstrated a positive trend against the US dollar in the interbank market today, appreciating by Rs1.48 or 0.52 per cent. The State Bank of Pakistan (SBP) reported that the rupee closed at Rs287.04 against the dollar.

  • Gold price drops by Rs1,500 per tola in Pakistan amidst global market slump

    Gold price drops by Rs1,500 per tola in Pakistan amidst global market slump

    On Friday, the price of gold in Pakistan witnessed a decline of Rs1,500 per tola, losing its luster due to a decrease in the international market.

    The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released data indicating that the price of 24-carat gold dropped by Rs1,500 per tola and Rs1,285 per 10 grammes, settling at Rs217,000 and Rs186,043, respectively.

    Concurrently, the international market saw a $10 decrease, with the yellow metal settling at $1,919 per ounce.

    Recent times have seen the gold rate in Pakistan fluctuate amidst ongoing political and economic uncertainty, as well as high inflation. Consequently, individuals tend to view this precious commodity as a secure investment and a hedge during such periods. The association’s data revealed that the price of silver remained unchanged at Rs2,550 per tola and Rs2,186.21 per 10 grammes.

    Furthermore, the data highlighted that the cost of bullion in Pakistan is Rs4,000 per tola lower than the Dubai market, indicating that the Pakistani gold market currently offers more affordable prices than the global market.

    In terms of foreign exchange, the Pakistani rupee maintained stability against the US dollar, experiencing a nominal increase of Rs0.01. The interbank market closed on Friday with the exchange rate at Rs286.74.

  • Gold price in Pakistan hits new record high of Rs214,500 per tola

    Gold price in Pakistan hits new record high of Rs214,500 per tola

    Tuesday saw a historic moment for Pakistan as the price of gold soared to an all-time high, hitting Rs214,500 per tola (11.66 grammes). The cause of this surge was multifaceted, with the global market’s uptrend playing a part, alongside the rupee’s historic low against the US dollar in the interbank trade.

    The rupee had plummeted to a never-before-seen low of Rs287.29 against the US dollar in the interbank market, and the surge in gold prices was a reflection of this movement. The ripple effect was felt across the country as traders scrambled to adjust to the new reality of the local bullion market.

    In a surge that grabbed headlines across Pakistan, the price of 24-carat gold soared to an all-time high on Tuesday, hitting Rs214,500 per tola and Rs183,900 per 10 grams, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). It was a clear reflection of the rupee’s movement, which had plummeted to a historic low of Rs287.29 against the US dollar in the interbank market, as well as an uptrend in global markets.

    As inflation rates in Pakistan reached a nearly all-time high of 35.4 per cent in March, people felt the pinch of rising consumer prices on their budgets, prompting them to turn to gold. This precious commodity has always been considered a hedge against inflation, with its value increasing as the purchasing power of the dollar declines. During the two-day period from Monday to Tuesday, gold gained Rs5,200 per tola.

    Economic tensions have been on the rise, with the International Monetary Fund (IMF) scrutinizing external financing commitments from friendly countries before releasing bailout funds. The delay in the revival of the program had a negative impact on the currency market, which, in turn, fueled demand for gold. Investors’ attention turned to this precious commodity as a safe haven in these uncertain times.

  • Gold price increases to Rs208,300 per tola as investors adopt cautious approach amid uncertainties

    Gold price increases to Rs208,300 per tola as investors adopt cautious approach amid uncertainties

    The price of gold in Pakistan soared by 2 per cent on Saturday, according to data from the All-Pakistan Sarafa Gems and Jewellers Association. The political unrest in the country has left investors uncertain about the economy, prompting them to seek safe-haven assets such as gold.

    The price of gold (24 carats) increased by Rs4,100 per tola and Rs3,516 per 10 grammes, reaching Rs208,300 and Rs178,584, respectively. In the week ending March 18, gold gained Rs9,600 per tola, or 4.8 per cent, as it rose during all six trading sessions, despite the little appreciation of the Pakistani rupee against the US dollar.

    The precious metal is expected to remain attractive to investors as they adopt a cautious approach.

    The price of silver also rose by Rs100 per tola and Rs85.73 per 10 grammes to settle at Rs2,250 per tola and Rs1,929 per 10 grammes, respectively. Meanwhile, in the international market, gold prices surged by over 2 per cent due to banking crises shaking global markets, putting bullion on track for its biggest weekly rise in three years. The price per ounce settled at $1,989 after an increase of $53. This rise in gold prices was also driven by bets for a less aggressive Federal Reserve in its fight against inflation.

    Gold is currently Rs11,500 per tola “undercost” in Pakistan compared to the Dubai market, making it cheaper for investors to buy. According to experts, gold is surging on fears that more bad banking news could appear over the weekend and hopes that the FED will pause its rate hikes next week.

    With political and economic uncertainties looming in Pakistan, gold is likely to shine as investors seek a low-risk profile.