Tag: silver prices

  • Gold price drops by Rs1,000 to Rs250,000 per tola

    Gold price drops by Rs1,000 to Rs250,000 per tola

    Gold prices in Pakistan experienced a decline for the second straight session on Saturday, mirroring the downward trend in international markets.

    In the local market, the price of gold per tola settled at Rs250,000, following a single-day drop of Rs1,000.

    According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of gold fell by Rs857, bringing it to Rs214,335.

    This decline follows a substantial decrease on Friday when the gold price per tola dropped by Rs3,000.

    On the international front, gold prices also saw a reduction on Saturday. The rate, as reported by the APGJSA, stood at $2,400 per ounce, inclusive of a $20 premium, after shedding $15 during the day.

    In contrast, silver prices showed an upward trend, increasing by Rs70 to reach Rs2,920 per tola.

    Earlier in the week, on Thursday, gold prices in Pakistan had surged by Rs4,600 per tola, reaching an all-time high of Rs254,000 per tola in the local market.

  • 24 karat gold rate drops by Rs900 per tola to Rs240,600

    24 karat gold rate drops by Rs900 per tola to Rs240,600

    On Wednesday, gold prices in Pakistan experienced a slight decrease. The price of 24 karat gold dropped by Rs900 per tola, bringing the new rate to Rs240,600 per tola.

    According to the Karachi Sarafa Association, the price of 24 karat gold per 10 grammes fell by Rs771, settling at Rs206,276. Additionally, the price of 22 karat gold was reported at Rs189,086 per 10 grammes, reflecting a decrease.

    This decline is attributed to a reduction in purchasing power, leading to the price being set Rs1,500 below its actual cost.

    In contrast, silver prices remained stable. The price of 24 karat silver stood at Rs2,850 per tola and Rs2,443 per 10 grammes.

    On the international market, spot gold traded near $2,316 an ounce, down by $14.4 or 0.62 per cent from the previous session.

    This trend highlights the ongoing fluctuations in precious metal prices, influenced by both local and global economic factors.

  • Gold price falls by Rs3,600 per tola to Rs239,400

    Gold price falls by Rs3,600 per tola to Rs239,400

    Gold prices in Pakistan witnessed a significant decrease on Saturday, with the rate of 24-karat gold falling by Rs3,600 per tola. According to the Karachi Sarafa Association, 24-karat gold was priced at Rs239,400 per tola.

    In tandem, the price of 24-karat gold per 10 grammes saw a reduction, now standing at Rs205,247, down by Rs3,086. The decline extended to 22-karat gold, which is now quoted at Rs188,143 per 10 grammes.

    Silver prices also experienced a drop in the domestic market. The rate for 24-karat silver decreased by Rs50, bringing the price to Rs2,750 per tola. Similarly, the price for 24-karat silver per 10 grammes fell by Rs43, settling at Rs2,358.

    On the global stage, spot gold concluded the week at $2,293 per ounce, marking a 1.4 per cent decline over the week. The drop in international gold prices has contributed to the downward trend observed in the local market.

    This decrease in gold and silver prices is reflective of broader economic factors influencing precious metals globally, impacting local market conditions.

  • Gold prices plunge, falling by Rs7,800 per tola in a single day

    Gold prices plunge, falling by Rs7,800 per tola in a single day

    Gold prices in Pakistan witnessed a significant downturn on Tuesday, following the global trend of declining gold rates.

    In the local market, the price of gold per tola dropped to Rs240,900 after a sharp single-day reduction of Rs7,800, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    Simultaneously, the price for 10 grammes of gold experienced a similar decrease, settling at Rs206,533, a drop of Rs6,687 from the previous day’s trading. This marks a substantial reduction after Monday’s decline, when gold per tola fell by Rs3,500.

    The international market also saw a downward trend in gold prices, which further impacted local rates.

    According to APGJSA, the international rate for gold was set at $2,309 per ounce, with a premium of $20, following a significant decline of $72 during the day. This indicates a continuing bearish outlook for the precious metal.

    In addition to the falling gold prices, silver rates also experienced a reduction. The price per tola for silver decreased by Rs100, settling at Rs2,780.

    This reflects a broader downward trend in precious metals, driven by fluctuating global market dynamics and investor sentiment.

    The cumulative effect of these decreases over just two trading sessions has led to a total decline of Rs11,300 per tola in the local market, mirroring an over $100 per ounce drop in the international rate.

    This sharp decline in gold prices comes just days after the metal hit an all-time high of Rs252,200 per tola in Pakistan on Saturday.

    The record surge in gold prices had been attributed to geopolitical tensions in the Middle East, coupled with central banks increasing their gold reserves, factors that typically drive demand for safe-haven assets like gold.

    However, the recent downward trend indicates a shift in market sentiment, with possible impacts on local and international investment strategies.

    Traders and investors will be closely monitoring the fluctuations in the gold market, looking for signs of stabilisation or further volatility as international and local factors continue to evolve.

  • Gold price drops by Rs500 to Rs237,100 per tola

    Gold price drops by Rs500 to Rs237,100 per tola

    The local bullion market saw a downturn in its rally on Tuesday, with the price of 24-karat gold dropping by Rs500 per tola to Rs237,100.

    This decline comes after a significant increase of Rs19,100 in March, aligning with the upward trend in international gold prices.

    According to the Karachi Sarafa Association, the price of 24-karat gold stood at Rs203,275 per 10-gramme, marking a decrease of Rs429 compared to the previous session. Similarly, the price of 22-karat gold was quoted lower at Rs186,335 per 10-gramme.

    Meanwhile, silver prices remained steady, with 24-karat silver being sold at Rs2,600 per tola and Rs2,211.93 per 10-gramme.

    In the global market, international spot gold continued its upward trajectory, reaching a new peak amid moderated US inflation data.

    Gold prices surged to $2,261.03 an ounce on Tuesday, reflecting a 0.42 per cent increase from the previous day’s close.

    The US core personal consumption expenditures (PCE) index showed a cooling trend in February, with a month-on-month increase of 0.3 per cent and a year-on-year increase of 2.8 per cent.

    Federal Reserve Chair Jerome Powell, addressing concerns about inflation, stated that the recent data did not alter the central bank’s fundamental outlook.

    However, he stressed that with the economy showing strength, there was no rush to adjust monetary policy.

    Looking ahead, traders are keeping a close watch on Friday’s release of the US nonfarm payrolls report. Another robust jobs report could potentially trigger a pullback in gold prices, as highlighted by Waterer.

  • Local market witnesses marginal gain in 24-karat gold prices

    Local market witnesses marginal gain in 24-karat gold prices

    On Tuesday, the 24-karat gold market demonstrated resilience, with a subtle uptick of Rs150 per tola, settling at Rs214,450 per tola.

    According to the Karachi Sarafa Association, the price for 10 grammes of 24-karat gold reached Rs183,856, reflecting a marginal gain of Rs128 compared to the preceding session.

    Simultaneously, the price of 10-gramme 22-karat gold experienced a modest rise, reaching Rs168,535.

    Contrary to the gold market’s movements, silver prices remained steadfast, exhibiting no change.

    The 24-karat silver maintained its position at Rs2,580 per tola, while the 10-gramme silver was traded at Rs2,211.93.

    It is noteworthy that the domestic gold market faced a downturn last week, attributed to a decline in international prices.

    International spot gold, on the other hand, hovered around $2,021, marking a 0.2 per cent change compared to the preceding session.

    As the market watches these fluctuations, all eyes are set on the forthcoming minutes from the Federal Reserve’s January policy meeting, scheduled for release on Wednesday.

    The outcome of this meeting is poised to have a considerable impact on the trajectory of both domestic and international precious metal markets.

  • Gold price jumps by Rs1,100 per tola, reaching Rs214,300

    Gold price jumps by Rs1,100 per tola, reaching Rs214,300

    The gold prices in Pakistan continued their upward trajectory, building on gains from the last session of the previous week. On Monday, the price of 24-karat gold surged by Rs1,100 per tola, reaching Rs214,300 per tola.

    According to the Karachi Sarafa Association, the price of 10-gramme 24-karat gold stood at Rs183,728, marking an increase of Rs943 compared to the previous session. Additionally, the price of 10-gramme 22-karat gold rose to Rs168,417.

    In contrast, silver prices remained stable, with 24-karat silver being sold at Rs2,580 per tola and 10-gramme silver trading at Rs2,211.93.

    It is noteworthy that domestic gold ended last week in the red zone due to a decline in international prices. The ongoing uncertainty surrounding the delay in election results also failed to stimulate demand for this safe-haven asset.

    Internationally, spot gold has extended its rally for the third consecutive session, currently trading at $2,021.8. This rebound follows last week’s release of hotter-than-anticipated US inflation data, which initially pushed gold below the $2,000 mark for the first time in two months.

    Given the influence of domestic currency fluctuations on the domestic gold rate, it is crucial to mention that the Pakistani rupee (PKR) concluded its 13-week-long historic winning streak against the US dollar. Last week, the PKR experienced a marginal drop of 8 paisa.

    Since gold is denominated in US dollars, a depreciation of the PKR against the US dollar results in an increase in the value of PKR-denominated gold. The market remains attentive to both global and domestic factors influencing these shifts in precious metal prices.

  • Gold prices dip by $8 internationally, Rs1,200 locally

    Gold prices dip by $8 internationally, Rs1,200 locally

    In a significant development in the precious metals market, the per-tola price of 24 karat gold experienced a notable decline, dropping by Rs1,200 on Saturday.

    According to the All Sindh Sarafa Jewellers Association, the precious metal was sold at Rs214,300, marking a decrease from its previous rate of Rs215,500 on the last trading day.

    Similarly, the price of 10 grammes of 24 karat gold exhibited a downward trend, declining by Rs1,028 to reach Rs183,728, as opposed to the earlier rate of Rs184,756. 

    Meanwhile, the prices of 10 grammes of 22 karat gold also saw a decrease, settling at Rs168,416 from Rs169,360, as reported by the Association.

    Notably, the per-tola and ten-gramme silver prices remained unchanged at Rs2,600 and Rs2,229.08, respectively, indicating stability in the silver market.

    The dip in local gold prices is mirrored on the international stage, as the global market reported a decrease of $8 in the price of gold.

    The international rate now stands at $2,045, down from the previous figure of $2,053, as outlined by the Association.

    This shift in prices is likely to have implications for investors, jewellers, and consumers alike, prompting a reassessment of investment strategies and purchase decisions in the coming days.

    Analysts are closely monitoring these fluctuations to gauge the market’s response and anticipate future trends in the precious metals sector.

  • Gold prices in Pakistan remain unaffected by political uncertainties

    Gold prices in Pakistan remain unaffected by political uncertainties

    Despite political uncertainties, the domestic bullion market exhibited stability, with 24-karat gold maintaining its price at Rs215,500 on Friday, showing no deviation from the previous session.

    This stability is indicative of the domestic gold market functioning normally, aligning with international gold rates and the exchange rate.

    The Karachi Sarafa Association reported that the prices of 10-gramme 24-karat gold and 10-gramme 22-karat gold also remained constant at Rs184,756 and Rs169,360, respectively.

    Similarly, silver prices showed resilience in the domestic market, with 24-karat silver being traded at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    On the global stage, the international spot gold exhibited minimal fluctuations, standing at $2,033.5 as of 12:40 pm.

    This stability in both domestic and international markets suggests a steady scenario despite the prevailing political uncertainties.

  • Gold price sees Rs1,700 per tola dip on last trading day

    Gold price sees Rs1,700 per tola dip on last trading day

    In the final trading session of the week, the per-tola price of 24 karat gold in Pakistan witnessed a notable decrease, sliding by Rs1,700. The precious metal was traded at Rs216,000, compared to its previous rate of Rs217,700.

    Similarly, the price of 10 grammes of 24 karat gold experienced a decline of Rs1,458, settling at Rs185, as opposed to its earlier value of Rs186,643.

    Meanwhile, the prices of 10 grammes of 22-karat gold also observed a dip, reaching Rs169,753 from Rs171,089, according to a report by the All Sindh Sarafa Jewellers Association.

    The per-tola and ten-gramme silver prices remained unchanged, standing at Rs2,600 and Rs2,229.08, respectively.

    On the global front, the price of gold faced a decrease of $15 in the international market, falling to $2,059 from its previous value of $2,074, as reported by the Association.

    These fluctuations in the precious metals market highlight the dynamic nature of the economic landscape, influencing both domestic and international trade.

    Investors and consumers alike are keeping a close eye on these developments as they navigate the ever-changing market conditions.