Tag: tola

  • 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 in Pakistan: 24-carat gold settles at Rs217,300 per tola

    Gold prices dip in Pakistan: 24-carat gold settles at Rs217,300 per tola

    The domestic price of gold witnessed a decline, particularly impacting 24-karat gold in Pakistan, which dropped by Rs600 per tola to reach Rs217,300.

    According to the Karachi Sarafa Association, the price for 10 grammes of 24-karat gold was reported at Rs186,300, marking an increase of Rs514.

    The price for 10 grammes of 22-karat gold was Rs170,775 during this period.

    In contrast, silver remained steady in the local market, with 24-karat silver being traded at Rs2,650 per tola and Rs2,271.94 per 10 grammes.

    Internationally, the spot price of gold experienced a decline of $15, or 0.74%, reaching $2,039. It’s noteworthy that, at the time of the Karachi Sarafa Association’s report, the international spot rate had decreased by $8.

    It’s worth mentioning that 24-karat gold in Pakistan has observed a decline for the second consecutive week, as reported in the previous week.

  • Gold prices in Pakistan wrap up first week of 2024 on a decline

    Gold prices in Pakistan wrap up first week of 2024 on a decline

    The gold prices in Pakistan concluded the initial week of 2024 on a downward trajectory, witnessing a notable drop in the value of 24-karat gold.

    According to reports from the Karachi Sarafa Association, the price of 24-karat gold plummeted by Rs2,000 per tola, settling at Rs218,000.

    Contrary to this trend, the association noted that 24-karat gold experienced a gain of Rs1,000 per tola in today’s trading session, offering a glimmer of positivity in an otherwise challenging week.

    The closing figures for the last trading session revealed that 10-gramme 24-karat gold reached Rs186,900, showcasing an increase of Rs857.

    Similarly, the price of 10-gramme 22-karat gold stood at Rs171,325, marking a rise of Rs786.

    Investors in the domestic bullion market enjoyed substantial returns in 2023, with the yellow metal delivering an impressive 19.63% yield for the year.

    The concluding price of 24-karat gold in 2023 stood at Rs220,000 per tola, a notable surge compared to Rs183,900 per tola in the same period last year (SPLY).

    Adding to the dynamics of the market, the Pakistani Rupee (PKR) extended its winning streak, appreciating by an additional 46 paisa against the US dollar.

     This marks the eighth consecutive appreciation for the Pakistani rupee, driven by positive market sentiments.

    Analysts attribute this positive trend to the anticipation of the approval of the second loan tranche worth $700 million by the International Monetary Fund (IMF).

    Pakistan’s inclusion in the IMF’s meeting agenda for January 11, 2024, has heightened expectations of economic support.

    It’s essential to recognise the intricate relationship between domestic gold prices and the local currency.

    As gold is denominated in US dollars, any appreciation of the Pakistani rupee against the greenback tends to result in a decline in the value of gold.

    In conclusion, the first week of 2024 has been a mixed bag for the gold market in Pakistan, with fluctuating prices and external factors influencing the dynamics.

    Investors are likely to keep a close eye on both international economic developments and local market conditions as they navigate the complexities of the gold trade.

  • Gold price in Pakistan increases to Rs218,600 per tola

    Gold price in Pakistan increases to Rs218,600 per tola

    Gold prices in Pakistan experienced a marginal uptick on Friday, with the value of 24-karat gold climbing by Rs300 per tola, concluding the session at Rs218,600.

    According to the Karachi Sarafa Association, the closing rate for 10-gramme 24-karat gold in today’s session reached Rs187,414, marking an increase of Rs257.

    Simultaneously, the price of 10-gramme 22-karat gold reached Rs171,796, reflecting a rise of Rs235.

    In the domestic market, silver prices also saw an upward trend, with 24-karat silver and 10-gramme 24-karat silver settling at Rs2,670 and Rs2,289.09, respectively.

    It is noteworthy that the domestic bullion market displayed a robust recovery in the previous session after enduring five consecutive losses, resulting in a cumulative loss of Rs6,300 for 24-karat gold.

    This surge was attributed to a rally in international markets, which persisted today, contributing to gains in the domestic market.

    As of the latest update, international spot gold is trading at $2,041.17, reflecting a 0.26 per cent increase for the day.

    The ongoing upward trajectory in international gold prices is influenced by the recent statement from the US Federal Reserve, which indicates a cumulative rate cut of 75 basis points in 2024.

  • Gold price in Pakistan experiences massive single-day gain of Rs5,700 per tola

    Gold price in Pakistan experiences massive single-day gain of Rs5,700 per tola

    In a significant development, gold staged a recovery from its recent five-session decline in Pakistan on Thursday, driven by a surge in the global market.

    The domestic market witnessed a notable upswing in gold prices today, surging to Rs218,300 per tola after a massive single-day gain of Rs5,700 per tola.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the 10-gramme gold price in Pakistan experienced a surge, reaching Rs187,157 after a significant uptick of Rs4,887.

    This marks a considerable shift from Wednesday’s scenario, when gold prices in Pakistan witnessed a decline of Rs1,000 per tola.

    Internationally, the gold market reflected this positive momentum, setting the rate at $2,052 per ounce with a $20 premium on Thursday. This uptick translated into a $54 increase in the international market, as reported by APGJSA.

    Simultaneously, silver rates observed an upward trend, climbing by Rs70 and settling at Rs2,650 per tola.

    While these developments unfolded in the precious metal markets, the Pakistan Stock Exchange experienced a tumultuous Wednesday, initially plummeting by over 1,900 points.

    Despite the initial setback, the market rebounded, ultimately concluding the business day with a loss of over 1,100 points.

    The benchmark KSE-100 index kicked off Thursday’s session on a pessimistic note, extending its downward trajectory to revisit the previous day’s lows of approximately 64,400.

    However, buyers intervened, successfully defending this level once again.

    The index maintained a rangebound pattern for the remainder of the session, closing at 65,450.19, marking an increase of 170 points or 0.26 per cent day-over-day.

  • 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 declines by Rs1,700 to Rs234,500 per tola amidst weakening rupee

    Gold price declines by Rs1,700 to Rs234,500 per tola amidst weakening rupee

    The price of gold in Pakistan continued its downward trend on Monday, having lost a cumulative sum of Rs1,100 per tola throughout the previous week. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) provided data indicating that the rate of 24-carat gold declined by Rs1,700 per tola and Rs1,457 per 10 grammes, reaching Rs234,500 and Rs201,046 respectively.

    On the international front, the price settled at $1,945 per ounce after a decrease of $1. The safe-haven bullion traded within a narrow range in the global market due to an agreement reached by US Democrats and Republicans to raise the federal debt ceiling, thereby averting a potential US default, which would have been unprecedented.

    Moreover, recent data suggested that the US Federal Reserve would raise interest rates for the 11th consecutive time in June. Consequently, the value of the US dollar surged, negatively impacting the gold price.

    These factors, coupled with ongoing political and economic uncertainty, high inflation, and currency depreciation, contributed to the volatility of the gold rate in Pakistan. As a result, individuals turned to purchasing the precious metal as a safe investment and a hedge.

    In the interbank market, the Pakistani rupee experienced a decrease of Re0.27 or 0.09 per cent against the US dollar on Monday, closing at Rs285.42, according to data from the State Bank of Pakistan.

    Furthermore, data shared by the jewellers’ association revealed a decline in the price of silver, which had remained relatively stable in the previous week. The rate of silver fell by Rs50 per tola and Rs42.87 per 10 grammes, reaching Rs2,850 and Rs2,443.41 respectively.