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Tag: gold price

  • Gold price drops by Rs1,400 to Rs239,600 per tola

    Gold price drops by Rs1,400 to Rs239,600 per tola

    The price of gold in Pakistan continued its downward trajectory for the fifth consecutive session on Friday, dropping by another Rs1,400 to settle at Rs239,600 per tola.

    This sustained decline has caught the attention of investors and consumers alike, as it indicates a significant cooling of the precious metals market in the country.

    Alongside the decline in the price per tola, the rate for 10 grammes of gold also fell, reaching Rs205,418 after a reduction of Rs1,201 from the previous session.

    This comes after gold in Pakistan had already dropped by Rs900 per tola on Thursday, signalling a broader trend of decreasing gold prices.

    The downward movement in the local gold market aligns with trends observed internationally.

    The international rate of gold decreased on Friday, with APGJSA reporting a drop of $11 per ounce, settling at $2,297 (including a premium of $20).

    This decline in the global market is likely influencing the downturn in Pakistan’s gold prices.

    Interestingly, while gold has seen consistent declines, the price of silver has remained stable, with rates holding steady at Rs2,620 per tola.

    This divergence in the precious metals market raises questions about the underlying factors driving these trends and whether the gold-silver ratio is indicative of broader shifts in market sentiment.

    In the past five sessions, the cumulative decrease in gold prices per tola in Pakistan has reached Rs5,400, marking a significant reduction from the all-time high of Rs252,200 recorded last month.

    The recent volatility has left investors cautious, with many closely monitoring the market for signs of stabilisation or further declines.

    Given the significant fluctuations in the gold market, both local and international factors are likely to play a role in determining future trends.

    The ongoing uncertainties in global economic conditions and changing investor sentiment could further impact gold prices in the coming weeks.

  • Local gold price rises by Rs2,500, reaching Rs245,000 per tola

    Local gold price rises by Rs2,500, reaching Rs245,000 per tola

    Gold prices in Pakistan increased on Friday, reflecting a similar upward trend in the international markets.

    The price per tola (approximately 11.66 grammes) of gold reached Rs245,000, marking a single-day increase of Rs2,500. This comes after a modest gain of Rs500 on Thursday.

    The rates for 10 grammes of gold also saw a significant uptick, reaching Rs210,048 following a rise of Rs2,143, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    This surge in local prices corresponds with a jump in international gold prices, which rose by $21 per ounce to settle at $2,343 (including a premium of $20) on Friday.

    Despite these increases in gold prices, silver rates remained unchanged, with the price per tola staying steady at Rs2,650.

    The recent volatility in gold prices underscores the impact of international market trends on the local Pakistani market.

    Last week, the price of gold reached an all-time high in Pakistan, with a tola selling for Rs252,200.

    The fluctuations in precious metal prices are closely monitored by investors and consumers alike, as they reflect broader economic trends and market sentiments.

    For gold traders and investors in Pakistan, these price shifts suggest a continuing trend of fluctuation, likely influenced by global economic factors and investor demand.

    The APGJSA will continue to provide updates on market trends and price changes as they occur.

  • 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.

  • Gold price increases by Rs4,600 to Rs232,400 per tola

    Gold price increases by Rs4,600 to Rs232,400 per tola

    Gold prices in Pakistan experienced a massive surge on Thursday, following cues from the Federal Reserve indicating its intention to proceed with three interest-rate cuts within the year.

    The price of 24-karat gold rose by Rs4,600 per tola, reaching Rs232,400. The Karachi Sarafa Association noted a similar trend, reporting a price increase of Rs3,943 for 24-karat gold per 10-gramme, now priced at Rs199,245.

    Correspondingly, 22-karat gold witnessed a rise, reaching Rs182,642 per 10-gramme.

    Furthermore, silver prices also saw an uptick in Pakistan. 24-karat silver was traded at Rs2,600 per tola and Rs2,229.08 per 10-gramme, marking an increase of Rs20 per tola and Rs17.15 per 10-gramme.

    Internationally, spot gold prices surged above $2,200 an ounce for the first time, following the US Federal Reserve’s decision and a dovish stance from Jerome Powell.

    The Federal Reserve opted to maintain interest rates at 5.25 per cent-5.5 per cent but upheld their forecast for three quarter-point rate reductions throughout the year.

    This announcement propelled the price of gold, reaching as high as 1.6 per cent to $2,220.89 an ounce during early trading, although it slightly retreated while still maintaining levels above $2,220.

  • 24-karat gold price increases to Rs227,300 per tola

    24-karat gold price increases to Rs227,300 per tola

    In Tuesday’s trading session, the local bullion market witnessed a modest recovery, as the price of 24-karat gold rose by Rs400 to reach Rs227,300 per tola.

    The Karachi Sarafa Association disclosed that the price of 24-karat gold for 10 grammes climbed to Rs194,873, marking a Rs343 increase.

    Similarly, the price of 22-karat gold saw an uptick, reaching Rs178,634 per 10 grammes.

    Contrarily, silver prices remained stable, with 24-karat silver maintaining its rate at Rs2,580 per tola and Rs2,211.93 per 10 grammes.

    Last week, 24-karat gold concluded its two-week ascent with a setback of Rs2,700 per tola.

    On the global scale, international spot gold hovered around $2,155 per ounce, experiencing a marginal decline of 0.25 per cent compared to the preceding session.

    This dip in the global market is attributed to dampened expectations of a US interest rate reduction following lackluster price data from the previous week.

    Notably, US consumer prices surpassed projections in February, while producer prices hinted at inflationary pressures.

  • Gold price in Pakistan increases by Rs250 to Rs228,550 per tola

    Gold price in Pakistan increases by Rs250 to Rs228,550 per tola

    The local bullion market exhibited stability on Thursday, with 24-karat gold fetching Rs228,550 per tola, marking an increase of Rs250 compared to the previous session.

    This pricing trend persists near its historical highs, fueled by anticipations of US interest rate adjustments, heightened Chinese purchasing activity, and ongoing geopolitical tensions.

    According to the Karachi Sarafa Association, the cost of 10-gramme 24-karat gold rose to Rs195,945 per tola, reflecting a gain of Rs215.

     Similarly, the price of 10-gramme 22-karat gold experienced a marginal uptick, reaching Rs179,616.

    Contrarily, silver rates remained unchanged today, with 24-karat silver trading at Rs2,600 per tola and Rs2,229.08 per 10-gramme.

    Internationally, spot gold hovered around $2,169 per ounce, following a $16.8 or 0.78% increase yesterday.

    JPMorgan Chase & Co. identifies gold as the top preference in commodities markets, projecting a potential price surge to $2,500 per ounce this year.

  • Gold price drops by Rs1,800 per tola as PKR records modest gains

    Gold price drops by Rs1,800 per tola as PKR records modest gains

    Gold prices in Pakistan experienced a downturn on Wednesday, echoing the global market trend.

    The precious metal, commonly known as the yellow metal, was priced at Rs228,300 per tola, marking a decrease of Rs1,800 over the course of the day.

    Data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA) revealed that the price of 10 grammes of gold stood at Rs195,730 after a decrease of Rs1,544.

    This decline follows a Rs100 reduction in gold prices per tola observed on Tuesday within the country. Internationally, gold was valued at $2,179 per ounce on Wednesday, reflecting a $18 decrease with a premium of $20.

    Meanwhile, silver prices remained stable at Rs2,600 per tola during the same period.

    On another front, the Pakistani rupee showed a slight improvement against the US dollar, appreciating by 0.11 per cent in the interbank market on Wednesday.

    At the close, the local currency settled at 278.79, gaining Re0.29 against the greenback, as reported by the State Bank of Pakistan (SBP).

    On Monday, the rupee experienced a marginal decline, settling at 279.08 against the US dollar, according to the State Bank of Pakistan (SBP).

  • 24-karat gold price dips slightly by Rs100 per tola

    24-karat gold price dips slightly by Rs100 per tola

    In the domestic bullion market, Tuesday saw a relatively stagnant session, with the price of 24-karat gold slipping by Rs100 to Rs230,100 per tola.

    Notably, this marks the first decline in gold prices in Pakistan following ten consecutive sessions of growth.

    Just last week, the price of 24-karat gold surged by almost Rs10,000 per tola, reaching levels unseen since September 2023.

    However, according to the Karachi Sarafa Association, the price of 10-gramme 24-karat gold dropped to Rs197,274 per tola, reflecting a decrease of Rs86.

    Similarly, the price of 10-gramme 22-karat gold experienced a slight dip, settling at Rs180,834.

    Contrastingly, silver prices remained stable today, with 24-karat silver maintaining its rate at Rs 2,600 per tola and Rs2,229.08 per 10-gramme.

    On the global stage, international spot gold traded near $2,177.14 an ounce, marking a 0.26% decrease from the previous session.

    Investors are closely monitoring Tuesday’s U.S. inflation data, anticipating its impact on monetary policy.

  • Gold price remains unchanged at Rs230,200 per tola

    Gold price remains unchanged at Rs230,200 per tola

    In a day of consistency, gold prices in Pakistan remained unaltered on Monday, mirroring the steady trend observed in the international market.

    According to data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local market reported no change in the price of gold per tola, maintaining a steady Rs230,200.

    Similarly, the 10-gramme gold price remained constant at Rs197,360.

    The international market echoed this stability, with the global rate of gold holding firm at $2,198 per ounce on Monday. APGJSA noted a premium of $20, maintaining the equilibrium of the precious metal’s value.

    In parallel, silver prices also exhibited stability in the local market, remaining fixed at Rs2,600 per tola.

    This unswerving trend further highlights the current stability in the precious metals market, providing insights for investors and enthusiasts alike.

  • Gold price closes week above Rs230,000 per tola

    Gold price closes week above Rs230,000 per tola

    In a notable development, gold prices in Pakistan witnessed a substantial increase, with the per-tola price surging by Rs1,600 in the local market.

    The gold rate climbed to a new height, reaching Rs230,200 in the domestic market, reflecting the ongoing economic dynamics.

    Specifically, the price of 10 grammes of 22-karat gold has also experienced an upward trend, trading at Rs180,913.

    This surge in gold prices is likely to impact various sectors of the economy, prompting investors and market observers to closely monitor the situation.

    Simultaneously, the Pakistan Stock Exchange (PSX) has marked a week of positive trends and significant growth in business activities following the recently held general elections.

    As the business week concluded, the KSE-100 index stood at 65,793 points, indicating a gain of 468 points, or 0.70 per cent. 

    Throughout the week, the KSE-100 index reached its peak at an impressive 66,150 points, underscoring the confidence of investors in the market.

    However, it is noteworthy that the index experienced fluctuations, with the lowest point recorded at 65,187.