Gold prices continue recording highs; rupee gains 5 paisa
Listen to article
KARACHI:
Gold prices in Pakistan continued their upward trend, aligning with rising international rates. On Tuesday, the price of gold per tola rose by Rs100, maintaining a record high of Rs303,100 in the local market. Similarly, the price of 10 grams of gold increased by Rs86, reaching Rs259,859, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
This increase followed Monday's sharp surge of Rs4,000 per tola, setting a then-record high of Rs303,000. Internationally, gold prices also climbed, with APGJSA reporting a rate of $2,904 per ounce (including a $20 premium), marking a $1 increase during the day.
Adnan Agar, Director of Interactive Commodities, mentioned the market saw a correction of $40 to $50 after its recent highs. He noted that while rapid price increases often lead to corrections, this one appeared short-lived. Agar pointed out that if gold prices correct to $2,868 and rebound, new highs could follow. However, if prices remain above $2,910, the market is likely to continue its upward momentum. A drop below $2,900 could lead to further corrections.
Agar linked the rally in gold prices to inflation concerns and geopolitical developments in the Middle East. He warned that if prices climb unchecked, a sharp decline may follow. The upcoming US economic data will play a key role in determining the next movement in gold prices.
Meanwhile, the Pakistani rupee strengthened slightly against the US dollar, closing at 279.17 in the interbank market, gaining 5 paisa, as reported by the State Bank of Pakistan.
On the global front, the US dollar gained strength after US President Donald Trump announced significant tariff increases on steel and aluminium imports. He said reciprocal tariffs on other countries were to be announced in the coming days.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
6 hours ago
- Business Recorder
Gold price per tola surges Rs4,300 in Pakistan
Gold prices in Pakistan increased on Thursday in line with their rise in the international market. In the local market, gold price per tola reached Rs358,400 after a surge of Rs4,300 during the day. Similarly, 10-gram gold was sold at Rs307,270 after it gained Rs3,687, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Wednesday, gold price per tola remained stable at Rs354,100. The international rate of gold also gained on Thursday. The rate was at $3,400 per ounce (with a premium of $20), an increase of $43, as per APGJSA. Meanwhile, silver price per tola increased by Rs159 to settle at Rs3,745.
Business Recorder
6 hours ago
- Business Recorder
KSE-100 closes nearly 160 points lower after mixed trading
A day after hitting an all-time high, the Pakistan Stock Exchange (PSX) witnessed mixed trading on Thursday, as its benchmark KSE-100 Index swayed in both directions before closing the day down nearly 160 points. The KSE-100 started the session on a negative note, hitting an intra-day low of 121,517.90, followed by buying momentum that pushed the index to an intra-day high of 122,281.58. Later, selling was observed in the final hours and at close, the benchmark index settled at 121,641, lower by 157.86 points or 0.13%. On Wednesday, the PSX continued its upward journey for the second straight day and closed at a new all-time high level, mainly driven by positive news on various aspects of the upcoming budget. The benchmark KSE-100 Index rose by 1,348 points or 1.12% to close at a record level of 121,799 points. Internationally, shares in Asia crept higher, and the US dollar languished ahead of the European Central Bank offering its policy outlook for a tumultuous global economy. The dollar slid in the previous session after weak US jobs and services data, with more weighty employment data due on Friday. Damage to the US economy is becoming more apparent from President Donald Trump's erratic tariff action, while bilateral deals remain unrealised. Canada prepared possible reprisals against the imposition of new US metals tariffs while the European Union reported progress in trade talks with Washington. Against that backdrop, market watchers considered the ECB almost certain to cut policy interest rates so will pay greater attention to what bank President Christine Lagarde signals about future decisions. Trump's doubling of tariffs on steel and aluminium imports became effective on Wednesday, hitting Canada and Mexico in particular. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.7% in early trade, whereas Japan's Nikkei stock index slid 0.2%.
Express Tribune
10 hours ago
- Express Tribune
PSX extends record rally as KSE-100 crosses 122,000 for first time
Listen to article The Pakistan Stock Exchange (PSX) continued its record-breaking momentum on Thursday, as the KSE-100 index surpassed the 122,000-point mark during intra-day trading for the first time in history. The market opened with the index at 121,886.21. During the session, the index reached a high of 122,281.58 before settling at 121,886.21. The lowest point observed during trading was 121,517.90. Trading volume stood at 82,723,154 shares, with a total transaction value of 4,622,969,368. The market's previous close was 121,798.86. Read: PSX extends record run as KSE-100 closes above 121,000 points for first time This follows the historic milestone of the PSX closing above 121,000 points for the first time just the day before. The recent uptick at the Pakistan Stock Exchange (PSX) comes after the Asian Development Bank (ADB) approved an $800 million financial package for Pakistan under its Resource Mobilization Reform Program (Subprogram-II). The package includes a $300 million policy-based loan and a $500 million program-based guarantee, boosting investor confidence. Earlier, ADB had delayed the package's approval by five days at India's request, as New Delhi sought time to review the loan documents—highlighting procedural loopholes in the bank's framework that permit such deferrals. Read more: ADB approves $800m financial package for Pakistan Yesterday, Ahsan Mehanti of Arif Habib Corp, speaking to The Express Tribune said that stocks closed at an all-time high led by scrips across the board after the ADB loan approval, the growth target and PSDP allocation. He added that expectations of budgetary relief for oil refineries, real estate and agriculture, along with the rupee's recent gains, played a key role in driving investor optimism.
