Gold prices drop by Rs10,400 per tola in Pakistan
Gold prices declined significantly in both Pakistani and international markets amid global fluctuations on Monday, Express News reported.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs10,400, settling at Rs340,500. The price of 10-gram gold also fell by Rs8,917, reaching Rs291,923.
The latest drop comes after gold lost Rs1,800 per tola on Friday, when it had closed at Rs350,900.
In global markets, gold fell by $104 during the day, with the international rate standing at $3,221 per ounce, including a $20 premium, APGJSA reported.
Silver also saw a modest decline, with the price per tola shedding Rs17 to close at Rs3,400.
Jewellers noted that fluctuations in global demand, currency volatility, and investor caution were contributing to market uncertainty.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
25 minutes ago
- Express Tribune
No Air Force One yet; optics secured
The writer is an Economist based in Islamabad. For insights and updates, follow on Twitter: @SalmanAneel or reach out via email at aneelsalman@ Is he coming or not? The question is hanging in Islamabad's diplomatic air like smog before monsoon. No official itinerary. No confirmation. And yet, the entire capital is abuzz with speculation, prepping for the possibility that Donald J Trump may soon be setting foot on Pakistani soil — with a camera crew in tow. Top media outlets have already done the classic Islamabad two-step: break the story, then retract it. The White House issued a dry-as-toast denial: "No trip scheduled at this time." But with Trump, absence of confirmation often is the confirmation. Denial, after all, is part of the build-up. Because Trump is not a president in the conventional sense. He is a performer playing a president, on a stage where policy is the prop and optics are the plot. Let's rewind the show. In June, Trump rolled out the red carpet for Pakistan's Army Chief at the White House — a move so unorthodox under a civilian government that even the most seasoned analysts blinked twice. Then came the hammer on India. First a 25% tariff, and then an additional 25% blow for Delhi's ongoing flirtation with Russian oil. And in the same breath, Trump was touting a "massive oil exploration deal" with Pakistan. He even brokered the Indo-Pak ceasefire in May which he keeps mentioning in his speeches. This isn't diplomacy. It's pageantry, choreographed to disrupt the old order while staging a new one — centred entirely around Trump. If the visit materialises, expect theatre. Not handshakes over policy documents, but a fireworks display of "deals" and declarations. A press conference about American companies exploring Pakistan's untapped oil reserves — even if the oil's more rumour than resource. Trump doesn't care about whether deals are signed or implemented. He cares that the announcement makes a splash. And he'll certainly paint the Pakistan visit as a strategic masterstroke. "We punished India, and look — Pakistan welcomed us." Expect a trade narrative: crypto, IT, minerals. Expect energy promises. Expect vintage Trump logic, where tariffs on one partner prove that another was the better option all along. He may even try to revive his peace-broker persona. Cue a speech at a local university, maybe even a soundbite about deserving the Nobel Prize. But beneath the showmanship, Pakistan must ask: what's really on offer? This is where we need to be careful. Trump is not pivoting to Pakistan because of shared values or vision. He's pivoting because we're currently the convenient headline. In this moment, Islamabad is not the favourite — it's the foil. And the minute the optics shift, so will the attention. So how should Pakistan play it? First, keep it real. If Trump wants a show, let him have it — but behind the curtains, ask for substance. Frame every conversation with facts, feasibility, and follow-up. Announcements are nice. Agreements are better. Second, use the spotlight. Push for serious engagement in energy, rare earths, Fintech. Pitch ourselves not as a hedge against India, but as a regional hub with value beyond geopolitics. Third, protect the sovereignty clause. This is not the moment to nod along to every soundbite. Make sure any cooperation is framed around mutual benefit — not someone else's election season optics. Finally, think beyond Trump. Engage Congress. Reconnect with think tanks. Make the case to American institutions that Pakistan isn't a wildcard, but a partner with a plan. Trump is just one act in the American playbook. We should be speaking to the full cast. Whether Air Force One lands or not, the stage is already set. The visit may be imaginary, but the impact isn't. For now, Trump has recast Pakistan not as a pariah, but as a possibility. For a transactional politician, that's as close to a compliment as it gets. And so we wait. For the motorcade that may never arrive. For the handshake that may remain hypothetical. But most of all, for the headlines that — confirmed visit or not — have already shifted the South Asian narrative. In the end, this is classic Trump. Promise big. Say little. Deliver drama. Whether or not Air Force One touches down at Nur Khan, one thing is clear: Trump's foreign policy was never about alliances. It was always about audience. And right now, Pakistan is in the spotlight. Let's not miss the cue.
Business Recorder
6 hours ago
- Business Recorder
Moody's upgrades deposit ratings of five Pakistani banks
ISLAMABAD: Moody's Ratings (Moody's) has upgraded to Caa1 from Caa2 the local and foreign-currency long-term deposit ratings of five Pakistani banks: Allied Bank Limited (ABL), Habib Bank Ltd. (HBL), MCB Bank Limited (MCB), National Bank of Pakistan (NBP) and United Bank Ltd. (UBL). The rating agency also upgraded the Baseline Credit Assessments (BCAs) and Adjusted BCAs for ABL, HBL, MCB and UBL to caa1 from caa2, and of NBP to caa2 from caa3. The outlook on the long-term deposit ratings of all banks has been changed from positive to stable. Today's rating actions follow Moody's decision to upgrade the government of Pakistan's local and foreign currency issuer and senior unsecured debt ratings to Caa1 from Caa2, reflecting Pakistan's improving external position, supported by its progress in implementing reforms under the IMF Extended Fund Facility (EFF) program. 'Our decision to upgrade Pakistani banks' ratings reflects (1) the country's improving operating environment, as captured by our raising of its Macro Profile for Pakistan to 'Very Weak+' from 'Very Weak'; (2) the Government of Pakistan's improved capacity to support the banks in case of need, as indicated by the sovereign rating upgrade; and (3) banks' own resilient financial performance', said the rating agency. Moody's upgrades Wapda's CFR, BCA ratings The revised Macro Profile score for Pakistan is underpinned by Pakistan's improving external position, supported by its progress in reform implementation under the IMF Extended Fund Facility (EFF) program. Nonetheless, Pakistan's external position remains fragile. Its foreign exchange reserves remain well below what is required to meet its external debt obligations, underscoring the importance of steady progress with the IMF programme to continually unlock financing. Improvements to Pakistan's external position contribute to a stable macroeconomic environment, which has a positive impact on Pakistani banks that are significantly exposed to the sovereign through their large holdings of government securities – these account for around half of total banking assets – as well as through their local banking operations and exposure to Pakistani corporates, businesses and retail consumers, it added. Moody's said that Pakistani banks are also displaying a resilient financial performance, as reflected by their stable, deposit-based funding profile, high liquidity buffers and generally good earnings-generating capacity. The decline in inflation from 30.8% for 2023 to 12.6% for 2024 and State Bank of Pakistan's (SBP) series of rate cuts from the peak of 22% as of May 2024 to 11% as of May 2025 will also support a drop in problem loans, reduce borrowing costs and stimulate credit demand, particularly in the SME and consumer segments. Nonetheless, profitability will face some downward pressure on the back of compressed net interest margins driven by the rate cuts, while asset risks remain elevated as, despite the improvements – operating conditions remain fragile given the government's high liquidity and external vulnerability risks. The stable outlook on all banks' long-term deposit ratings is in line with the stable outlook on Pakistan's government and partly also reflects solid loan loss provisions and capital buffers. The stable outlook also reflects continued improvements in the operating environment following a steady disinflation process with moderating profitability and adequate levels of liquidity, although encumbered government securities form a significant part of this. Moody's upgraded NBP's BCA and Adjusted BCA to caa2 from caa3, as well as the bank's long-term deposit ratings to Caa1 from Caa2. NBP's BCA captures the improving operating conditions, and the bank's strong deposit-funded profile and enhanced earnings generation capacity, with net income making 1.3% of tangible assets during the first quarter of 2025, despite previous challenges from one-off litigation expenses. However, the bank's adjusted capital buffers remain modest—particularly when Pakistani government securities are risk-weighted at 150%. Its significant exposure to the sovereign also underscores the bank's elevated asset risk, as reflected in its reported NPLs, which stood at 14.2% as of March 2025—significantly above the sector average. The bank's deposit ratings continue to incorporate one notch of government support uplift, based on our assessment of a very high probability of government support, driven by the bank's systemic importance and large market share of deposits, 75% government ownership (through Pakistan Sovereign Wealth Fund) and track record of government support. Moody's upgraded the BCA and Adjusted BCA of HBL to caa1 from caa2, as well as the bank's long-term deposit ratings to Caa1 from Caa2. HBL's BCA captures the improving operating conditions, the bank's good liquidity buffers, strong deposit-funded profile and solid asset quality position, reflected by its 5.3% reported NPLs as of March 2025; but also the high asset risks, given the bank's high exposure to government securities that links its credit profile to that of the government, as well as its modest adjusted capital buffers, with tangible common equity representing 5.7% of adjusted risk weighted assets as of March 2025. The upgrade of the long-term deposit ratings to Caa1 reflects the BCA upgrade and our assessment of a very high probability of government support, which results in no uplift as the bank's caa1 BCA is at the same level as Pakistan's long-term issuer rating of Caa1. Moody's upgraded UBL's BCA and Adjusted BCA to caa1 from caa2, and the long-term deposit ratings to Caa1 from Caa2. UBL's ratings capture the improving operating conditions, as well as the bank's stable deposit base, strong liquid buffers and moderate profitability. These strengths are balanced against the high nonperforming loans (14.7% of gross loans as of March 2025) following the acquisition of Silk Bank, but which remain fully covered by loan loss provisions; weak adjusted capitalisation levels; and its very high exposure to government securities that links its credit profile to that of the government. The upgrade of the long-term deposit ratings to Caa1 reflects the BCA upgrade and our assessment of a very high probability of government support, which results in no uplift as the bank's caa1 BCA is at the same level as Pakistan's long-term issuer rating of Caa1. Moody's upgraded the BCA and the Adjusted BCA of MCB to caa1 from caa2 and the long-term deposit ratings to Caa1 from Caa2. MCB's ratings capture the improving operating environment, the bank's strong profitability with a return on assets of 1.7% during the first quarter of 2025, stable deposit base and good liquidity buffers; but also its high asset risks, modest adjusted capitalisation metrics with tangible common equity representing 5.7% of the adjusted risk weighted assets as of March 2025, and its high exposure to government securities that links its credit profile to that of the government. The upgrade of the long-term deposit ratings to Caa1 reflects the BCA upgrade and our assessment of a high probability of government support, which results in no uplift as the bank's caa1 BCA is at the same level as Pakistan's long-term issuer rating of Caa1. Moody's upgraded the BCA and Adjusted BCA of ABL to caa1 from caa2 and the long-term deposit ratings to Caa1 from Caa2. ABL's ratings capture the improving operating environment, the bank's relatively low stock of problem loans reflected by the 1.6% reported NPLs as of March 2025, well below the system average, stable deposit-based funding and ample liquid buffers; but also its modest adjusted capital buffers, and its high exposure to government securities that links its credit profile to that of the government. BCA also pushed up: Moody's upgrades Wapda's CFR to Caa2 The upgrade of the long-term deposit ratings to Caa1 reflects the BCA upgrade and our assessment of a high probability of government support, which results in no uplift as the bank's caa1 BCA is at the same level as Pakistan's long-term issuer rating of Caa1. Pakistani banks' ratings could be upgraded following a material strengthening of the operating environment and in the government's credit profile, and provided that the banks maintain their resilient financial performance. Pakistani banks' ratings could be downgraded if (1) Pakistan's sovereign rating of Caa1 is downgraded; and/or (2) there is a deterioration in the banks' financial performance, specifically asset quality, profitability and capital adequacy.
Express Tribune
8 hours ago
- Express Tribune
USD exchange rate: Rupee holds steady
The Pakistani rupee remained largely stable against the dollar on Tuesday, while showing slight fluctuations against other major currencies. Major commodities such as oil are primarily traded in US dollars, while several economies, including Saudi Arabia, continue to peg their currencies to the greenback. According to the National Bank of Pakistan (NBP) rate sheet, the rupee closed almost unchanged against the US dollar, with the currency selling at Rs282.50 and buying at Rs282.00, compared to Rs282.45/281.95 a day earlier. This reflects only a 0.02% change. The euro slipped to Rs329.68 (selling) and Rs329.10 (buying), down 0.29% from Monday's levels of Rs330.63/330.04. The British pound also eased, trading at Rs381.76 and Rs381.09, marking a 0.31% decline. Read: PSX hits record high on Fitch's positive outlook on banks The Canadian dollar saw a minor uptick to Rs204.79/204.43, rising by around 0.07%, while the Australian dollar dropped to Rs183.46/183.14, a 0.37% decline compared to Monday. In the Gulf region, the UAE dirham inched up to Rs77.54/77.40 from Rs77.43/77.29, while the Saudi riyal rose to Rs75.37/75.24 from Rs75.27/75.14. The Qatari riyal softened slightly to Rs77.98/77.84, down from Rs78.36/78.22. The Swiss franc held almost flat at Rs350.26/349.65 versus Rs350.41/349.79 a day earlier. The Kuwaiti dinar, meanwhile, edged higher to Rs925.15 for selling and Rs923.52 for buying, compared to Rs924.85/923.22 previously. At the same time, the Pakistan Stock Exchange extended its bullish momentum, with the KSE-100 Index crossing the 149,500 mark today.
