Gold prices post modest gains
According to the All Pakistan Sarafa Gems and Jewelers Association, international gold prices rose by $3, reaching $3,330 per ounce. However, sluggish momentum in the global market limited the impact on domestic rates.
As a result, local gold prices edged higher by Rs300 per tola and Rs258 per 10 grams, closing at Rs354,665 and Rs304,068 respectively. Despite the increase, the market remained largely steady without any notable shift in buying patterns.
In contrast, the silver market saw a notable decline. Domestic silver rates dropped sharply by Rs26 per tola and Rs22 per 10 grams, settling at Rs3,764 and Rs3,227 respectively. Globally, silver hovered around $36 per ounce.
It is worth noting that the open market may trade gold and silver at different prices as compared to those fixed by the association, keeping in view the global market fluctuations. The association links gold trading to interbank exchange rate.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
2 hours ago
- Business Recorder
‘US-Canada relations'
This is apropos a letter to the Editor from this writer carried by the newspaper yesterday. It is important to note that until recently, the two countries were bound by one of the strongest economic partnerships in the world. In 2024, total goods trade between them reached USD 761.8 billion, with US exports to Canada worth USD 349.9 billion and imports from Canada at USD 411.9 billion. Agriculture alone accounted for USD 28.4 billion in US exports, including nearly USD 800 million in dairy. Canada sent USD 124 billion worth of energy, machinery, and vehicles to the United States, while the USMCA trade agreement favored US dairy producers by granting 3.6 percent tariff-free access to Canada's USD 15 billion dairy market and removing restrictions that had long frustrated American farmers. This trade was not just numbers—it represented communities, livelihoods, and a shared prosperity that outsiders often described as two halves of one whole. That reality began to unravel early in President Trump's second term when he abruptly imposed tariffs on Canadian goods, starting at 10 percent and then climbing to 35 percent, with threats of even higher duties on dairy. In public speeches, he floated the idea of Canada becoming the 'cherished 51st State' of the United States. The comments were not taken lightly in Ottawa. Prime Minister Mark Carney declared that 'Canada is not for sale and will never be the 51st state.' Former Prime Minister Justin Trudeau described the remarks as humiliating, while Deputy Prime Minister Chrystia Freeland called the US actions 'economic warfare.' Words quickly turned into confrontation, and soon a trade war was underway. Copyright Business Recorder, 2025
Business Recorder
5 hours ago
- Business Recorder
Solar Pakistan 2025 concludes Multiple MoUs signed
KARACHI: The three-day Solar Pakistan 2025 exhibition successfully concluded at the Karachi Expo Centre, marking a significant milestone in accelerating Pakistan's transition to alternative energy. Showcasing innovations ranging from micro solar solutions to large-scale industrial applications, the exhibition introduced several cutting-edge technologies in Pakistan for the first time. Serving as a thriving platform for business growth, the event witnessed the signing of multiple Memorandums of Understanding (MoUs) worth millions, reinforcing Pakistan's position as a hub for renewable energy investment and industrial collaboration. The closing ceremony was graced by Sindh Energy Minister, Syed Nasir Hussain Shah, who praised the exhibition for advancing renewable energy opportunities in the country. 'Events like Solar Pakistan are vital in unlocking Pakistan's true potential in renewable energy. The Government of Sindh is committed to facilitating such initiatives that foster industrial collaboration, generate economic opportunities, and accelerate our transition towards alternative and sustainable energy solutions,' he said. Commenting on the exhibition's success, Saleem Khan Tanoli, CEO of Fakt Exhibitions, stated: 'We are pleased to see the enthusiastic participation and engagement from both national and international stakeholders. Solar Pakistan continues to serve as a catalyst for innovation and collaboration, shaping the future of Pakistan's energy landscape.' Copyright Business Recorder, 2025
Business Recorder
6 hours ago
- Business Recorder
Futures spread up 17.41pc
KARACHI: The futures spread at the Pakistan Stock Exchange (PSX) widened sharply during the week, rising to 17.41 percent from 13.53 percent a week earlier, even as overall activity in the derivatives market slowed. The increase of 389 basis points reflected continued investor interest in leveraged positions amid an earnings-driven rally. However, both volumes and traded value in the futures counter registered a steep decline. Average daily turnover fell 18 percent to 98.8 million shares compared with 120.6 million shares in the preceding week. In value terms, futures activity slipped nearly 17 percent, settling at Rs9.1 billion from Rs11 billion earlier. Market watchers noted that while investors appeared selective in taking fresh leveraged exposure, the wider spread suggested confidence in near-term momentum despite softer participation. Copyright Business Recorder, 2025
