Gold soars significantly by Rs4,300/tola in Pakistan
Up by huge $43, international bullion prices soared to $3,400 per ounce, driving up the local gold prices by Rs4,300 per tola and Rs3,687 per 10 grams.
This surge took the total value of gold prices to Rs358,400 per tola and Rs307,270 per 10 grams, according to All Pakistan Sarafa Gems and Jewelers Association.
Domestic silver prices skyrocketed by Rs159 and Rs136, reaching Rs3,745 per tola and Rs3,210 per 10 grams with the international market growing to $36 per ounce, the association added.
It is worth noting that the open market may trade gold and silver at different prices as compared to those fixed by the association.
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
9 hours ago
- Business Recorder
Gold price continues to fall, reaches Rs358,100
Gold prices in Pakistan continued to decrease on Wednesday in line with their loss in the international market. In the local market, gold price per tola reached Rs358,100 after a decline of Rs200 during the day. As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs307,013 after it lost Rs171. On Tuesday, gold price per tola reached Rs358,300 after a decline of Rs500 during the day. The international rate of gold also saw a decrease today. The rate was at $3,354 per ounce (with a premium of $20), a loss of $2, as per APGJSA. Meanwhile, silver price per tola increased by Rs59 to reach Rs4,072.
Express Tribune
16 hours ago
- Express Tribune
Gold drops as traders eye US inflation data
Gold prices in Pakistan fell on Tuesday, mirroring losses in the international market, where the yellow metal edged lower as traders assessed tariff developments and awaited key economic data. A major US inflation report kept expectations for interest rate cuts intact, limiting the downside. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola settled at Rs358,300 after declining by Rs500. The rate for 10 grams stood at Rs307,184, down Rs429. On Monday, gold had dropped sharply by Rs3,600 per tola, closing at Rs358,800. Interactive Commodities Director Adnan Agar said the market remained under pressure due to a mix of geopolitical and economic factors. "Gold is exhibiting a downward trend as traders digest data that appears largely neutral for the precious metal," he noted. Agar pointed to speculation ahead of a planned summit between the United States and Russia in Alaska on August 15 to discuss the war in Ukraine. "If the meeting leads to a peaceful resolution, it will typically reduce safe-haven demand for gold," he explained. Over the past three to four months, gold has traded within a narrow range. Analysts now expect this range to be tested, with two developments likely to be decisive: the outcome of US-Russia talks and the direction of US monetary policy. While the Federal Reserve has kept interest rates unchanged, markets are watching for a possible cut, with the next policy meeting due in September. "Both the summit and upcoming Fed decisions will be critical for shaping gold's next move," Agar added. Spot gold was down 0.3% at $3,333.68 an ounce at 10:31 am EDT (1431 GMT), according to Reuters. The US Consumer Price Index (CPI) rose 0.2% last month after gaining 0.3% in June. For the 12 months through July, the CPI advanced 2.7%. Economists polled by Reuters had forecast a rise of 0.2% in July and an increase of 2.8% year-on-year. Meanwhile, the Pakistani rupee extended its mild gains against the US dollar, appreciating by 0.01% in the inter-bank market. The local currency ended the day at 282.42, up three paisa from Monday's close at 282.45. Globally, the US dollar traded flat ahead of a closely watched consumer inflation report later in the day, which could influence expectations for potential interest rate cuts by the Federal Reserve. The Australian dollar also held steady in the hours leading up to the Reserve Bank of Australia's policy decision. Meanwhile, the US dollar index, which tracks the greenback's performance against six major currencies, including the euro and yen, was unchanged at 98.497, after gaining 0.5% over the previous two sessions.
Business Recorder
16 hours ago
- Business Recorder
All resources to be utilised to empower youth: Punjab CM
LAHORE: Chief Minister Punjab Maryam Nawaz Sharif has said that all possible resources will be utilised to fulfil the dreams of the youth. 'The youth of Punjab are the bright future and a valuable asset of Pakistan,' the Chief Minister Maryam Nawaz Sharif said, in her message on 'International Youth Day.' The CM said, 'Every youth is the bright star of the nation's destiny, we are proud of them. Punjab's unique Honhaar scholarship programme is materializing the dreams of talented students.' She highlighted, 'Thousands of youth are benefiting from modern knowledge and technology through the 'CM Punjab Laptop Scheme'. Through the 'Khelta' Punjab programme, the Punjab government is providing the youth of every division a platform to prosper in the fields of sports, positive activities along with maintaining their health. The e-bike scheme is providing a dignified transportation facility and independence to thousands of students of Punjab.' The CM outlined, 'Advanced market-based IT training is preparing the youth not merely for acquiring jobs but to create jobs as well. Young medical graduates in Maryam Nawaz clinics are portraying a practical example of providing excellent medical service to the patients.' She noted, 'Assan Karobar Card and Assan Karobar Finance Scheme are providing the youth financial independence and strength. The ongoing internship programmes in various departments are opening avenues of practical experience and comprehension for the talented youth. Trust in the youth of Punjab will never fade away and there is no greater rejoice than witnessing their achievements and success in their practical fields.' Copyright Business Recorder, 2025
