Gold price continues to fall, reaches Rs358,100
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
13 hours ago
- Express Tribune
Rupee extends rally with gains of 20 paisa
The Pakistani rupee extended its gains against the US dollar on Wednesday, rising 20 paisa, or 0.07%, in the inter-bank market. The currency closed at 282.22 compared to the previous day's closing level of 282.42. It was the rupee's fifth consecutive day of appreciation, driven by improved market sentiment amid an ongoing crackdown on illegal currency dealers and smugglers. Last week, a court handed five-year prison terms to three illegal currency traders and fined Rs1 million each for engaging in unlawful foreign exchange operations. In global trade, the US dollar slipped after soft US inflation data reinforced expectations of a Federal Reserve rate cut next month. Political developments in Washington, including President Donald Trump's moves to tighten control over US institutions, also weighed on the greenback. The dollar index hit a more than two-week low, making bullion cheaper for overseas buyers, while the yield on the benchmark 10-year Treasury note edged lower, according to Reuters. Meanwhile, gold prices in Pakistan inched lower, diverging from the international trend, where the metal gained on a weaker US dollar and falling Treasury yields. Mild US inflation data reinforced expectations of a Federal Reserve rate cut in September, with markets also factoring in the possibility of further easing later this year. In the local market, the price of gold per tola fell Rs200 to Rs358,100, according to the All Pakistan Sarafa Gems and Jewellers Association. The rate for 10 grams declined Rs171 to Rs307,013. On Tuesday, gold had dropped by Rs500 to Rs358,300 per tola. Interactive Commodities Director Adnan Agar said global gold prices were moving within a narrow range, with Wednesday's high at $3,370 per ounce and low at $3,342. 'The market was trading at $3,355 and waiting for fresh triggers,' he noted. Agar pointed to the upcoming geopolitical events, including a Russia-US-Ukraine summit this weekend, as potential drivers. 'If the summit fails, gold prices are likely to rise. A breakthrough could push prices lower,' he said. Agar added that markets were also looking ahead to the US Federal Reserve's policy decision next month, where there was a strong likelihood of an interest rate cut, a move that could further influence gold's direction. Spot gold gained 0.4% to $3,357.59 per ounce by 12:10 pm ET (1610 GMT). US gold futures for December delivery rose 0.3% to $3,408.50. 'Gold is buoyant on heightened expectations of a September Fed rate cut, following benign inflation data and July's weak non-farm payrolls,' said Nikos Tzabouras, senior market analyst at
Express Tribune
a day ago
- Express Tribune
Stocks give up early gains, succumb to profit-booking
The Pakistan Stock Exchange (PSX), after kicking off the new trading session on an upbeat note on Wednesday, gave up early optimism over profit-booking pressure. By the close of trading, the benchmark KSE-100 index recorded a loss of 476 points, or 0.32%, at 146,529. In the morning, stocks showed impressive movement, which took the index to intra-day high of 147,892. However, at midday the market began to lose steam as traders grew increasingly risk averse. It resulted in a steady pullback, pushing the index to the day's low at 146,418. The downturn was largely attributed to profit-booking. Arif Habib Limited (AHL) Head of Research Sana Tawfik told The Express Tribune that the stock market started off on a positive note but lost early momentum due to profit-taking and closed lower. 'As expected, it is a consolidation phase at current levels following a streak of record-breaking rallies,' she said. 'However, the sentiment is expected to turn positive in the backdrop of several factors such as Moody's credit rating upgrade for Pakistan to Caa1 from Caa2 and robust financial results. Profit-taking is also expected to continue simultaneously,' she added. KTrade Securities, in its market wrap, noted that the KSE-100 index remained range bound as investors continued to take profit. The index lost 476 points and closed at 146,529 after hitting intra-day high of 147,892 and low of 146,418. Cement stocks performed positively while fertiliser and oil and gas sectors lost ground, it said. Key gainers included Lucky Cement, Habib Bank, Meezan Bank and National Bank. On the flip side, Fauji Fertiliser, Engro Fertilisers, Pakistan Petroleum and MCB Bank pulled the index down. The uptrend may continue, however, some consolidation is likely as the index hovers around record highs, KTrade concluded. Overall trading volumes decreased to 647.1 million shares compared with Tuesday's tally of 691.7 million. Traded value stood at Rs40.9 billion. Shares of 487 companies were traded. Of these, 199 stocks closed higher, 240 dropped and 48 remained unchanged. Yousuf Weaving was the volume leader with trading in 51.8 million shares, gaining five paisa to close at Rs6.14.
Business Recorder
a day 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.
