Gold price per tola surges Rs5,900 in Pakistan
Gold prices in Pakistan increased on Monday in line with their incline in the international market. In the local market, gold price per tola reached Rs353,100 after a surge of Rs5,900 during the day.
Similarly, 10-gram gold was sold at Rs302,726 after it gained Rs5,058, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Saturday, gold price per tola reached Rs347,200 after it lost Rs1,400 during the day.
The international rate of gold also gained on Monday. The rate was at $3,347 per ounce (with a premium of $20), an increase of $59, as per APGJSA.
Meanwhile, silver price per tola remained the same at Rs3,456.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
7 hours ago
- Express Tribune
PSX hits intraday record as KSE-100 crosses 121,000 points for first time
The Pakistan Stock Exchange (PSX) reached a new milestone on Wednesday, with the KSE-100 index breaching the 121,000-point mark for the first time during intra-day trading. The index stood at 121,690.71, gaining 1,239.84 points or 1.03% at the time of this report's filing. The highest point reached during the session so far was 121,736.39, while the lowest was 120,896.13. Total trading volume stood at 218,586,173 shares, with a transaction value of 18,626,764,104. The previous close was 120,450.87. The positive momentum at the PSX follows the recent approval of an $800 million financial package by the Asian Development Bank (ADB) for Pakistan under the Resource Mobilization Reform Program (Subprogram-II). Read more: ADB approves $800m financial package for Pakistan The package consists of a $300 million policy-based loan (PBL) and a $500 million program-based guarantee (PBG), which has helped to bolster investor sentiment. Previously, ADB had postponed the approval of a $800m financing package for Pakistan for five days on the request of India that sought time to evaluate the loan documents, exposing flaws in the lender's rule book that allows such extensions. Earlier on Tuesday, the PSX also saw a record-breaking close, with the KSE-100 index finishing at 120,450.87, marking its first-ever close above the 120,000-point threshold. Also read: PSX closes above 120,000 points for first time The market gained 1,573.07 points, or 1.32%, during the session, reaching an intra-day high of 120,693.83 and a low of 119,129.51. Trading volume that day was 315,235,806 shares, with a total value of 20,897,236,653. The gains on Tuesday were reportedly attributed to positive sentiments in the market ahead of this month's budget announcement. Despite a sharp decline in the market earlier in the week, which saw the KSE-100 index drop by 813 points (0.68%) on Monday due to concerns over proposed tax hikes and inflation, the record highs reflect renewed investor confidence as the country's budget approaches.
Business Recorder
14 hours ago
- Business Recorder
Gold rises amid US-China trade uncertainty, softer dollar
Gold prices rose on Wednesday as uncertainty over U.S.-China trade relations and global economic concerns bolstered safe-haven demand, with a weaker dollar providing additional support. Spot gold rose 0.6% at $3,370.67 an ounce as of 0209 GMT. U.S. gold futures were up 0.5% to $3,394.90. 'We potentially see dip-buyers coming back into the picture and if you look at today's Asia session, rally also has been attributed to this dollar-strength unwinding as well,' said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA. 'Things are still uncertain, especially surrounding the trade relationship between China and U.S. and even in EU and U.S. as well.' Gold is considered a safe-haven asset during economic uncertainties. The U.S. should create the necessary conditions for bilateral relations to get back onto 'the right track,' China's Foreign Minister Wang Yi told the U.S. ambassador to Beijing on Tuesday. The White House signaled that President Donald Trump and Chinese President Xi Jinping might engage in talks later this week to address the trade disagreements. Meanwhile, the U.S. announced it would forgo doubling steel and aluminum tariffs on Britain. The U.S. dollar index fell 0.1%, making greenback-priced bullion less expensive for overseas buyers. Global economic concerns deepened after the Organisation for Economic Cooperation and Development (OECD) warned on Tuesday of sharper-than-expected economic slowdown, as the Trump administration's trade policies weigh heavily on the U.S. economy. Gold price per tola gains further Rs1,000 in Pakistan '(The OECD report) for sure will be another supporting factor to see safe demand being heated up as well from a medium-term perspective,' Wong said. Economic data showed U.S. job openings rose in April, though layoffs surged to their highest level in nine months, hinting at softening labor market conditions. Federal Reserve officials reiterated their cautious policy stance on Tuesday, citing risks from trade tensions and economic uncertainty. Elsewhere, spot silver rose 0.3% to $34.59 an ounce, platinum was up 0.5% to $1,079.62 and palladium was steady at $1,009.94.
Express Tribune
16 hours ago
- Express Tribune
Stocks hit record as ADB loan fuels rally
Foreign funds would divert their liquidity into buying Pakistan's stocks. This would merely increases prices of shares and be profitable for those who already hold stocks. PHOTO: FILE Listen to article The Pakistan Stock Exchange (PSX) on Tuesday soared to an all-time high above 120,000 points as investor optimism grew following a string of positive economic developments. The approval of a $800 million loan by the Asian Development Bank (ADB) for Pakistan's public finance programme and the government's approval of a Rs880 billion Public Sector Development Programme (PSDP) bolstered market sentiment. The KSE-100 index surged to the intra-day high of 1,816 points, before closing the day with an increase of 1,573 points at 120,451. Commercial bank, fertiliser and cyclical stocks led to broad-based gains while higher trading volumes, which reached 578 million shares, reflected renewed investor confidence. According to Ahsan Mehanti of Arif Habib Corp, stocks closed at an all-time high, led by across-the-board activity, after the ADB approved a $800 million financing package. Additionally, the government set the FY26 growth target at 4.2% and approved Rs880 billion for the PSDP. Mehanti added that budgetary relief was expected to be announced for oil refineries, real estate and the agricultural sector. This, alongside the rupee appreciation, played the role of catalyst in bullish close at the PSX. At the end of trading, the benchmark KSE-100 index recorded an increase of 1,573.07 points, or 1.32%, and settled at 120,450.87. In its review, Topline Securities commented that bulls maintained their firm grip on the market, propelling the KSE-100 index to a record close at 120,451, supported by renewed investor confidence and an improving macroeconomic outlook. The index surged to the intra-day high of 1,816 points as momentum picked up sharply after news broke that the ADB had approved a $800 million loan under Pakistan's public finance programme – a major vote of confidence in the country's economic reform trajectory. Adding fuel to the rally, the International Monetary Fund (IMF) gave its nod to Pakistan's budget proposals, reinforcing hopes of continued fiscal discipline and policy continuity, Topline said. Driving Tuesday's rally were key index movers including Fauji Fertiliser Company, HBL, Engro Fertilisers, Lucky Cement and Bank AL Habib, which contributed 691 points, it added. In its commentary, Arif Habib Limited (AHL) remarked that the KSE-100 index unlocked 120,000 points at close on Monday, which bodes well for further upside during the remaining week. Some 65 shares rose while 31 fell, with Fauji Fertiliser Company (+1.79%), HBL (+5.19%) and Engro Fertilisers (+3.56%) contributing the most to index gains. On the flip side, Systems Limited (-0.84%), Service Industries (-1.55%) and Haleon Pakistan (-2.32%) were the biggest drags, it said. AHL also mentioned that the ADB approved $800 million for Pakistan's public finance programme aimed at strengthening fiscal sustainability and improving financial management. Meanwhile, the anti-trust body fined fertiliser makers for fixing a higher sale price, which adversely impacted farmers. "Holding 120k will allow the KSE-100 to extend gains towards 125k," it projected. JS Global analyst Mubashir Anis Naviwala said that the benchmark index surged throughout the day and reached a historic high at 120,451 points. Buying interest was witnessed across commercial banks, fertiliser and cyclical stocks, driving broad-based gains, he said. "With the index at the all-time high, a breakout could lead to fresh momentum and attract further institutional participation. We recommend investors to capitalise on this and invest in fundamentally strong stocks in the fertiliser, cement and banking sectors on any intra-day pullbacks," Naviwala stated. Overall trading volumes increased to 578.2 million shares compared with Monday's tally of 497.9 million. The value of shares traded was Rs26.8 billion. Shares of 467 companies were traded. Of these, 232 stocks closed higher, 187 fell and 48 remained unchanged. K-Electric was the volume leader with trading in 144.6 million shares, gaining Rs0.23 to close at Rs5.32. It was followed by Faysal Bank with 26.7 million shares, gaining Rs4.89 to close at Rs53.77 and Invest Bank with 25.5 million shares, gaining Rs0.04 to close at Rs2.35. Foreign investors sold shares worth Rs956 million, the National Clearing Company reported.
