Latest news with #096
Yahoo
15-05-2025
- Automotive
- Yahoo
Zeekr Group Reports First Quarter 2025 Unaudited Financial Results
HANGZHOU, China, May 15, 2025 /PRNewswire/ -- ZEEKR Intelligent Technology Holding Limited ("Zeekr Group" or the "Company") (NYSE: ZK), the world's leading premium new energy vehicle group, today announced its unaudited financial results for the first quarter ended March 31, 2025[1]. Operating Highlights for the First Quarter of 2025 Total vehicle deliveries were 114,011 units for the first quarter of 2025, representing a 21.1% year-over-year increase. The Zeekr brand delivered 41,403 vehicles, an increase of 25.2% year-over-year. Meanwhile, the Lynk & Co brand delivered 72,608 vehicles, recording growth of 18.9% year-over-year, with 52.4% of deliveries coming from NEV models. Deliveries2025 Q12024 Q42024 Q32024 Q2 114,011169,088124,606119,755Deliveries2024 Q12023 Q42023 Q32023 Q2 94,115120,11494,15172,276 Financial Highlights for the First Quarter of 2025 Vehicle sales were RMB19,096 million (US$2,631 million)[2] for the first quarter of 2025, representing an increase of 16.1% from the first quarter of 2024 and a decrease of 38.4% from the fourth quarter of 2024. Vehicle margin[3] was 16.5% for the first quarter of 2025, compared with 13.1% for the first quarter of 2024 and 14.3% for the fourth quarter of 2024. Total revenues were RMB22,019 million (US$3,034 million) for the first quarter of 2025, representing an increase of 1.1% from the first quarter of 2024 and a decrease of 37.8% from the fourth quarter of 2024. Gross profit was RMB4,213 million (US$580 million) for the first quarter of 2025, representing an increase of 18.8% from the first quarter of 2024 and a decrease of 33.8% from the fourth quarter of 2024. Gross margin was 19.1% for the first quarter of 2025, compared with 16.3% for the first quarter of 2024 and 18.0% for the fourth quarter of 2024. Loss from operations was RMB1,259 million (US$174 million) for the first quarter of 2025, representing a decrease of 25.7% from the first quarter of 2024 and an increase of 16.3% from the fourth quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)[4] was RMB1,136 million (US$157 million) for the first quarter of 2025, representing a decrease of 32.8% from the first quarter of 2024 and an increase of 14.3% from the fourth quarter of 2024. Net loss was RMB763 million (US$105 million) for the first quarter of 2025, representing a decrease of 60.2% from the first quarter of 2024 and an increase of 21.3% from the fourth quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB640 million (US$88 million) for the first quarter of 2025, representing a decrease of 66.5% from the first quarter of 2024 and an increase of 18.5% from the fourth quarter of 2024. [1] All disclosed data (including historical periods) are recast to reflect common-control accounting treatment related to Lynk & Co's acquisition. [2] All conversions from Renminbi("RMB") to U.S. dollars ("US$") are made at an exchange rate of RMB7.2567 to US$1.00, set forth in the H.10 statistical release of the Federal Reserve Board on March 31, 2025. [3] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only. [4] The Company's non-GAAP financial measures exclude share-based compensation expenses. See "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this announcement. Key Financial Results for the First Quarter of 2025 (in RMB millions, except for percentages)2025 Q1 2024 Q4 2024 Q1 % Change i YoY QoQ Vehicle sales 19,096 31,015 16,450 16.1 % (38.4) % - Zeekr 9,987 19,302 8,174 22.2 % (48.3) % - Lynk & Co 9,109 11,713 8,276 10.1 % (22.2) % Vehicle margin 16.5 % 14.3 % 13.1 % 3.4pts 2.2pts - Zeekr 21.2 % 17.3 % 14.4 % 6.8pts 3.9pts - Lynk & Co 11.4 % 9.3 % 11.8 % (0.4)pts 2.1pts Total revenues 22,019 35,377 21,781 1.1 % (37.8) % Gross profit 4,213 6,365 3,545 18.8 % (33.8) % Gross margin 19.1 % 18.0 % 16.3 % 2.8pts 1.1pts Loss from operations (1,259) (1,083) (1,694) (25.7) % 16.3 % Non-GAAP loss from operations (1,136) (994) (1,691) (32.8) % 14.3 % Net loss (763) (629) (1,915) (60.2) % 21.3 % Non-GAAP net loss (640) (540) (1,912) (66.5) % 18.5 % i Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented. Recent Developments Delivery Update In April, Zeekr Group delivered a total of 41,316 vehicles across its Zeekr and Lynk & Co brands, marking a 1.5% increase compared to the previous month. This achievement was made possible by the trust and support of over 1.9 million users. Specifically, the Zeekr brand delivered 13,727 vehicles, while Lynk & Co brand delivered 27,589 vehicles. New Model Launches The Zeekr 7GT, the brand's second shooting brake, was launched in China on April 15, 2025. Equipped with advanced silicon carbide-powered e-motors, the vehicle achieves 0-100 km/h acceleration in merely 2.95 seconds under rolling start conditions. Exceptional performance and world-class safety features position the Zeekr 7GT for a strong showing in global markets. Zeekr Group also unveiled its flagship luxury SUV, the Zeekr 9X, at the Shanghai Auto Show. As the first hybrid model under the Zeekr brand, the Zeekr 9X sets new benchmarks in design, performance, and electrification, marking a major leap forward for the brand. This groundbreaking model is slated for a global launch in the third quarter of 2025. On April 28, the Lynk & Co brand commenced deliveries of the Lynk & Co 900, a large six-seater family SUV. Built on the powerful SPA Evo platform, the top-tier variant is equipped with the G-Pilot H7 package, featuring NVIDIA's DRIVE AGX Thor computing platform with an industry-leading 700 TOPS of processing power. With its expansive interior, cutting-edge technology, and thrilling performance, the model has already garnered over 40,000 pre-orders since its debut in December. CEO and CFO Comments "We achieved a major milestone during the first quarter with the full integration of Zeekr and Lynk & Co, which expanded our global user base to over 1.9 million," said Mr. Andy An, Zeekr Group's Chief Executive Officer. "The two brands' initial technological consolidation has already boosted profitability through optimized R&D and shared platforms. As we accelerate into our next growth phase, we will continue to redefine premium mobility through technology-driven experiences and luxury service, strengthening our position as the world's leading premium new energy vehicle group." Mr. Jing Yuan, Zeekr Group's Chief Financial Officer, added, "In the first quarter of 2025, enhanced platform synergies and disciplined supply chain management drove record profitability, with our overall vehicle margin reaching 16.5% and the Zeekr brand's margin rising to an unprecedented 21.2%. Looking ahead, we will remain laser-focused on deepening resource integration and unlocking greater synergistic value to deliver enhanced returns for our shareholders and build enduring value." Financial Results for the First Quarter of 2025 Revenues Total revenues were RMB22,019 million (US$3,034 million) for the first quarter of 2025, representing an increase of 1.1% from RMB21,781 million for the first quarter of 2024 and a decrease of 37.8% from RMB35,377 million for the fourth quarter of 2024. Revenues from vehicle sales were RMB19,096 million (US$2,631 million) for the first quarter of 2025, representing an increase of 16.1% from RMB16,450 million for the first quarter of 2024, and a decrease of 38.4% from RMB31,015 million for the fourth quarter of 2024. The year-over-year increase was attributable to the increase in new model delivery volume, partially offset by the lower average selling price due to changes in product mix and pricing strategy between the two quarters. The quarter-over-quarter decrease was mainly attributable to a decrease in delivery volume, which was affected by seasonal factors. Revenues from other sales and services were RMB2,923 million (US$403 million) for the first quarter of 2025, representing a decrease of 45.2% from RMB5,331 million for the first quarter of 2024 and a decrease of 33.0% from RMB4,362 million for the fourth quarter of 2024. The year-over-year decrease was mainly due to the decreased sales volume and unit price of battery packs and electric drives. The quarter-over-quarter decrease was mainly due to a decrease in sales of R&D services to our related parties and reduced OEM production volumes at Lynk & Co's manufacturing facilities in the first quarter of 2025. Cost of Revenues and Gross Margin Cost of revenues was RMB17,806 million (US$2,454 million) for the first quarter of 2025, representing a decrease of 2.4% from RMB18,236 million for the first quarter of 2024 and a decrease of 38.6% from RMB29,012 million for the fourth quarter of 2024. The slight year-over-year decrease was primarily attributable to the ongoing vehicle cost-saving initiatives, partially offset by increased vehicle deliveries, as well as reductions stemming from lower sales of battery packs and other components. The quarter-over-quarter decrease was mainly due to the reduced vehicle delivery volume combined with sustained vehicle cost-saving initiatives. Gross profit was RMB4,213 million (US$580 million) for the first quarter of 2025, representing an increase of 18.8% from RMB3,545 million for the first quarter of 2024 and a decrease of 33.8% from RMB6,365 million for the fourth quarter of 2024. Gross margin was 19.1% for the first quarter of 2025, compared with 16.3% for the first quarter of 2024 and 18.0% for the fourth quarter of 2024. Vehicle margin was 16.5% for the first quarter of 2025, compared with 13.1% for the first quarter of 2024 and 14.3% for the fourth quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributed to sustained cost-saving initiatives, partly offset by the lower average selling price of vehicles. Operating Expenses Research and development expenses were RMB2,908 million (US$401 million) for the first quarter of 2025, representing an increase of 25.0% from RMB2,326 million for the first quarter of 2024 and a decrease of 25.6% from RMB3,910 million for the fourth quarter of 2024. The year-over-year increase was mainly attributable to incremental costs associated with the development of our new vehicle platform. The quarter-over-quarter decrease was mainly driven by accelerated progressing of R&D projects in Q4 2024 to align with the 2025 product launch timelines. Selling, general and administrative expenses were RMB2,645 million (US$364 million) for the first quarter of 2025, representing a decrease of 9.2% from RMB2,913 million for the first quarter of 2024 and a decrease of 35.8% from RMB4,123 million for the fourth quarter of 2024. The year-over-year and quarter-over-quarter decreases were mainly attributable to higher marketing and advertising expenses to support new vehicle model launches in Q1 2024 and Q4 2024, as well as stringent cost discipline implemented under the Company's 2025 efficiency enhancement program. Loss from Operations Loss from operations was RMB1,259 million (US$174 million) for the first quarter of 2025, representing a decrease of 25.7% from RMB1,694 million for the first quarter of 2024 and an increase of 16.3% from RMB1,083 million for the fourth quarter of 2024. Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was RMB1,136 million (US$157 million) for the first quarter of 2025, representing a decrease of 32.8% from RMB1,691 million for the first quarter of 2024 and an increase of 14.3% from RMB994 million for the fourth quarter of 2024. Net Loss and Net Loss Per Share Net loss was RMB763 million (US$105 million) for the first quarter of 2025, representing a decrease of 60.2% from RMB1,915 million for the first quarter of 2024 and an increase of 21.3% from RMB629 million for the fourth quarter of 2024. Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was RMB640 million (US$88 million) for the first quarter of 2025, representing a decrease of 66.5% from RMB1,912 million for the first quarter of 2024 and an increase of 18.5% from RMB540 million for the fourth quarter of 2024. Net loss attributable to ordinary shareholders of Zeekr Group was RMB718 million (US$99 million) for the first quarter of 2025, representing a decrease of 63.8% from RMB1,982 million for the first quarter of 2024 and a decrease of 18.1% from RMB877 million for the fourth quarter of 2024. Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders, was RMB595 million (US$82 million) for the first quarter of 2025, representing a decrease of 69.9% from RMB1,979 million for the first quarter of 2024 and a decrease of 24.5% from RMB788 million for the fourth quarter of 2024. Basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.28 (US$0.04) for the first quarter of 2025, compared with RMB0.99 each for the first quarter of 2024 and RMB0.34 each for the fourth quarter of 2024. Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.23 (US$0.03) for the first quarter of 2025, compared with RMB0.99 each for the first quarter of 2024 and RMB0.31 each for the fourth quarter of 2024. Basic and diluted net loss per American Depositary Share ("ADS[5]") attributed to ordinary shareholders were both RMB2.81 (US$0.39) for the first quarter of 2025, compared with RMB3.44 each for the fourth quarter of 2024. Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were both RMB2.33 (US$0.32) for the first quarter of 2025, compared with RMB3.09 each for the fourth quarter of 2024. [5] Each ADS represents ten ordinary shares. Balance Sheets Cash and cash equivalents and restricted cash was RMB9,898 million (US$1,364 million) as of March 31, 2025. Conference Call The Company's management will host an earnings conference call on Thursday, May 15, 2025, at 8:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day). All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call. Participants may pre-register at any time, including up to and after the call start time. Participant Online Registration: A live webcast of the conference call will be available on the Company's investor relations website at About Zeekr Group Zeekr Group, headquartered in Zhejiang, China, is the world's leading premium new energy vehicle group from Geely Holding Group. With two brands, Lynk & Co and Zeekr, Zeekr Group aims to create a fully integrated user ecosystem with innovation as a standard. Utilizing its state-of-the-art facilities and world-class expertise, Zeekr Group is developing its own software systems, e-powertrain, and electric vehicle supply chain. Zeekr Group's values are equality, diversity, and sustainability. Its ambition is to become a true global new energy mobility solution provider. For more information, please visit Non-GAAP Financial Measures The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company's past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company's operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance. For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliations of GAAP and non-GAAP Results" set forth in this announcement. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2567 to US$1.00, the exchange rate on March 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "future," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China:ZEEKR Intelligent Technology Holding LimitedInvestor RelationsEmail: ir@ Piacente Financial CommunicationsTel: +86-10-6508-0677Email: Zeekr@ In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050Email: Zeekr@ Media Contact Email: Globalcomms@ ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in million)As ofDecember 31March 31March 31202420252025RMBRMBUS$ ASSETSCurrent assets:Cash and cash equivalents 9,8977,4961,033 Restricted cash 1,4912,402331 Notes receivable 12,2685,370740 Accounts receivable 2,3442,447337 Inventories 10,38810,2551,413 Amounts due from related parties 9,8219,7371,342 Prepayments and other current assets 4,6546,319871 Total current assets 50,86344,0266,067 Property, plant and equipment, net 10,98410,6531,468 Intangible assets, net 1,3461,380190 Land use rights, net 50650369 Operating lease right-of-use assets 3,0082,852393 Deferred tax assets 34034948 Long-term investments 688816112 Other non-current assets 47753274 Total non-current assets 17,34917,0852,354 TOTAL ASSETS 68,21261,1118,421 ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Amounts in million)As ofDecember 31March 31March 31202420252025RMBRMBUS$ LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Short-term borrowings 1,3539,4261,299 Accounts payable 15,89915,3522,116 Notes payable and others 23,39118,4682,545 Amounts due to related parties 19,09917,9342,471 Income tax payable 9816222 Accruals and other current liabilities 15,45513,0841,803 Total current liabilities 75,29574,42610,256 Long-term borrowings 2,7276,553903 Operating lease liabilities, non-current 2,1372,333321 Other non-current liabilities 2,1912,712374 Deferred tax liability 57588 Total non-current liabilities 7,11211,6561,606 TOTAL LIABILITIES 82,40786,08211,862 SHAREHOLDERS' EQUITYOrdinary shares 33- Paid-in capital in combined companies 7,669-- Additional paid-in capital 15,76310,5131,450 Treasury Stock (187)(187)(26) Accumulated deficits (38,894)(33,953)(4,679) Accumulated other comprehensive income (142)(41)(6) Total Zeekr Group shareholders' deficit (15,788)(23,665)(3,261) Non-controlling interest 1,593(1,306)(180) TOTAL SHAREHOLDERS' DEFICIT (14,195)(24,971)(3,441) TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 68,21261,1118,421 ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (Amounts in million, except share/ADS and per share/ADS data and otherwise noted)Three Months EndedMarch 31December 31March 31March 312024202420252025RMBRMBRMBUS$ Revenues:Vehicle sales 16,45031,01519,0962,631 Other sales and services 5,3314,3622,923403 Total revenues 21,78135,37722,0193,034 Cost of revenues:Vehicle sales (14,297)(26,583)(15,948)(2,198) Other sales and services (3,939)(2,429)(1,858)(256) Total cost of revenues (18,236)(29,012)(17,806)(2,454) Gross profit 3,5456,3654,213580 Operating expenses:Research and development expenses (2,326)(3,910)(2,908)(401) Selling, general and administrative expenses (2,913)(4,123)(2,645)(364) Other operating income, net 05858111 Total operating expenses (5,239)(7,448)(5,472)(754) Loss from operations (1,694)(1,083)(1,259)(174) Interest expense (148)(187)(116)(16) Interest income 78159456 Investment income 072700 Other income/(expense), net (140)(189)59382 Loss before income tax expense and share of losses in equity method investments (1,904)(573)(737)(102) Share of income/(loss) in equity method investments 91(134)12818 Income tax benefit/(expense) (102)78(154)(21) Net loss (1,915)(629)(763)(105) Less: income/(loss) attributable to non- controlling interest 67248(45)(6) Net loss attributable to shareholders of Zeekr Group (1,982)(877)(718)(99) ZEEKR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME (CONTINUED) (Amounts in million, except share/ADS and per share/ADS data and otherwise noted) Three Months EndedMarch 31December 31March 31March 312024202420252025RMBRMBRMBUS$ Net loss per share attributed to ordinary shareholders:Basic and diluted (0.99)(0.34)(0.28)(0.04) Weighted average shares used in calculating net loss per share:Basic and diluted 2,000,000,0002,552,901,6682,552,901,6682,552,901,668 Net loss per ADS attributed to ordinary shareholders:Basic and diluted -(3.44)(2.81)(0.39) Weighted average ADS used in calculating net loss per ADS:Basic and diluted -255,290,167255,290,167255,290,167 Net loss (1,915)(629)(763)(105) Other comprehensive income/(loss), net of tax of nil:Foreign currency translation adjustments 138(41)193 Comprehensive loss (1,777)(670)(744)(102) Less: comprehensive income/(loss) attributable to non-controlling interest 156226(68)(9) Comprehensive loss attributable to shareholders of Zeekr Group (1,933)(896)(676)(93) ZEEKR INC. UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in million, except share/ADS and per share/ADS data and otherwise noted)Three Months EndedMarch 31December 31March 31March 312024202420252025RMBRMBRMBUS$ Loss from operations (1,694)(1,083)(1,259)(174) Share-based compensation expenses 38912317 Non-GAAP loss from operations (1,691)(994)(1,136)(157) Net loss (1,915)(629)(763)(105) Share-based compensation expenses 38912317 Non-GAAP net loss (1,912)(540)(640)(88) Net loss attributable to ordinary shareholders (1,982)(877)(718)(99) Share-based compensation expenses 38912317 Non-GAAP net loss attributable to ordinary shareholders of Zeekr Group (1,979)(788)(595)(82) Weighted average number of ordinary shares used in calculating Non-GAAP net loss per shareBasic and diluted 2,000,000,0002,552,901,6682,552,901,6682,552,901,668 Non-GAAP net loss per ordinary share attributed to ordinary shareholdersBasic and diluted (0.99)(0.31)(0.23)(0.03) Weighted average number of ADS used in calculating Non-GAAP net loss per ADSBasic and diluted -255,290,167255,290,167255,290,167 Non-GAAP net loss per ADS attributed to ordinary shareholdersBasic and diluted -(3.09)(2.33)(0.32) View original content: SOURCE ZEEKR Intelligent Technology Holding Limited
Business Recorder
14-05-2025
- Business
- Business Recorder
Gold rebounds strongly after mammoth fall
KARACHI: Gold on Tuesday rebounded strongly after a mammoth fall the other day with global market moving past $3,250 per ounce, traders said. The world bullion prices scaled up significantly by $37 to $3,258 per ounce, driving the local gold rates to grow by Rs3,700 per tola and Rs3,173 per 10 grams. Resultantly, gold prices reached Rs344,200 per tola and Rs295,096 per 10 grams, according to All Pakistan Sarafa Gems and Jewelers silver prices rallied, growing noticeably by Rs82 and Rs71 to settle for Rs3,482 per tola and Rs2,985 per 10 grams, respectively, as world market traded the white metal at $33 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. Copyright Business Recorder, 2025
Express Tribune
14-05-2025
- Business
- Express Tribune
Gold regains Rs3,700 per tola
Listen to article Gold prices in Pakistan rebounded sharply on Tuesday, mirroring gains in the international market following a wave of bargain-hunting after Monday's sharp decline. A softer-than-expected US inflation report also supported the precious metal's recovery. According to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold rose by Rs3,700 per tola, reaching Rs344,200 in the local market. Similarly, the price of 10-gram gold climbed Rs3,173 to settle at Rs295,096. The previous day (Monday), gold had plunged by Rs10,400 per tola, ending at Rs340,500. Globally, gold prices rose on Tuesday on bargain-hunting after a sharp loss in the previous day, while softer-than-expected inflation data from the US also lent support, according to Reuters. Spot gold rose 0.3% to $3,243.99 an ounce as of 1120 EST (1520 GMT), after falling as low as $3,207.30 on Monday. US gold futures were up 0.7% at $3,249.50. "We had a big correction in gold on Monday on the news that there is a deal made between the US and China," Bart Melek, Head of Commodity Strategies at TD Securities, said. "However, tariffs (on China) are still 30%, which is quite negative for the economy." The United States and China on Monday said they would pause their tariffs for 90 days. Following talks in Geneva over the weekend, the US said it will cut tariffs on Chinese imports to 30% from 145% while China said it would cut duties on US imports to 10% from 125%. Bullion had shattered multiple record highs in 2025 owing to concerns over economic slowdown following US President Donald Trump's sweeping tariffs, strong central bank buying, geopolitical tensions and increased flow into gold-backed exchange-traded funds. Commenting on market dynamics, Adnan Agar, Director at Interactive Commodities, said gold touched a high of $3,265 and a low of $3,215 during the session on the Pakistan Mercantile Exchange. "The US inflation data was better than expected, which initially pushed gold prices higher. The market later corrected but stabilised around $3,244," he noted. He added that the market is currently data-driven. "If gold breaks the $3,275$3,270 resistance zone, we could see a move towards $3,300 and above. However, a drop below $3,220$3,200 could pull the price down to $3,180," Agar said, adding that future movement depends on upcoming economic indicators. Meanwhile, the Pakistani rupee posted a slight decline against the US dollar in the inter-bank market on Tuesday, depreciating by 0.04%. At the close of trading, the rupee settled at 281.67, down by 10 paisa from Monday's closing rate of 281.57. Globally, the US dollar maintained its upward momentum, buoyed by investor optimism following a trade agreement between the United States and China.
Express Tribune
13-05-2025
- Business
- Express Tribune
Gold prices in Pakistan Today, May 13, 2025
Listen to article Following a brief dip, gold prices have surged once again in both international and domestic markets, fueled by renewed investor demand amid persistent global economic uncertainty, Express News reported. In the international bullion market, gold prices surged by $37 per ounce, reaching $3,258. This increase was reflected in the local market as well, where the price of gold per tola (approximately 11.66 grams) rose by Rs3,700 to settle at Rs344,200. Similarly, the price of 10 grams of gold climbed by Rs3,173, reaching Rs295,096. Analysts link this resurgence to persistent economic concerns and investors' continued preference for safe-haven assets like gold. Read more: Gold plunges following US-China truce The rebound comes just a day after a significant drop in gold prices was recorded, plummeting by Rs10,400 per tola in a single day. The decline was largely attributed to improving trade relations between the United States and China. Following the announcement of a temporary trade deal that included a 90-day suspension of 90% of tariffs, investor sentiment shifted towards riskier assets.
Business Recorder
13-05-2025
- Business
- Business Recorder
Gold price per tola jumps Rs3,700 in Pakistan
Gold prices in Pakistan increased on Tuesday in line with their rise in the international market. In the local market, gold price per tola reached Rs344,200 after it gained Rs3,700 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs295,096, after it registered an increase of Rs3,173. On Monday, gold price per tola reached Rs340,500 after it lost Rs10,400. Moreover, the international rate of gold also increased on Tuesday. As per APGJSA, the rate was at $3,258 per ounce (with a premium of $20), an increase of $37 during the day. Furthermore, silver price per tola increased Rs71 to reach Rs2,985. Internationally, gold recovered on Tuesday on bargain-hunting after prices dropped to a more than one-week low in the previous session as a temporary US-China truce in reciprocal tariffs lifted appetite for riskier assets and dented bullion's safe-haven appeal. Spot gold rose 0.5% to $3,250.50 an ounce, as of 0458 GMT. Bullion recorded a 2.7% decline in the previous session. US gold futures were up 0.9% to $3,255.30. After two days of negotiations in Geneva, US and China announced tariff reductions for the next three months, with US tariffs on Chinese imports dropping from 145% to 30% and Chinese duties on US imports falling to 10% from 125%, leading to a surge in global shares. The US and China had imposed tit-for-tat tariffs on each other last month, triggering a trade war. 'There is some value-buying happening on gold at current levels which is helping to prop up the price, despite the generally better outlook for global growth with the US and China on better terms,' said KCM Trade Chief Market Analyst Tim Waterer. 'The consolidation move in the dollar has allowed the gold price to make a mild push higher.' Federal Reserve Governor Adriana Kugler said the pause on import levies reduces chances that the US central bank will need to lower interest rates in response to an economic slowdown.
