Latest news with #124
Express Tribune
14-05-2025
- Business
- Express Tribune
Gold dips amid sharp global correction
Listen to article Gold prices in Pakistan dropped on Wednesday, mirroring a significant decline in the international bullion market, where prices fell over 2%, hitting a more than one-month low, as rising optimism over global trade boosted investor appetite for riskier assets. According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market slipped by Rs2,300 and settled at Rs341,900. Similarly, the rate for 10 grams of gold declined by Rs1,972 to Rs293,124. The decline comes a day after gold saw a sharp rise, with the per-tola rate surging by Rs3,700 on Tuesday to reach Rs344,200. Internationally, gold prices dropped more than 2% on Wednesday, hitting an over one-month low, as rising trade optimism boosted risk appetite, leading investors to shift away from bullion, according to Reuters. Spot gold slipped to its lowest since April 11, shedding 2.1% to $3,180.29 an ounce as of 1145 EST (1545 GMT). Bullion fell as low as $3,174.62 earlier in the session. US gold futures eased nearly 2% to $3,184.20. "The global relief rally sparked by the steep reduction in US-China tariffs has triggered a correction through technical levels in gold," said Tai Wong, an independent metals trader. Commenting on the trend, Adnan Agar, Director at Interactive Commodities, said that gold prices turned downwards, with the metal marking a low of $3,175 and a high of $3,254 during the trading session. He noted that the key support level lay between $3,150 and $3,160. A break below this could potentially send prices down to $3,100 and possibly as low as $3,000. However, Agar also hinted at a possible short-term rebound from the $3,140-3,160 range, citing technical support. "Despite potential short-term gains, the broader outlook for gold is turning bearish," he said. Improvement in the US economy, easing inflation, resolution of Chinese tariff concerns and reduced geopolitical tensions are dampening gold's appeal. Agar suggested that while gold had already seen a correction of nearly $300 globally, a larger correction in the range of $800 to $1,000 may still be on the horizon, contingent on monthly and multi-month closing patterns turning negative. "Gold's bullish momentum will likely be challenged if the metal posts a weak monthly close. A sustained downtrend over two to three months could mark the beginning of a deeper correction," he added. Meanwhile, the Pakistani rupee further declined against the US dollar on Wednesday, slipping by 0.02% in the inter-bank market. By the end of trading session, the local currency closed at 281.72, marking a modest depreciation of five paisa from Tuesday's close at 281.67. On the global front, the US dollar steadied on Wednesday after posting its sharpest drop in over three weeks a day earlier. The decline was triggered by weaker-than-expected US consumer inflation data, which strengthened expectations for potential Federal Reserve rate cuts. Meanwhile, easing global trade tensions also contributed to the dollar's relative stability.
Express Tribune
14-05-2025
- Business
- Express Tribune
Gold dips in local, global markets after one-day surge — May 14, 2025
Listen to article Gold prices have declined once again in both global and local markets today, following a one-day surge. The international bullion market saw the price drop by $23 per ounce, reaching $3,235 per ounce. According to All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the global dip impacted the local market in Pakistan, where per tola gold (11.66 grams) fell by Rs2,300, bringing the price to Rs341,900. Similarly, the price of 10 grams of gold dropped by Rs1,972, now standing at Rs293,124. Meanwhile, yesterday the price of gold rose by Rs3,700 per tola, reaching Rs344,200 in the local market. Gold prices fell on Wednesday as easing US-China trade tensions soothed fears of a potential global recession, boosting investors' appetite for risk and weighing on bullion's safe-haven appeal. Spot gold fell 0.4% to $3,233.26 an ounce, as of 1010 GMT. Prices scaled a record high of $3,500.05 last month amid elevated trade war fears. US gold futures eased 0.3% to $3,236.70. The US and China agreed to a 90-day suspension of reciprocal tariffs following discussions in Geneva over the weekend, with the US planning to reduce the "de minimus" tariff for low-value shipments from China to 30%, according to a White House executive order and industry experts. "After the tariff truce announced over the weekend, we've seen stock markets surge higher, and at least in the short term, this has removed some of the safe haven focus that has helped propel gold to record highs in recent months," said Ole Hansen, head of commodity strategy at Saxo Bank.
Business Recorder
14-05-2025
- Business
- Business Recorder
Gold prices decrease Rs2,300 in Pakistan
Gold prices in Pakistan decreased on Wednesday in line with their fall in the international market. In the local market, gold price per tola reached Rs341,900 after it shed Rs2,300 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs293,124, after it decreased Rs1,972. On Tuesday, gold price per tola reached Rs344,200 after it gained Rs3,700 during the day. The international rate of gold also decreased on Wednesday. As per APGJSA, the rate was at $3,235 per ounce (with a premium of $20), an increase of $23 during the day.
Telegraph
14-02-2025
- Automotive
- Telegraph
UK's rarest cars: 1971 Fiat 125 S, one of only three left
When Fred Parker drives his 1971 Fiat 125 S, some members of the public almost inevitably think that it is a Lada 1200/Riva. Their confusion is understandable, since both derive from the Fiat 124, one of the world's most popular automotive platforms. But while the former USSR design's role was to provide durable and affordable transport, the 125 S was a highly desirable sports saloon. The narrative started in 1966 when Fiat launched the 124. At that time, it needed a replacement for the ageing 1500C and a model that would tempt middle-class Italian drivers away from the Alfa Romeo Guilia Super. The Turin-based firm developed the 125 in only 18 months, combining the central section of the 124's bodyshell with a longer wheelbase, boot and bonnet. The 125's main attraction for the keen driver was its 1,608cc belt-driven double overhead camshaft (DOHC) engine from the two-seat 124 Spider. There were also servo-assisted disc brakes on all four wheels, while the four Carello headlights added a note of distinction. The 125 debuted in 1967 – the 'sprinter in a Savile Row suit' as one advertisement memorably described it. Fiat launched the 125 S (for Special) the following year at the Turin motor show, with a five-speed gearbox, improved steering and a more powerful engine with a dual-barrel carburettor. At £1,249, the 125 S was not cheap by UK standards, but the equipment list included a clock, red reflectors in all four doors, a cigarette lighter and a hand throttle. The power output was 100bhp and the top speed was 106mph, compared with 99mph for the standard 125. An impressed Autocar thought the 125 S a fine piece of machinery that managed 'to communicate something of the national vivacity and even that sense of urgency which the Italian temperament seems to reserve exclusively for the road'. Car magazine believed the Fiat's 'performance, handling and, to a lesser extent, road holding' made it outstanding. It also suggested that the Ford Cortina Mk2 1600E and the Rover 2000TC were the only 'near rivals' to the 125 S: 'The one is comfortably outperformed and the other undercut in price by the Fiat.' A correspondent to Motor Sport echoed those views, saying there was no British vehicle of 'comparable value and performance', and 'I did not want a car which might have been made in between tea breaks or strikes'. Fiat replaced the 125 family with the 132 in 1972 after 603,877 had been produced. That was not quite the end of the narrative, as in 1967 FSO of Poland introduced the 125P, using the engines, suspension and gearbox of the 1961-1968 Fiat 1300/1500. The result was emphatically non-sporting transport that remained in production until 1991. As for the 125 S, only three are believed to survive in this country, along with another nine of the standard model. This example was sold new in Malta to a teacher who is said to have only used it at weekends. In 2013, Parker was on holiday when he saw the 125 S displayed at the island's Classic Car Museum near Saint Paul's Bay. He recalls: 'The Fiat was for sale, so a deal was done and the car arrived in the UK a few weeks later. Unfortunately, no corrosion inhibitor had been used in the coolant, only plain water, which had furred up the system.' However, after some rather vital engine repairs carried out by Fiat twin-cam specialist Guy Croft, the 125 S passed its MOT test. Its owner reports: 'Eleven years on, the car is still wonderful to drive with its five-speed box and gently tweaked twin-cam engine. It has been all over Europe, including a trip to Bulgaria last year.' To appreciate how different the 125 S appeared from the norm in 1968, compare it with the Ford Cortina Mk2 1600E. The Ford more than fulfilled its brief of providing transport for the Simon Dee of the office car park, impressing all and sundry with its fancy Ro-Style wheels. Meanwhile, the 125 S looked almost staid, with only an exterior stripe to distinguish it from the standard 125. But its owner could be quietly confident of its engineering and performance. Plus, it is hard to resist a car with a Veglia Borletti-made speedometer that reads up to 120mph.
