Latest news with #173
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.
