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Business Recorder
a day ago
- Business
- Business Recorder
Gold prices increase
KARACHI: Gold prices rebounded with mammoth gains on Monday, mirroring global surge, mounting close to $3,350 per ounce, traders said. Galloping to $3,347 per ounce, world bullion market posted a $59 increase in a single trading session, giving rise to local gold prices by Rs5,900 per tola and Rs5,058 per 10 grams. Subsequently, gold prices settled for Rs353,100 per tola and Rs302,726 per 10 grams, according to All Pakistan Sarafa Gems and Jewelers Association. Copyright Business Recorder, 2025
Express Tribune
a day ago
- Business
- Express Tribune
Gold surges as uncertainty grows
Gold prices in Pakistan surged on Monday, tracking a sharp rally in the international market where the precious metal rose over 2%its highest level in more than three weeks. The spike was driven by a weakening US dollar and growing investor appetite for safe-haven assets amid escalating geopolitical tensions and sustained global economic uncertainty. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the local market rose by Rs5,900 per tola, reaching Rs353,100. The price for 10 grams of gold also increased significantly, climbing by Rs5,058 to settle at Rs302,726. This rebound reversed the weekend's losses, when gold prices had declined by Rs1,400 per tola to close at Rs347,200 on Saturday. Commenting on the development, Adnan Agar, Director at Interactive Commodities, said the international gold market is showing strong upward momentum. He noted that gold rose nearly $70 on the day, hitting a low of $3,301 and peaking at $3,377, where it was holding steady. "The rally is largely driven by geopolitical developments, particularly Ukraine's recent large-scale attack on Russia, which has boosted safe-haven demand," he said. Internationally, gold gained more than 2% on Monday to its highest level in over three weeks, as a weaker dollar and a combination of geopolitical risks and economic uncertainty fuelled safe-haven demand, according to Reuters. Spot gold was up 2.7% at $3,377.29 an ounce as of 1419 GMT, after reaching its highest since May 8 earlier in the session. US gold futures were up 2.6% at $3,402.70. Agar added that if gold manages to close above the $3,380 mark, it could test higher resistance levels at $3,400, $3,420, and even $3,440. "A close above these thresholds may pave the way toward $3,500, although it's still early to confirm such a move," he said. For now, the closing outlook remains bullish, with key levels in sight. Meanwhile, the Pakistani rupee posted a slight appreciation against the US dollar on Monday, strengthening by 0.02% in the interbank market. By the end of trading, the local currency settled at Rs281.97 per US dollar, reflecting a modest gain of five paisas from the previous session. In contrast, the rupee had weakened slightly during the prior week, losing four paisas or 0.01% against the dollar. It closed at Rs282.02 last Friday, compared to Rs282.06 at the end of the week before, according to data from the State Bank of Pakistan (SBP). According to Ismail Iqbal Securities, the rupee has depreciated by 1.23% calendar year-to-date and 1.30% fiscal year-to-date.
Express Tribune
2 days ago
- Business
- Express Tribune
Gold prices rise locally, internationally amid escalating Russia-Ukraine conflict
Gold prices saw a significant rise on Monday, both locally and internationally, driven by growing tensions between Russia and Ukraine. According to reports, the demand for gold surged again as the conflict between Russia and Ukraine escalated, resulting in a $59 increase in the international bullion market. The price of gold per ounce reached $3,347, marking a notable rise. Locally, the increase in global gold prices led to a sharp jump in the cost of gold in Pakistan's jewellery markets on Monday. Following the surge, the price of 24-carat gold per tola increased by Rs5,900, reaching Rs353,100. Similarly, the price of gold per 10 grams rose by Rs5,058, bringing it to Rs302,726. In contrast, the price of silver remained unchanged, with the cost of one tola silver holding steady at Rs3,356 and 10 grams of silver priced at Rs2,962.
Business Recorder
2 days ago
- Business
- Business Recorder
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.
Zawya
13-03-2025
- Business
- Zawya
Saudi bank credit surpasses $800bln by end of January 2025
RIYADH - The total bank credit granted to the public and private sectors in Saudi Arabia reached its highest level at SAR3,005,946 million by the end of January 2025, according to the monthly statistical bulletin issued by the Saudi Central Bank (SAMA) for January 2025. According to Saudi Press Agency (SPA), this marks an annual growth of 15 percent and an increase of over SAR348,219 million compared to the same period in 2024, when it stood at SAR2,621,726 million. Meanwhile, the total bank credit recorded a monthly growth of 2 percent by the end of January 2025, increasing by approximately SAR50,395 million compared to December 2024, when it stood at SAR2,955,550 million. ES
