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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.
Express Tribune
03-05-2025
- Business
- Express Tribune
Gold prices slide further in Pakistan amid global market dip
Listen to article Gold prices in Pakistan continued their downward trend on Wednesday, tracking losses in the international bullion market. According to market sources, the price of gold in the global market fell by $23 per ounce, bringing the new international rate to $3,240 per ounce. Following the global dip, domestic gold prices also dropped. The price of 24-karat gold per tola declined by Rs2,300, settling at Rs342,200. Similarly, the price of 10 grams of gold dropped by Rs1,972 to Rs293,381. Silver prices also saw a notable decrease. The price of silver per tola fell by Rs45 to Rs3,382, while the 10-gram rate slipped by Rs39 to Rs2,899. This marks the second consecutive day of decline in local gold prices. On Tuesday, the price of one tola had already fallen by Rs1,300, reaching Rs344,500. Analysts attributed the continued decline to reduced demand in both local and global markets, along with investor sentiment shifting toward the US dollar and other safe-haven assets.
Business Recorder
03-05-2025
- Business
- Business Recorder
Gold price per tola falls Rs2,300 in Pakistan
Gold prices in Pakistan declined on Saturday in line with their decrease in the international market. In the local market, gold price per tola reached Rs342,200 after it shed Rs2,300. Similarly, 10-gram gold was sold at Rs293,381 after it registered a decrease of Rs1,972, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Friday, gold price per tola reached Rs344,500 after it shed Rs1,300. The international rate of gold also declined on Friday. As per APGJSA, the rate was at $3,263 per ounce (with a premium of $20), a decrease of $13 during the day. Meanwhile, silver price per tola remained at Rs3,427 in Pakistan.
CBS News
25-03-2025
- Business
- CBS News
These new rules could soon impact Stockton street vendors
STOCKTON — A warm spring day typically means more sales for the dozens of street vendors around Stockton. But now, their business could soon take a hit with new rules and new fees. "The ordinance is to align with Senate Bill 946 and 972 so just to get in line with their guidelines when it comes to enforcement of street vendors," Stockton Police Services Manager Almarosa Vargas said. Monday, the city's Legislation and Environmental Committee heard from the Stockton Police Neighborhood Services Division on how to stay aligned with two state laws which could now force vendors to follow new rules and pay new fees. "It's going to provide a venue for licensing, so a path for our current street vendors to obtain a license with certain requirements, while also balancing the safety and health of the community," Vargas explained. Some of these new rules include where vendors can sell, hours of operation, sanitation and food handling. It will also require vendors to get new permits that include a $60 public property use fee. Fines for violating these new rules could range from $100 to $1,000. The city wants to emphasize they're not against food vendors, rather they want to keep them and the entire community safe. "The issue is that if we're going to have street vendors, we need to make sure that they're following the rules, the health standards and the rules of the city," Stockton City Council Member Michele Padilla said. Some of the main concerns for code enforcement and the city is traffic safety and the overall well-being of public parks. "We need to make sure that everyone's safe when it comes to traffic, everyone's safe when it comes to public health, the food, and then we need to make sure that our city infrastructure is being maintained," Padilla continued. No action was taken at Monday's meeting.
