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Business Recorder
21-05-2025
- Business
- Business Recorder
Gold price per tola jumps Rs6,600 in Pakistan
Gold prices in Pakistan increased on Wednesday in line with their rise in the international market. In the local market, gold price per tola reached Rs349,400 after it gained Rs6,600 during the day. Similarly, 10-gram gold was sold at Rs299,554 after increasing by Rs5,659, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold price per tola reached Rs342,800 after it accumulated Rs300 during the day. The international rate of gold also jumped on Wednesday. The rate was at $3,310 per ounce (with a premium of $20), a gain of $66, as per APGJSA. Meanwhile, silver price per tola increased by Rs56 to Rs3,466. Internationally, gold prices eked out gains on Tuesday, buoyed by a lower dollar, while investors cautiously turned their attention to further developments in Russia-Ukraine peace talks and US tariff policy. Spot gold was up 0.2% at $3,236.94 an ounce as of 1102 GMT. US gold futures gained 0.2% to $3,239.40. The dollar index was down 0.2% against its rivals, making gold less expensive for other currency holders. 'Main focus of traders in the gold market today is on the optimism around the US-China trade and also on renewed hopes for progress towards peace in the Russia-Ukraine conflict,' Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said.
Business Recorder
21-05-2025
- Business
- Business Recorder
Gold prices eke out gains
NEW YORK: Gold prices eked out gains on Tuesday, buoyed by a lower dollar, while investors cautiously turned their attention to further developments in Russia-Ukraine peace talks and US tariff policy. Spot gold was up 0.2% at $3,236.94 an ounce as of 1102 GMT. US gold futures gained 0.2% to $3,239.40. The dollar index was down 0.2% against its rivals, making gold less expensive for other currency holders. 'Main focus of traders in the gold market today is on the optimism around the US-China trade and also on renewed hopes for progress towards peace in the Russia-Ukraine conflict,' Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said. 'It appears that investors largely shrugged aside the recent downgrade of the US credit rating by Moody's. The scenario appears to be bearish for gold due to a rise in risk appetite but the downside is capped by lingering uncertainty.' Moody's cut the US sovereign credit rating to 'Aa1' from 'Aaa' on Friday, denting risk appetite and lifting safe-have gold more than 1% in the previous session. Meanwhile, US President Donald Trump said on Monday that Russia and Ukraine will immediately start negotiations towards a ceasefire. US Federal Reserve officials cautiously took on board the ramifications of the downgrade as well as the unsettled market conditions as they continue to navigate an uncertain economic environment. Several Fed officials are scheduled to speak later in the day, potentially providing further insight into the economy and the central bank's policy path. Markets are now pricing in at least 54 basis points of rate cuts this year, with the first one expected in October. 'The gold price is building up to a superzone above $3,200, and as long as the price remains above this threshold, we can start to see further recoveries,' said Carlo Alberto De Casa, external analyst at Swissquote. Elsewhere, spot silver rose 0.4% to $32.48 an ounce, platinum climbed 1.4% to $1,011.53, and palladium was up 0.4% at $978.33.
International Business Times
20-05-2025
- Business
- International Business Times
Gold Inches Higher as Dollar Dips and Markets Eye Global Talks
Gold prices climbed slightly on Tuesday as a softer U.S. dollar rendered the metal more appealing to international buyers. Investors monitored news about U.S. trade policy and peacemaking efforts by Russia in Ukraine. Spot gold was up 0.2% at $3,236.94 an ounce at 1102 GMT. U.S. gold futures also rose 0.5% to $3,239.40. The dollar index was 0.2% lower, taking some pressure off gold and other commodities priced in dollars. Traders were also optimistic about lower tensions between the United States and China and renewed signs of diplomatic efforts in the Russia-Ukraine conflict. "Positive news on the world diplomacy front is helping drive the price of gold today," said Ricardo Evangelista, a senior analyst at ActivTrades. Additionally, Evangelista stated that although the recent national credit rating downgrade by Moody's "didn't rattle the gold market too much," it should renew interest in owning gold. Moody's downgraded the rating from "Aaa" to "Aa1" on Friday, sending gold up Monday by more than 1%. There was a slight improvement in risk appetite, which is bearish for gold, but a backdrop of global market instability continues to underpin gold. Analysts said the downside for gold is limited as sentiment among investors remains cautious. In political news, former U.S. President Donald Trump said Monday that Russia would enter into peace talks with Ukraine "now" by ceasing hostilities. This development has triggered some optimism for the easing of geopolitical tensions. Federal Reserve officials are waiting to see how the cut in the U.S. credit rating could affect the economy. Several Fed officials were scheduled to speak later in the day, providing insight into U.S. monetary policy ahead. Markets are pricing in about 54 basis points of interest rate cuts this year, with the initial cut likely in October. These expectations are lending some support to gold's recent rallies. $3,200 has emerged as an important support zone," said Carlo Alberto De Casa, an analyst at Swissquote. "As long as prices remain above this level, gold may continue to rise," he added. Among other metals, spot silver rose 0.4 percent to $32.48 an ounce. Platinum rose 1.4 percent to $1,011.53, and palladium rose 0.4 percent to $978.33. Treasury yields remained elevated, and the dollar faltered on concerns about the U.S. fiscal outlook.
Asharq Al-Awsat
20-05-2025
- Business
- Asharq Al-Awsat
Gold Holds Firm as Investors Await More Details on US Tariff Policy
Gold prices eked out gains on Tuesday, buoyed by a lower dollar, while investors cautiously turned their attention to further developments in Russia-Ukraine peace talks and US tariff policy. Spot gold was up 0.2% at $3,236.94 an ounce as of 1102 GMT US gold futures gained 0.2% to $3,239.40. The dollar index was down 0.2% against its rivals, making gold less expensive for other currency holders, Reuters reported. "Main focus of traders in the gold market today is on the optimism around the US-China trade and also on renewed hopes for progress towards peace in the Russia-Ukraine conflict," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said. "It appears that investors largely shrugged aside the recent downgrade of the US credit rating by Moody's. The scenario appears to be bearish for gold due to a rise in risk appetite but the downside is capped by lingering uncertainty." Moody's cut the US sovereign credit rating to "Aa1" from "Aaa" on Friday, denting risk appetite and lifting safe-have gold more than 1% in the previous session. Meanwhile, US President Donald Trump said on Monday that Russia and Ukraine will immediately start negotiations towards a ceasefire. US Federal Reserve officials cautiously took on board the ramifications of the downgrade as well as the unsettled market conditions as they continue to navigate an uncertain economic environment. Several Fed officials are scheduled to speak later in the day, potentially providing further insight into the economy and the central bank's policy path. Markets are now pricing in at least 54 basis points of rate cuts this year, with the first one expected in October . "The gold price is building up to a superzone above $3,200, and as long as the price remains above this threshold, we can start to see further recoveries," said Carlo Alberto De Casa, external analyst at Swissquote. Elsewhere, spot silver rose 0.4% to $32.48 an ounce, platinum climbed 1.4% to $1,011.53, and palladium was up 0.4% at $978.33.
Zawya
20-05-2025
- Business
- Zawya
Gold holds firm as investors await more details on US tariff policy
(Reuters) - Gold prices eked out gains on Tuesday, buoyed by a lower dollar, while investors cautiously turned their attention to further developments in Russia-Ukraine peace talks and U.S. tariff policy. Spot gold was up 0.2% at $3,236.94 an ounce as of 1102 GMT. U.S. gold futures gained 0.2% to $3,239.40. The dollar index was down 0.2% against its rivals, making gold less expensive for other currency holders. "Main focus of traders in the gold market today is on the optimism around the US-China trade and also on renewed hopes for progress towards peace in the Russia-Ukraine conflict," Ricardo Evangelista, senior analyst at brokerage firm ActivTrades, said. "It appears that investors largely shrugged aside the recent downgrade of the US credit rating by Moody's. The scenario appears to be bearish for gold due to a rise in risk appetite but the downside is capped by lingering uncertainty." Moody's cut the U.S. sovereign credit rating to "Aa1" from "Aaa" on Friday, denting risk appetite and lifting safe-have gold more than 1% in the previous session. Meanwhile, U.S. President Donald Trump said on Monday that Russia and Ukraine will immediately start negotiations towards a ceasefire. U.S. Federal Reserve officials cautiously took on board the ramifications of the downgrade as well as the unsettled market conditions as they continue to navigate an uncertain economic environment. Several Fed officials are scheduled to speak later in the day, potentially providing further insight into the economy and the central bank's policy path. Markets are now pricing in at least 54 basis points of rate cuts this year, with the first one expected in October . "The gold price is building up to a superzone above $3,200, and as long as the price remains above this threshold, we can start to see further recoveries," said Carlo Alberto De Casa, external analyst at Swissquote. Elsewhere, spot silver rose 0.4% to $32.48 an ounce, platinum climbed 1.4% to $1,011.53, and palladium was up 0.4% at $978.33.
