Latest news with #AllPakistanSarafaGemsandJewellersAssociation
Express Tribune
5 hours ago
- Business
- Express Tribune
Gold up Rs3,700/tola despite global dip
Listen to article Gold prices in Pakistan surged on Wednesday, bucking the global trend where prices eased following a US-Japan trade agreement that calmed investor nerves. Meanwhile, silver prices soared to the highest level since September 2011, driven by strong industrial demand and supply constraints. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola rose Rs3,700 to reach Rs364,900 in the local market. Similarly, the rate for 10 grams of gold climbed Rs3,171 to Rs312,842. In contrast, international gold markets dipped as easing geopolitical tensions shifted sentiment away from safe-haven assets. Spot gold was down 0.6% at $3,412.03 per ounce, as of 1351 GMT, after hitting its highest point since June 16 earlier in the session. Spot silver rose 0.2% to $39.35 per ounce, a near 14-year peak. Commenting on the trend, Interactive Commodities Director Adnan Agar noted, "Gold hit a high of $3,438 and low of $3,405, with the market later positioning around $3,415. The recent rally has seen gold rise by nearly $100, prompting a potential correction phase." He added that a strong resistance level was between $3,450 and $3,455. Meanwhile, the Pakistani rupee appreciated against the US dollar, rising 0.07% in the inter-bank market. By the end of trading, the rupee closed at 284.76, up 21 paisa compared to Tuesday's close at 284.97. Furthermore, the State Bank of Pakistan (SBP) raised Rs545.16 billion through two debt auctions on Wednesday, including an outright purchase of Ijara Sukuk and the sale of Market Treasury Bills (MTBs), with settlement the following day.
Business Recorder
6 hours ago
- Business
- Business Recorder
Gold prices soar in local market
KARACHI: Gold prices took a big stride on Wednesday in the local market, tracking an international market uptrend, surpassing $3,400 per ounce, traders said. World market posted a big gain, soaring by $37, to settle at $3,424 per ounce that also fuelled the local gold value, All Pakistan Sarafa Gems and Jewellers Association said. As a result, the local gold prices mounted by Rs3,700 and Rs3,171, reaching Rs364,900 per tola and Rs312,842 per 10 grams, respectively. Following suit, the domestic silver market also grew - up by Rs46 to Rs4,081 per tola and Rs39 to Rs3,498 per 10 grams. Silver in the global market stood at over $39 per ounce, the jewellers association added. It is worth noting that the open market may trade gold and silver at rates differing those officially announced by the association. Copyright Business Recorder, 2025
Business Recorder
2 days ago
- Business
- Business Recorder
Gold prices soar significantly
KARACHI: Gold prices soared significantly on Monday, tracking a global market's uptrend - grew by $36 to $3,387 per ounce, traders said. The surge triggered local gold prices up by Rs3,600 to Rs361,200 per tola and Rs3,087 to Rs309,671 per 10 grams, All Pakistan Sarafa Gems and Jewellers Association said. Domestic and international silver prices held steady at Rs4012 per tola and Rs3439 per 10 grams. Global silver prices remained at $39 per ounce, the association added. 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
16-07-2025
- Business
- Express Tribune
Gold dips slightly, rupee inches up
Listen to article Gold prices in Pakistan fell on Tuesday, mirroring a downturn in the international market as investors reacted cautiously to fresh US inflation data and awaited clarity on potential trade tariffs. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold declined by Rs700 per tola, settling at Rs359,000. Similarly, the rate for 10 grams dropped by Rs600 to Rs307,784. The price per tola experienced a dip after an increase the previous day, when it surged by Rs1,600 to reach Rs359,700. Internationally, gold inched lower as the US Consumer Price Index (CPI) data showed a 0.1% uptick in inflation for June, in line with expectations but still keeping interest rate cut hopes subdued. Investors also remained wary of potential tariff announcements amid renewed trade rhetoric from US President Donald Trump. Spot gold fell 0.2% to $3,336.99 per ounce by 0940 am EDT (1340 GMT). US gold futures were down 0.4% to $3,345. The US dollar ticked up 0.2%, making gold more expensive for holders of other currencies. "I think the market continues to be focused on tariffs, keeping gold underpinned. I remain bullish on gold, even though we're well within the range that has been in place since the middle of May," said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals. "The market isn't slow – it's just moderate," Adnan Agar, Director at Interactive Commodities, told The Express Tribune. "Activity has been consistent over the past three to four days," he noted. "Today's (Tuesday's) high was $3,366 and we're trading near the day's low at $3,334." Agar attributed the dip to inflation data, which reduced the likelihood of an early interest rate cut by the US Federal Reserve. "With inflation edging up, the probability of a rate cut has now shifted further out – possibly to September 2025," he said. He added that the ongoing uncertainty around US tariff policy could continue to influence the market over the coming months. "If gold dips further, possibly to the $2,800-3,000 range, it will present a buying opportunity. In the long term, gold remains on an upward trajectory – perhaps by the end of this year or into next." Meanwhile, the Pakistani rupee recorded a marginal appreciation against the US dollar on Tuesday, appreciating by 0.02% in the inter-bank market. By the end of the trading session, the rupee closed at 284.67, up by five paisa from the previous day's close at 284.72. The US dollar remained near a three-week high against major global currencies as investors looked ahead to key US inflation data expected later in the day, which could offer insights into the future course of monetary policy.
Business Recorder
15-07-2025
- Business
- Business Recorder
Gold prices pick up
KARACHI: Gold posted a modest increase in the local market on Monday, reflecting world bullion upward momentum - up by $16 to reach $3,372 per ounce, traders said. The rising trend moved the local gold prices up by Rs1,600 to Rs359,700 per tola and Rs1,371 to settle at Rs308,384 per 10 grams, All Pakistan Sarafa Gems and Jewellers Association said. Domestic and international silver prices also followed the uptrend, growing by Rs65 to Rs4,087 per tola and Rs40 to Rs3,503 per 10 grams. Global market was trading silver at $39 per ounce, the association added. Copyright Business Recorder, 2025
