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Express Tribune
24-07-2025
- 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.
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.
Express Tribune
01-07-2025
- Business
- Express Tribune
Gold up Rs6,600 on global jitters
Listen to article Gold prices in Pakistan extended their upward march on Tuesday, mirroring a strong rally in the international market, where the precious metal climbed over 1% amid a weaker US dollar and renewed economic uncertainty. International markets responded to rising investor caution ahead of US President Donald Trump's July 9 deadline for the possible reinstatement of higher trade tariffs, a move that has injected volatility and boosted demand for safe-haven assets like gold. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold in the local market surged Rs6,600 per tola, settling at Rs356,800. Similarly, the price of 10 grams of gold rose Rs5,658 to Rs305,898. The previous day, gold had also posted gains, with the price per tola increasing by Rs800 to reach Rs350,200. Traders attribute the sharp price increase to both global cues and persistent currency depreciation, which continue to drive domestic gold prices upwards. Interactive Commodities Director Adnan Agar noted that gold prices edged higher amid renewed geopolitical and economic jitters, largely triggered by Trump's latest remarks on trade tariffs. "Gold has moved up slightly," Agar observed, "mainly because Trump resumed his aggressive rhetoric around tariffs. Since yesterday (Monday), prices have increased by around $70 to $80, with the metal trading near $3,350 and having touched the high of $3,357." He also pointed to fresh tensions between Trump and Tesla CEO Elon Musk, suggesting that their escalating public spat may be contributing to market unease and further supporting gold's safe-haven appeal. "Their ongoing confrontation has added to the uncertainty, which in turn is pushing investors towards gold," Agar said, linking the rise in bullion to heightened volatility in US political and business circles. Gold delivered robust gains in the first half of 2025, particularly in US dollar terms, sparked primarily by the weakening of the greenback, according to Ole Hansen, Head of Commodity Strategy at Saxo Bank. Citing Bloomberg and Saxo data, Hansen noted that while dollar-based investors enjoyed strong returns – 25.9% – those holding other currencies, especially in Europe, saw much lower gains. Gold priced in Indian rupees topped the chart with a 26% rise, followed by the Chinese yuan (22.8%), Canadian dollar (19.1%) and Australian dollar (18.4%). In contrast, returns in the euro and Swiss franc stood at just 10.5% and 10%, respectively, reflecting how stronger local currencies dampened gold's performance for un-hedged investors. This disparity underscores the impact of currency dynamics, policy shifts and inflation expectations on commodity returns.
Express Tribune
05-06-2025
- Business
- Express Tribune
Local gold prices steady despite global surge
Listen to article Gold prices remained unchanged in Pakistan on Wednesday, despite a notable rise in the international market, where safe-haven demand and a softer US dollar buoyed prices amid heightened geopolitical concerns. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market held steady at Rs354,100. Similarly, the rate for 10 grams remained unchanged at Rs303,583. This stability comes after a sharp increase of Rs5,900 per tola on Monday when prices had surged to Rs353,100. Globally, gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 1143 GMT. US gold futures were up at $3,406.80. In global markets, gold rebounded from early losses as weak US employment data prompted a shift in investor sentiment. Adnan Agar, Director at Interactive Commodities, noted that the international gold price hit a low of $3,343 earlier in the day before recovering to a high of $3,384. It was last trading at around $3,373. "Gold was declining since morning, but after the US market opened, weak employment data triggered a recovery. Prices briefly touched $3,384 before settling slightly lower," Agar explained. He added that Friday's release of the US non-farm payroll dataa key monthly employment indicatorwill be critical in determining the future direction of gold prices. "That data could be a major market mover," he said. Additionally, rising geopolitical tensions, including renewed flare-ups in the Russia-Ukraine conflict and emerging concerns over global trade disputes, are contributing to volatility in the precious metals market. "Investors are closely monitoring geopolitical developments and US economic indicators," Agar said. "These factors are driving current movements and will continue to shape gold prices in the coming days." Meanwhile, the Pakistani rupee posted a slight decline against the US dollar on Wednesday, slipping by 0.04% in the inter-bank market. By the end of the trading session, the rupee closed at 282.22 against the dollar, marking a depreciation of 10 paisas compared to Tuesday's closing rate of 282.11. At the close of the trading session, the Pakistani rupee depreciated by 0.04% day-on-day (DoD) against the US dollar, settling at 282.22, according to Ismail Iqbal Securities. On a calendar year-to-date (CYTD) basis, the rupee has depreciated by 1.30%, while the fiscal year-to-date (FYTD) depreciation stands at 1.38%. Globally, the US dollar weakened on Wednesday as investors awaited upcoming US employment figures for near-term market direction, while also monitoring progress in President Donald Trump's ongoing tariff discussions with major trade partners such as China.
Express Tribune
02-06-2025
- 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.
