Latest news with #MohammadQasimShikarpuri
Express Tribune
17-03-2025
- Business
- Express Tribune
Gold rises to fresh peak at Rs314,800 per tola
Gold prices in Pakistan surged to a new record high on Monday, reflecting an upward trend in international markets. In the local market, the price of gold per tola climbed by Rs1,100 to Rs314,800. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 10-gram gold rose by Rs943 and reached Rs269,890. The increase followed a drop of Rs300 in the per-tola price on Saturday. Similarly, gold prices in the international market also saw an upward movement. As per APSGJA, the bullion rate stood at $2,997 per ounce (including a $20 premium), reflecting a $13 increase during the day. "Today (Monday), local and international rates are at an all-time high," said APSGJA President Mohammad Qasim Shikarpuri. Interactive Commodities Director Adnan Agar, while commenting on the trend, noted that gold briefly touched the $3,000 mark on Friday and hovered around the same level on Monday. He attributed the surge to the global market dynamics, including the ongoing trade war and geopolitical tensions, such as the recent US-led strikes on Yemen. These factors have contributed to a sustained demand for gold as a safe-haven asset. Agar stated that if the market surpassed the $3,000 threshold, prices could rise to $3,040-3,050 per ounce. However, if it fails to stay above this level, there is a possibility of pullback to $2,930-2,940 per ounce. The coming days will be crucial in determining the market's direction. Globally, gold prices were steady on Monday, sitting just below the $3,000 mark, which was finally broken last week, with a focus on trade tariffs and the US Federal Reserve's policy meeting. Spot gold edged up by 0.1% to $2,987.13 an ounce, having hit a record high of $3,004.86 on Friday. The Federal Reserve will give its new economic projections this week, which will provide the most tangible evidence yet of how US central bankers view the likely impact of President Donald Trump's policies that have clouded a previously solid economic outlook. Meanwhile, the Pakistani rupee showed a slight improvement against the US dollar, appreciating by 0.02% in the inter-bank market. By the end of the trading session, the currency stood at 280.17, higher by four paisa against the greenback. In contrast, the rupee had depreciated in the previous week, losing 24 paisa, or 0.09%. According to the State Bank of Pakistan (SBP), the local currency closed at 280.21 last week, compared to 279.97 in the week before. On the global front, the US dollar remained near a five-month low against major currencies, weighed down by the unpredictable trade policies under Trump and a series of weak economic indicators.
Express Tribune
19-02-2025
- Business
- Express Tribune
Gold price rises Rs1,000/tola, rupee loses 10 paisa vs dollar
Gold prices continued their upward trajectory on Tuesday, in line with the international market trend. The price of gold per tola rose Rs1,000, reaching Rs304,200, while the 10-gram price increased Rs857 to Rs260,802, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). This follows a Rs1,700 per-tola increase recorded on Monday. On the global front, gold prices also experienced an uptick, with the metal trading at $2,910 per ounce, reflecting a $10 increase, including a $20 premium, as per APSGJA. According to Mohammad Qasim Shikarpuri, President of APSGJA, the global economic slowdown and financial instability have driven investors towards gold as a safe-haven asset. He explained that the rising investment demand for gold is not limited to Pakistan but is a worldwide phenomenon. Countries like China are preferring gold over the US dollar and many investors globally are shifting their capital to gold due to uncertain market conditions. This surge in demand has contributed to the continued increase in gold prices. The local market has also been affected by weakened consumer purchasing power. Gold has become unaffordable for many in Pakistan, leading to a decline in traditional jewellery purchases. In the past, weddings often involved buying multiple tolas of gold, but now, many families opt to repurpose old jewellery or purchase minimal new gold. The soaring gold prices have made large-scale purchases out of reach for the average consumer. Another major factor influencing gold prices is global trade tensions and economic policies. The ongoing US-China trade war, which has led to higher tariffs on Chinese exports, has increased global economic uncertainty. Investors, anticipating financial instability, have responded by increasing their gold holdings, further pushing up prices. Additionally, geopolitical conflicts, particularly the Russia-Ukraine war, have intensified the demand for gold as a protective asset. Despite these rising trends, Shikarpuri predicts that a market correction is likely in the near future. He suggests that if global political stability improves, especially if tensions in the Russia-Ukraine conflict ease or if US economic policies become more predictable, gold prices could see a downward shift. However, for now, investors continue to see gold as a reliable and liquid asset, making it one of the safest investment options available in an uncertain global economy. Meanwhile, the rupee experienced a slight decline against the US dollar in the inter-bank market on Tuesday, depreciating by 0.04%. By the end of the trading session, the rupee closed at Rs279.37, marking a 10 paisa loss compared to Monday's closing value of 279.27.
Express Tribune
17-02-2025
- Business
- Express Tribune
Gold prices soar Rs1,700/tola
KARACHI: Gold prices rose on Monday, following an increase in international markets. In the local market, the price of gold per tola went up Rs1,700 to Rs303,200. Similarly, the price of 10-gram gold increased Rs1,458 to Rs259,945, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The rise comes after a notable decline on Saturday, when gold dropped Rs4,700 to Rs301,500 per tola. In the global market, gold prices climbed. APSGJA reported that the international gold rate reached $2,900 per ounce (including a $20 premium), marking a $17 increase in a single day. The surge was primarily driven by the global economic uncertainty and shifting investor sentiment. According to APSGJA President Mohammad Qasim Shikarpuri, market fluctuations are heavily influenced by geopolitical tensions and economic policies. "Trump's threats are leading the market into a state of fear." He noted that frequent policy changes, especially in tariff regulations, led investors worldwide to shift their investment to gold as they viewed it as a stable store of value. China's increasing demand for gold, particularly its interest in non-dollar transactions, also contributed to the rising prices. Furthermore, political uncertainty, such as developments in Gaza and other international issues, continued to fuel market volatility. Shikarpuri emphasised that gold prices were expected to remain high as long as economic and geopolitical instability persisted. However, if global policy directions became more stable and positive, gold prices could register a correction. Locally, soaring gold prices have made it difficult for the general public to purchase the metal, with investment activity dominating the market. In Pakistan and globally, investors are turning to gold as a hedge against inflation and economic downturn, given its liquidity and reliability. For now, gold remains the preferred asset for investors seeking financial security amid economic turmoil. "However, a massive correction is long overdue," he said, adding that future price trends would depend on international economic policies and geopolitical developments. Meanwhile, the Pakistani rupee weakened 0.16% against the US dollar in the inter-bank market. By the end of Monday's trading, the rupee stood at 279.67, marking a depreciation of six paisa against the dollar. In the previous week, the rupee had also lost value, falling 16 paisa, or 0.06%, in the inter-bank market. It had closed at 279.21 compared to 279.05 a week earlier, according to the State Bank of Pakistan. On the global front, the Japanese yen strengthened, supported by better-than-expected GDP data.
