Latest news with #MuhammadQasimShikarpuri
India.com
24-04-2025
- Business
- India.com
Gold crosses 1-lakh mark in India...Know what is the price of 10 grams of 24 carat gold in Pakistan
Gold crosses 1-lakh mark in what is the price of 10 grams of 24 carat gold in Pakistan Gold prices in India took a U-turn from the historic Rs 1 lakh-mark and declined Rs 2,400 to Rs 99,200 per 10 gram in the national capital on Wednesday amid weak global trend. According to the All India Sarafa Association, the precious metal of 99.9 per cent purity spurted by Rs 1,800 to hit the lifetime peak of Rs 1,01,600 per 10 grams on Tuesday. What is the price of gold in Pakistan According to the report of Pakistan Today, its price there was 324940 Pakistani rupees per 10 grams on April 22. If we convert it into Indian rupees, then it will be equal to 98,509.64 INR. Why are gold prices increasing in Pakistan? As per a report by BBC Urdu, people associated with gold trade in Pakistan and analysts believe that the main reason for the increase in gold prices in the country is the price of gold in the international priceThere is an increase in prices. Muhammad Qasim Shikarpuri, President of All Pakistan Sarafa Jewelers Association and Chairman of Karachi Bullion Exchange, while talking to BBC Urdu, said that this increase is basically the result of the intensifying trade war between America and China, in which the tension has increased further due to the imposition of new tariffs. Why is gold becoming expensive in India? According to the Times of India report, the main reason behind the high price of gold in India is the differences between the President and the Federal Reserve Chairman in the US over interest rates, which has directly affected the dollar index. The dollar index is currently trading at around 98.12, which is the lowest level in the last three years. Due to the weakening of dollar, investors are now looking at safe options and gold has always been considered a 'Safe Haven'. Apart from this, the increasing trade tension between the US and China has also fueled the demand for gold. Overall, be it India or Pakistan, this rise in the prices of gold and silver in both countries is the result of the global economic environment.
Business Recorder
22-04-2025
- Business
- Business Recorder
Gold soars to record highs
KARACHI: A global surge in gold prices pushed the precious metal to unprecedented highs on Monday, as deepening uncertainty over the ongoing US-China trade war spurred safe-haven demand, traders said. In the local market, gold posted a substantial gain of Rs 8,100 per tola and Rs 6,944 per 10 grams, climbing to all-time highs of Rs 357,800 and Rs 306,755, respectively, according to the All Pakistan Sarafa Gems and Jewellers Association. 'The demand for gold is rising fast as people look for a safe place to protect their money during the ongoing US-China trade tensions,' said Muhammad Qasim Shikarpuri, President of the association. He described the market's momentum as 'unstoppable' for the foreseeable future, fueled by the escalating global trade tensions. Internationally, gold prices soared to a historic peak of $3,395 per ounce. Shikarpuri warned that such surges could severely undermine Pakistan's 'controlled' exchange rate. 'The exchange rate may soon become difficult to manage under these circumstances,' he cautioned. Highlighting the local market's reaction, he noted that gold prices in the open market touched Rs 372,000 per tola on April 21. He advised sellers to hold onto their stock, predicting prices could cross Rs 450,000 per tola by the end of the month if the trade conflict persists. 'Buyers are actively seeking gold as a safe asset, but sellers remain reluctant to part with their holdings, expecting further gains,' he said, adding that under the current circumstances, it is unwise to sell amid surging demand. Looking ahead, Shikarpuri projected new historic highs globally, expressing little optimism for a swift resolution to the tariff standoff. 'Neither the US nor China appears willing to compromise on tariffs,' he remarked. He also warned that the spiraling gold prices could deliver a serious blow to Pakistan's economy by shaking its exchange rate stability. 'Our exchange rate is increasingly exposed to the global fallout of this trade war,' he said. While acknowledging the possibility of short-term market corrections, Shikarpuri believes the overall trend for gold remains bullish, driven by persistent global economic uncertainty stemming from the US-China dispute. Copyright Business Recorder, 2025
Express Tribune
21-04-2025
- Business
- Express Tribune
Global unrest sends gold soaring
Gold prices surged to record highs in both domestic and international markets on Monday, driven by escalating global tensions and weakening currencies. In Pakistan, the price of gold per tola jumped by Rs8,100, reaching an all-time high of Rs357,800, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This comes after prices remained unchanged on Saturday at Rs349,700 per tola. However, a few days ago, gold had touched the mark of Rs350,000 per tola. International prices of gold for Pakistan continued their upward trajectory, with global rates touching $3,395 per ounce. This marks a daily gain of $69. APGJSA President Muhammad Qasim Shikarpuri attributed the rally to "intensifying economic tensions" between the United States and China. Gold has reached new heights, both locally and globally, he said. The current standoff between the US and China has left neither side willing to compromise, as retreating would be economically disastrous for both, he said. He warned that if the situation continues, it could trigger a global financial crisis. "The pace at which gold is rising, driven by tariff-related tensions, is causing currencies worldwide to depreciate," Shikarpuri added. He further cautioned that Pakistan's own exchange rate could become unsustainable if the gold price continues its upward march. "If gold hits Rs450,000 per tola as expected within this month, managing the exchange rate will become increasingly difficult. A sudden spike in the rupee-dollar rate is a real possibility." While a brief correction in gold prices may occur, Shikarpuri believes it will not signal a downturn but rather a pause before another rally. "Unless the US and China engage in meaningful negotiations, gold prices are likely to climb further," he said. Domestically, the market is also grappling with a supply crunch. "Investor demand for gold remains strong, but the physical supply is limited. Buyers are active, but sellers are absent," he noted. In such a scenario, if international prices do not ease, domestic prices will continue their ascent. He advised investors against selling their gold holdings, citing strong local demand and tight supply. Internationally, gold surged above $3,400 to a record high on Monday, as the dollar weakened and uncertainty over the economic impact of US-China trade tensions spurred demand for safe-haven bullion. Spot gold rose 2.6% to $3,415.24 an ounce at 1446 GMT. Prices hit a record high of $3,424.25 earlier in the session. US gold futures rose 3% to $3,426.30. The dollar tumbled as investor confidence in the US economy took another hit over President Donald Trump's comments about Federal Reserve Chairman Jerome Powell. A weaker dollar makes bullion more appealing for other currency holders. Meanwhile, the Pakistani rupee recorded a slight dip against the US dollar on Monday, slipping by 0.05% in the inter-bank market. By the close of trading, the local currency stood at 280.87 against the greenback, reflecting a decline of 15 paisas from Friday's closing rate of 280.72. Meanwhile, the US dollar weakened globally as investor sentiment took a hit following concerns over Trump's intentions to reshape the Federal Reservea move that could raise questions about the central bank's independence.
