Latest news with #Rs247
Express Tribune
29-01-2025
- Business
- Express Tribune
Gold prices bounce back in global and local markets
Listen to article An increase in both global and local gold prices was observed following a significant drop a day earlier. According to reports, the price of gold per ounce increased by $22 in the international bullion market, reaching a new level of $2,763. Meanwhile, gold per tola surged in the local markets by Rs2,300, reaching Rs 288,700. The price of gold per 10 grams also saw an increase of Rs 1,972, reaching Rs247,513. Yesterday, the price of gold per ounce decreased by $26 in the international market and the price per tola of gold decreased by Rs2,700 in local markets. Gold prices were steady on Wednesday as market participants were cautious ahead of the US Federal Reserve's interest rate decision due later in the day, while also pondering the implications of President Donald Trump's trade policies. Spot gold was unchanged at $2,762.89 per ounce as of 0930 GMT. US gold futures added 0.1% to $2,771.50. "Gold is faced with quite a lot of moving parts just now and hence prices are vacillating ; we saw a short-covering rally on the initial threat of tariffs which took us close to all time highs, which prompted some profit-taking at the top," independent analyst Ross Norman said. Last week, gold saw a 2.6% rise, closing in on its all-time-high levels recorded in October. "Now gold has entered a period of range trading while it tries to work out the sum total and effect of the Fed meeting, possible rate cuts, and a possible correction in equity markets on the DeepSeek news," Norman said. On Monday, a sell off in technology stocks driven by Chinese AI model DeepSeek sparked a rush to liquidate bullion to counter losses. With the Fed's first policy meeting of the year wrapping up later in the day, investors are laser-focused on any signals on the possible path of interest rates, along with Chair Jerome Powell's speech. The central bank is widely expected to keep rates steady after 100 basis points of easing last year. Trump has called for lower interest rates, conflicting with the Fed's design of setting interest rate policy independently. Elsewhere, Trump still plans to make good on his promise to issue tariffs on Canada and Mexico. His policies are widely seen as inflationary, which could pressure the Fed to keep rates higher to curb price pressures. Spot silver firmed 0.1% to $30.43 per ounce, platinum gained 0.4% to $945.25 and palladium dropped 0.2% to $953.00.
Express Tribune
27-01-2025
- Business
- Express Tribune
Gold prices, rupee value depreciate
KARACHI: The rupee experienced a minor decline against the US dollar, depreciating by 0.03% in the interbank market on Monday. By the close of trading, the rupee settled at 278.83, reflecting a loss of 8 paisa compared to the previous trading day. Over the past week, the rupee remained relatively stable, closing at 278.75, a slight drop from 278.71, according to the State Bank of Pakistan (SBP). Market experts attribute the rupee's depreciation to three key factors: rising imports of around $5 billion per month, the SBP's dollar purchases to absorb surplus supply, and foreign loan repayments by the central bank. Internationally, the US dollar strengthened on Monday as traders evaluated the implications of US President Donald Trump's tariff policies. Although the dollar recorded its weakest performance since November 2023 last week due to diminished tariff concerns, fears resurfaced after Trump announced sweeping measures against Colombia. The tariffs and sanctions came in response to Colombia's refusal to permit US military aircraft carrying deported migrants to land, reigniting market uncertainty as the Federal Reserve is expected to keep interest rates steady. Meanwhile, gold prices in Pakistan continued their decline on Monday, in line with global market trends. The price of gold per tola dropped by Rs300 to Rs289,100, while the price for 10 grams fell by Rs257 to Rs247,856, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This follows a Rs200 decrease over the weekend. Globally, gold prices dropped by $3 to $2,767 per ounce on Monday, down from Friday's high of $2,785. Market analyst Adnan Agar, Director at Interactive Commodities, predicts gold will trade between $2,730 and $2,750 in the near term. Prices falling below this range could trigger a significant downward trend. However, stabilisation is more likely, with upcoming US monetary policy decisions expected to further influence gold prices.
