Latest news with #Rs257
Business Recorder
21-05-2025
- Business
- Business Recorder
Gold prices show upward trend
KARACHI: Gold prices edged higher on Tuesday following a slight rise in the global rates, still hovering close to $3,250 per ounce, traders said. Local market saw an upward trend as the global bullion rate increased by $3, reaching $3,244 per ounce. This rise drove gold prices up by Rs300 per tola and Rs257 per 10 grams. Thus, gold rates scaled up to Rs342,800 per tola and Rs293,895 per 10 grams, All Pakistan Sarafa Gems and Jewelers Association said. Domestic silver prices continued holding steady at Rs3,410 per tola and Rs2,923 per 10 grams with international market selling the white metal at $33 per ounce, according to the association. Copyright Business Recorder, 2025
Express Tribune
20-05-2025
- Business
- Express Tribune
Gold inches up over global rally
Listen to article Gold prices in Pakistan remained relatively stable on Tuesday, despite a rise in international markets for the precious metal. The increase was influenced by a weakening US dollar and ongoing uncertainty about the US tariff policies as well as ceasefire talks between Russia and Ukraine. Domestically, the price of gold inched up Rs300 per tola, reaching Rs342,800, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of 10-gram gold rose Rs257 to Rs293,895. This follows a significant gain on Monday when gold surged Rs4,000 per tola and settled at Rs342,500. Interactive Commodities Director Adnan Agar noted that gold trading remained subdued throughout the day. "Today's range was relatively narrow, with a high of $3,250 and a low of $3,206, while the market opened at $3,234. Currently, prices are hovering around $3,224," he said. Agar added that the $3,200 level was emerging as a key support zone. "The market is consolidating within a $50 range. If prices close above $3,250 to $3,280 in the next two to three days, we may see a bullish breakout. However, a close below $3,200 could signal renewed downward pressure." Globally, gold prices rose more than 1% on Tuesday as the US dollar weakened further, while uncertainty persisted over Trump's tariff policy and the Russia-Ukraine ceasefire, according to Reuters. Spot gold was up 1.6% at $3,280.32 an ounce by 1049 ET (1449 GMT), while US gold futures were 1.5% higher at $3,283.10. The dollar slipped again on Tuesday, weighed down by the Federal Reserve's caution over the economy, having sold off broadly on Monday after ratings agency Moody's downgraded the US sovereign rating last week. A softer dollar makes bullion cheaper for buyers holding other currencies. "There's still a level of uncertainty out in the market. Most notably, the Moody's downgrade and the weakening dollar have supported the precious metals complex overall," said David Meger, Director of Metals Trading at High Ridge Futures. Meanwhile, the Pakistani rupee weakened slightly against the US dollar in the inter-bank market, registering a marginal depreciation of 0.05%. By the end of trading, the local currency settled at 281.92, down Rs0.15 compared to Monday's closing rate of 281.77. In the international market, the US dollar remained range bound after a week of gradual losses. The greenback's movement was constrained by the Federal Reserve's cautious economic outlook and progress among US lawmakers towards passing legislation, which was expected to further expand the country's fiscal deficit.
Business Recorder
20-05-2025
- Business
- Business Recorder
Gold price per tola gains Rs300 in Pakistan
Gold prices in Pakistan continued to grow in line with their increase in the international market on Tuesday. In the local market, gold price per tola reached Rs342,800 after it gained Rs300 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs293,895 after it increased by Rs257. On Monday, gold price per tola reached Rs342,500 after it accumulated Rs4,000 during the day. The international rate of gold also jumped on Tuesday. The rate was at $3,244 per ounce (with a premium of $20), a gain of $3, as per APGJSA. Meanwhile, silver price per tola remained stable at Rs3,410.
Express Tribune
18-04-2025
- Business
- Express Tribune
Gold recedes after record highs
Listen to article After remaining buoyant for several days and hitting record highs in previous sessions, gold prices saw a slight decline in the local market on Friday. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold fell by Rs300 per tola, settling at Rs349,700. Similarly, the rate for 10 grams of gold dropped by Rs257 to Rs299,811. The dip comes after Thursday's historic surge when the per tola price of gold hit the all-time high mark of Rs350,000. Gold prices also eased in the international market. As per APGJSA, the global rate stood at $3,326 per ounce, including a $20 premium, marking a modest decrease of $3 during the day. Adnan Agar, Director at Interactive Commodities, said trading activity in the local market remained subdued due to the closure of international markets on account of Good Friday, a Christian holiday. "Since it's a holiday today, the international market is closed, which has affected local trading volumes," he added. Meanwhile, the Pakistani rupee registered a marginal decline against the US dollar, slipping by 0.04% in the inter-bank market on Friday. By the close of trading, the local currency settled at 280.72 against the greenback, marking a loss of 10 paisas compared to the previous day's closing rate of 280.62. On April 18, 2025, the State Bank of Pakistan (SBP) conducted two Open Market Operations (OMO) to inject liquidity into the financial systemone Shariah-compliant and the other conventional. In the Shariah-compliant Mudarabah-based OMO, the SBP received bids totalling Rs354 billion, all of which were fully accepted. This included Rs220.5 billion for the 7-day tenor at a return rate of 12.09% per annum and Rs133 billion for the 14-day tenor at 12.10%. For the conventional OMO (Reverse Repo Injection), the SBP received bids worth Rs771 billion but accepted only Rs437 billion. The accepted amounts comprised Rs176 billion for the 7-day tenor and Rs261 billion for the 14-day tenor, both at a rate of 12.09%. Notably, the 7-day tenor saw partial acceptance on a pro-rated basis, with only Rs75 billion accepted out of Rs308 billion offered at the 12.09% rate.
Express Tribune
18-04-2025
- Business
- Express Tribune
Gold prices dip slightly after record high in Pakistan
Listen to article Gold prices witnessed a minor decline on Friday in both international and local markets, following a sharp rally that had pushed rates to historic highs a day earlier. In the international bullion market, the price of gold slipped by $3 per ounce, settling at $3,326. The dip triggered a modest correction in Pakistan's local market, where the price of 24-carat gold fell by Rs300 per tola, bringing it down to Rs349,700. The price of 10 grams of 24-carat gold also dropped by Rs257, reaching Rs299,811. The decline follows Thursday's dramatic surge, when gold prices in Pakistan reached an all-time high of Rs350,000 per tola, breaching the milestone for the first time. According to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold had jumped by Rs2,000 per tola and Rs1,715 per 10 grams, closing at Rs300,068. In contrast to gold, silver prices continued to rise. On Friday, silver gained Rs16 per tola, reaching Rs3,417, while 10 grams rose by Rs14 to Rs2,929. Analysts say the slight dip in gold prices is a natural market correction after record-breaking gains. However, they warn that volatility may persist amid ongoing global economic uncertainty, geopolitical tensions, and strong investor interest in safe-haven assets.
