Latest news with #Rs258
Express Tribune
03-03-2025
- Business
- Express Tribune
Market correction ends as yellow metal hits Rs301,500
Gold prices in Pakistan increased on Monday, reflecting the rise in international rates. In the local market, the price of gold per tola climbed by Rs1,500, reaching Rs301,500, while 10-gram gold was sold at Rs258,487 after an increase of Rs1,286, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This rise follows a decline of Rs500 per tola on Saturday, highlighting the volatility in gold prices. Internationally, gold also witnessed an increase, with its rate reaching $2,869 per ounce (including a $20 premium), marking a $12 gain during the day. According to Adnan Agar, Director of Interactive Commodities, gold prices had recently seen a correction, which was expected. On Friday, the price hit a low of $2,832 per ounce before closing at $2,871.50. The market rebounded on Monday, rising to $2,882 and reaching a daily high. Agar suggested that gold might bounce back towards $2,900, but resistance is expected at that level. If the price sustains above $2,900, further upward momentum could push it towards $3,000. However, if it remains below this threshold, there is a possibility of further correction, potentially bringing gold down to $2,880 or even $2,850. The closing price in the coming days will be crucial in determining gold's next movement. If it closes above $2,950, a strong upward trend could develop. However, if it stays below, there is potential for further declines before another upward push. Globally, gold prices rose on Monday after a slump to a three-week low in the previous session, driven by a weaker dollar and safe-haven buying in response to concerns over US President Donald Trump's tariff policies. Spot gold gained 0.5% to $2,873.11 an ounce as of 1429 GMT. US gold futures rose 1.3% to $2,884.50. The dollar index dropped by 0.8%, moving away from a more than two-week high hit in the previous session, reflecting weakness that makes dollar-priced gold less expensive for buyers holding other currencies.
Express Tribune
03-03-2025
- Business
- Express Tribune
Gold prices surge in global, local markets
Gold prices continued their upward trend on Monday, with both international and local markets recording significant increases. According to reports, the price of gold in the international bullion market rose by $12 per ounce, reaching $2,869. Meanwhile, in Pakistan, the price of gold per tola increased by Rs1,500, bringing it to Rs301,500. The price of 10 grams of gold also surged by Rs1,286 to settle at Rs258,487. Market analysts attribute the rise in gold prices to global economic uncertainties and fluctuations in the value of the US dollar.
Express Tribune
15-02-2025
- Business
- Express Tribune
Gold prices fall after reaching peak in local market
Listen to article The price of 24-carat gold fell by Rs4,700 per tola in the local market bringing the new rate down to Rs301,500 per tola. Meanwhile, the international bullion market saw a sudden decline of $50 per ounce on Saturday, bringing the new global price to $2,883 per ounce. Similarly, the price of 10 grams of gold decreased by Rs4,030, settling at Rs258,487. Earlier, gold prices in Pakistan increased by Rs2,200, reaching an all-time high of Rs306,200 in the local market on Friday. Similarly, the price of 10-gram gold rose by Rs1,886, settling at Rs262,517, as per data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Adnan Agar, Director of Interactive Commodities, noted that while gold prices saw an increase during the day, the market experienced a slight dip towards the end of the session. He highlighted that gold has been undergoing minor corrections of $50-$60, which could indicate a potential buildup for another upward movement. Looking ahead, Agar pointed out that with the upcoming US bank holiday on Monday (Presidents' Day), market activity may remain subdued. However, if gold closes at its current level, further corrections of $30-$40 could be expected before the next price surge. The market will closely monitor these fluctuations to determine the next movement in gold prices. "Gold set for seventh weekly gain as trade war risks lift demand," said JS Global's Technical Outlook report. Gold was poised for its seventh straight weekly rise, driven by fears of a global trade war in the wake of US President Donald Trump's push for reciprocal tariffs, although profit-taking sent prices lower on Friday, said Reuters.
Express Tribune
13-02-2025
- Business
- Express Tribune
Gold sees Rs1,600 per tola correction
Listen to article KARACHI: After reaching an all-time high in the previous session, gold prices in Pakistan dropped on Wednesday, mirroring a decline in international markets. The price of gold per tola fell by Rs1,600, settling at Rs301,500, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the 10-gram gold rate dropped by Rs1,372, bringing it down to Rs258,487. On Tuesday, gold had been stable, with a surge of Rs100 per tola, reaching a record high of Rs303,100. However, the global market saw a downturn on Wednesday, with international gold prices falling by $16 to $2,888 per ounce. Adnan Agar, Director at Interactive Commodities, attributed this correction to unfavourable market data. He noted that gold hit an intraday low of $2,864 before recovering to $2,895. The session's high was $2,900, but data trends, including last year's average US inflation rate of 2.9%, which has now risen to 3%, did not support further gains. Agar suggested that gold was undergoing a natural price adjustment before potentially rebounding. He stated that if the closing price surpasses $2,905, the metal could move higher. However, if it fails to reach that point, further declines towards $2,860$2,890 could follow. Meanwhile, the Pakistani rupee weakened slightly against the US dollar, depreciating 0.03% to close at 279.26 in the inter-bank market on Wednesday, down 9 paisa from the previous day, according to the State Bank of Pakistan (SBP). Globally, the US dollar retreated from its tariff-driven rally, with traders awaiting US inflation data and trade updates. The US dollar gained 0.3% against the yen, crossing 153 yen for the first time in a week, but saw minor losses against the euro at $1.0357. Meanwhile, the EU, Mexico, and Canada condemned US tariffs on steel and aluminium, warning of countermeasures. Federal Reserve Chair Jerome Powell reaffirmed that the Fed is in no rush to cut interest rates during his testimony to Congress. Additionally, the Pakistan Investment Bonds (PIB) Fixed Rate Auction held on Wednesday saw the government accepting bids worth Rs476.4 billion against a target of Rs350 billion. The total bids received amounted to Rs910.7 billion, reflecting strong investor interest. For the 02-Year PIB, Rs233.5 billion in bids were received, with Rs95.2 billion accepted at a cut-off yield of 11.69%, which was 0.25% lower than the previous auction and 0.11% lower than secondary market yields.
