Latest news with #Rs263
Express Tribune
08-03-2025
- Business
- Express Tribune
Gold prices rebound Rs3,000/tola
Listen to article After experiencing a decline in the previous session, gold prices in Pakistan rebounded in line with an upward trend in international markets. In the local market, the price of gold per tola rose by Rs3,000 on Friday, reaching Rs307,000. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold increased by Rs2,571, bringing it to Rs263,203. On Thursday, gold prices had dropped by Rs3,000 per tola, settling at Rs304,000 in Pakistan. Meanwhile, international gold prices also witnessed an upward movement on Friday. As per APGJSA, the global gold rate stood at $2,921 per ounce (including a $20 premium), reflecting a $28 increase for the day. Adnan Agar, Director at Interactive Commodities, commented on the gold market trends, stating that the market has been relatively stagnant for the past few days, fluctuating between $2,916 and $2,930 per ounce. He highlighted that the market has been stuck in this range for the last four days, and a breakout on either side would determine the next movement. Agar further explained that if gold closes above $2,930, an upward trend is expected, whereas if it drops below $2,890, a downward trend could be seen. However, given the current market conditions, a slight downward movement seems more likely, especially with the weekend approaching and renewed tariff impositions. Nonetheless, if gold manages to close above $2,930, any downside risks would be negated, and an upward trend would follow. Globally, gold prices edged up on Friday, poised for a weekly gain on safe-haven inflows and a US jobs report revealing lower-than-expected job growth in February, suggesting the Federal Reserve is on track to cut interest rates this year. Spot gold added 0.3% to $2,918.11 an ounce. Bullion has gained over 2% so far this week, as US President Donald Trump's ever-shifting tariff policies fanned uncertainty. Meanwhile, the Pakistani rupee saw a slight decline against the US dollar, depreciating by 0.05% in the inter-bank market on Friday. By the end of the trading session, the rupee settled at 279.97, marking a loss of 15 paisa against the US dollar. A day earlier, it had closed at 279.82. On the global front, the US dollar remained near a four-month low on Friday as fluctuating tariff policies fuelled uncertainty and raised concerns about economic growth in the United States. Investors awaited the key jobs data for further direction.
Express Tribune
05-03-2025
- Business
- Express Tribune
Gold takes breather, gains modest Rs700/tola
Listen to article The gold market experienced a quiet session, reflecting the absence of any major statements from US President Donald Trump. In Pakistan, prices saw a relatively minor increase of Rs700 per tola, reaching Rs307,000 on Wednesday. Similarly, the price of 10-gram gold rose by Rs601, settling at Rs263,203, as per the rates provided by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold prices had already witnessed a significant increase of Rs4,800 per tola, bringing the rate to Rs306,300. Globally, gold prices also rose on Wednesday. According to APGJSA, the international gold rate stood at $2,921 per ounce (including a $20 premium), reflecting a $5 increase during the day. "The market remained relatively quiet," Adnan Agar observed. Gold traded between $2,822 and $2,894 per ounce throughout the day. As of now, the market is moving around $2,912 per ounce. He noted that while a drop below $2,800 could have led to a further downturn, the market has remained quiet, awaiting new developments. He further stated that market activity is subdued due to a lack of significant updates, particularly from US trade negotiations with Canada and Mexico. Back-channel discussions are ongoing, but no official announcements have been made, leading to a wait-and-see approach among traders. Additionally, the ongoing situation in the US has contributed to uncertainty, keeping investors cautious. On the global level, gold remained steady despite a lower dollar, as investors held back from making large bets ahead of the release of US payroll data later this week. Trade war jitters kept prices above the key level of $2,900 per ounce. Spot gold was down 0.1% at $2,913.79, while US gold futures rose 0.1% to $2,923.70. Bullion remained subdued despite the US dollar dropping more than 1% to a four-month low. Meanwhile, the Pakistani rupee saw a slight decline against the US dollar, depreciating by 0.04% in the interbank market on Wednesday. By the end of the trading session, the rupee settled at 279.87, marking a 10-paisa loss compared to Tuesday's closing rate of 279.77. On the global front, the US dollar remained near a three-month low against major currencies as concerns over a potential trade war intensified following the latest round of US tariffs and retaliatory measures from Canada and China. In Wednesday's T-Bill auction conducted by the State Bank of Pakistan (SBP), total participation stood at Rs1.237 trillion, with the government raising Rs569 billion against a target of Rs700 billion and a maturity of Rs946 billion. Yields remained unchanged, with current rates at 11.82% for the 3-month T-Bill, 11.67% for the 6-month T-Bill, and 11.64% for the 12-month T-Bill.
Express Tribune
21-02-2025
- Business
- Express Tribune
Gold prices in Pakistan today
Listen to article Gold prices in Pakistan saw a sharp decline on Friday, following a recent surge in the market. The price of gold in the international bullion market dropped by $23 per ounce, bringing the price down to $2,930. This decrease was also mirrored in local gold markets, where the price of 24-carat gold per tola fell by Rs. 2,000, settling at Rs307,000, whereas the price of gold per 10 grams in Pakistan dropped by Rs1,714, bringing it to Rs263,203. Meanwhile, the price of silver also saw a dip, with the cost per tola falling by Rs. 38 to Rs. 3,430, while 10-gram silver dropped by Rs. 33 to Rs. 2,940. In contrast, just a day earlier, gold prices in Pakistan had continued their upward momentum, hitting new highs on Thursday, in line with rising international prices. On Thursday, the price of gold per tola had increased by Rs. 1,000, reaching an all-time high of Rs. 309,000, while the price of 10-gram gold had risen by Rs. 857, settling at Rs. 264,917, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). This increase followed a Rs. 3,800 jump per tola on Wednesday, which had already pushed prices to a record high. On the global front, the price of gold had risen by $9 to $2,953 per ounce, including a $20 premium, as reported by the APSGJA. Analysts had pointed to several factors fueling this upward trend, including a weaker US dollar, driven by the growing use of alternative currencies like the Chinese yuan in oil trade and ongoing US-led trade tensions. These factors had enhanced gold's appeal as a hedge against currency depreciation.
