Latest news with #Rs264
Express Tribune
25-02-2025
- Business
- Express Tribune
Gold drops Rs800 amid global correction
Listen to article Gold prices in Pakistan witnessed some correction on Tuesday, reflecting a downturn in international markets. The price per tola fell by Rs800, settling at Rs308,700, while the 10-gram rate decreased by Rs686 to Rs264,660, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This decline comes after gold hit a record high of Rs309,500 per tola on Monday. Meanwhile, international gold prices also dropped, with the rate declining by $8 per ounce, bringing it to $2,940 per ounce, including a $20 premium. According to Adnan Agar, Director of Interactive Commodities, the gold market experienced a correction, as anticipated. He noted that gold had tested a high of $2,959 and a low of $2,935 intraday, currently stabilising around $2,936. He emphasised that closing prices will be crucial in determining the next trend. If gold closes below $2,920, it may further decline towards $2,860 or even $2,850. However, a rebound could lead to a retest of previous highs. Investors and traders are now closely watching how gold prices settle, as further movement will depend on upcoming global economic trends and central bank policies. Meanwhile, the Pakistani rupee showed little movement against the US dollar in the interbank market on Tuesday, closing at 279.67, down by just one paisa from the previous day's 279.66.
Express Tribune
20-02-2025
- Business
- Express Tribune
Gold extends winning streak, hits new peak
Listen to article Gold prices in Pakistan continued their upward momentum, touching new highs on Thursday, while mirroring the rise in international markets. In the local market, the price of gold per tola rose Rs1,000 to an all-time high of Rs309,000, while 10-gram gold rose Rs857 to settle at Rs264,917, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The increase follows a Rs3,800 jump per tola on Wednesday, which had already pushed prices to a record high. On the global front, the gold rate also saw an uptick, rising $9 to $2,953 per ounce, including a $20 premium, as per the APSGJA. Analysts point to several factors that are fueling this trend. A weaker US dollar, influenced by the increasing use of alternative currencies like the Chinese yuan in oil trade and the ongoing US-led trade tensions, has enhanced gold's appeal as a hedge against currency depreciation. Additionally, rising inflation, driven by expanding money supply and supply chain disruptions, has prompted investors to seek the stability of gold as a safe-haven asset. Geopolitical instability, particularly the US-China trade war, further contributes to the surge in gold demand as uncertainty typically strengthens bullion's position as a risk-averse investment. With gold prices reaching record highs both globally and locally, market experts anticipate a potential short-term correction once prices approach $3,100 per ounce. However, the overall trajectory remains bullish, driven by macroeconomic trends and investor sentiment favouring bullion as a store of value. Meanwhile, the Pakistani rupee remained largely unchanged against the US dollar in the inter-bank market. By the end of trading, the rupee settled at 279.46, marking a marginal increase of one paisa compared to its previous close of 279.47 on Wednesday. On the global front, the Japanese yen strengthened, while the US dollar remained stable as investors assessed the potential impact of US President Donald Trump's latest tariff policies on the global economy and their influence on major central banks' interest rate decisions. Meanwhile, geopolitical concerns escalated following Trump's remarks referring to Ukrainian President Volodymyr Zelenskiy as a "dictator", amid ongoing diplomatic efforts to resolve the Russia-Ukraine conflict. On Thursday, the State Bank of Pakistan (SBP) announced that its foreign currency reserves increased $35 million to $11.2 billion, while commercial banks held $4.75 billion in net reserves. Furthermore, the government revised rates of return on the conventional Naya Pakistan Certificates (NPCs) in a broad-based reduction across all tenors and currencies, according to Arif Habib Limited. Rupee-denominated NPCs saw the most significant decline, with cuts ranging from 250 to 850 basis points (bps), bringing the 12-month rate down by 850 bps to 13%.
Express Tribune
20-02-2025
- Business
- Express Tribune
Gold prices surge again in local and international markets– February 20, 2025
Listen to article Gold prices have reached historic highs for the third consecutive day in both international and local markets. In the international bullion market, the price of gold per ounce surged by $9, reaching $2,953. On the other hand, the price of gold per tola increased by Rs1,000, reaching Rs309,000 in local market. Similarly, the price per 10 grams rose by Rs857, now standing at Rs264,917. These record-breaking prices have attracted significant attention from investors and traders, reflecting the global trend of rising gold prices. It is worth noting that yesterday, gold prices in Pakistan surged to record highs on Wednesday, following a global uptrend. The price of gold per tola increased by Rs3,800, reaching Rs308,000, while 10-gram gold rose by Rs3,258 to Rs264,060. This followed a previous Rs1,000 per tola rise on Tuesday. Internationally, gold climbed by $34, hitting $2,944 per ounce, supported by geopolitical tensions and increased demand for safe-haven assets. Experts noted the market's strong upward momentum, despite the lack of a correction, which usually follows major price gains. Gold prices could reach $3,000-$3,100 in the near future, but traders remain cautious due to potential volatility. Meanwhile, the Pakistani rupee weakened slightly by 0.04% against the US dollar, closing at 279.47. The State Bank of Pakistan raised Rs258.8 billion in its T-Bill auction, falling short of its Rs350 billion target.
Express Tribune
19-02-2025
- Business
- Express Tribune
Gold hits all-time high of Rs308,000
Listen to article Gold prices in Pakistan soared on Wednesday, aligning with an uptrend in international markets. The price per tola surged by Rs3,800, reaching a record high of Rs308,000, while 10-gram gold climbed to Rs264,060, an increase of Rs3,258, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This followed Tuesday's increase of Rs1,000 per tola, indicating sustained bullish momentum. Globally, gold rose by $34, reaching $2,944 per ounce, including a $20 premium. "Gold prices have hit their highest levels in both local and international markets," said Abdullah Abdul Razzaq, a member of the APGJSA. Adnan Agar, Director of Interactive Commodities, noted that the international gold market has exhibited strong upward momentum. Initially, a correction was expected around $2,850-$2,820, but prices rebounded sooner than anticipated, reinforcing a bullish trend. The surge is driven largely by geopolitical uncertainty, particularly rising tensions between the US, Russia, and Ukraine, which have increased demand for safe-haven assets like gold. Speculative trading has also contributed significantly, with traders capitalising on market sentiment. Despite the rally, Agar pointed out the absence of a significant correction. Historically, gold experiences periodic pullbacks after major gains. Over the past 18 months, prices have surged by $1,150, but unlike previous cycles, the market has yet to witness a healthy retracement of $400-$500, which typically precedes a more stable upward trend, he said. Analysts predict that gold could breach the $3,000-$3,100 mark in the coming months. However, if a correction occurs, a major price adjustment may follow. Traders remain cautious, as the lack of a proper pullback could lead to increased volatility. Meanwhile, the Pakistani rupee weakened slightly against the US dollar, depreciating 0.04% in the inter-bank market on Wednesday. The rupee closed at 279.47, down by 10 paisa from the previous day's rate of 279.37. Additionally, the State Bank of Pakistan (SBP) raised Rs258.8 billion in its latest T-Bill auction, falling short of the Rs350 billion target. The auction attracted total bids of Rs737 billion. Cut-off yields for 3-month, 6-month, and 12-month T-Bills increased by 2bps, 17bps, and 6bps, respectively, settling at 11.8247%, 11.6749%, and 11.6498%.
