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Express Tribune
17-03-2025
- Business
- Express Tribune
Gold rises to fresh peak at Rs314,800 per tola
Gold prices in Pakistan surged to a new record high on Monday, reflecting an upward trend in international markets. In the local market, the price of gold per tola climbed by Rs1,100 to Rs314,800. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 10-gram gold rose by Rs943 and reached Rs269,890. The increase followed a drop of Rs300 in the per-tola price on Saturday. Similarly, gold prices in the international market also saw an upward movement. As per APSGJA, the bullion rate stood at $2,997 per ounce (including a $20 premium), reflecting a $13 increase during the day. "Today (Monday), local and international rates are at an all-time high," said APSGJA President Mohammad Qasim Shikarpuri. Interactive Commodities Director Adnan Agar, while commenting on the trend, noted that gold briefly touched the $3,000 mark on Friday and hovered around the same level on Monday. He attributed the surge to the global market dynamics, including the ongoing trade war and geopolitical tensions, such as the recent US-led strikes on Yemen. These factors have contributed to a sustained demand for gold as a safe-haven asset. Agar stated that if the market surpassed the $3,000 threshold, prices could rise to $3,040-3,050 per ounce. However, if it fails to stay above this level, there is a possibility of pullback to $2,930-2,940 per ounce. The coming days will be crucial in determining the market's direction. Globally, gold prices were steady on Monday, sitting just below the $3,000 mark, which was finally broken last week, with a focus on trade tariffs and the US Federal Reserve's policy meeting. Spot gold edged up by 0.1% to $2,987.13 an ounce, having hit a record high of $3,004.86 on Friday. The Federal Reserve will give its new economic projections this week, which will provide the most tangible evidence yet of how US central bankers view the likely impact of President Donald Trump's policies that have clouded a previously solid economic outlook. Meanwhile, the Pakistani rupee showed a slight improvement against the US dollar, appreciating by 0.02% in the inter-bank market. By the end of the trading session, the currency stood at 280.17, higher by four paisa against the greenback. In contrast, the rupee had depreciated in the previous week, losing 24 paisa, or 0.09%. According to the State Bank of Pakistan (SBP), the local currency closed at 280.21 last week, compared to 279.97 in the week before. On the global front, the US dollar remained near a five-month low against major currencies, weighed down by the unpredictable trade policies under Trump and a series of weak economic indicators.
Express Tribune
14-03-2025
- Business
- Express Tribune
Gold skyrockets to Rs314,000/ tola
Listen to article Gold prices in Pakistan soared to a new record high on Friday after surpassing the psychological milestone of $3,000 in international markets. In the local market, the price of gold per tola surged by Rs4,700 in a single day, reaching Rs314,000. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold climbed by Rs4,030, settling at Rs269,204. A day earlier, on Thursday, gold prices had already risen by Rs2,800 per tola. "Gold has officially surpassed the significant milestone of $3,000 per ounce, marking a new all-time high," said Adnan Agar, Director of Interactive Commodities. Gold pierced through the psychological milestone of $3,000 an ounce on Friday for the first time, building on a historic rally as trade tensions and US rate cut bets supercharged its appeal as a safe store of value. Spot gold rose 0.1% to $2,991.00 an ounce at 1342 GMT after hitting an all-time high of $3,004.86. US gold futures were up 0.4% to $3,002.30. JS Global wrote in a report that gold reached an all-time high on Friday, driven by uncertainty over US tariffs, trade tensions, and growing expectations of monetary policy easing by the Federal Reserve. "At present, a global trade war is underway, fuelling prices to jump to new highs," said Mohammad Qasim Shikarpuri, President of APGJSA. The conflict between Russia and Ukraine, as well as the war in Gaza, have not reached any resolution despite significant efforts for a ceasefire. Meanwhile, in the United States, there has been a surge in gold purchases following statements by President Trump indicating that he would focus on gold reserves, he added. This increased demand has driven gold prices to record highs, both internationally and in Pakistan. "Currently, gold is at an all-time peak in both global and domestic markets," he said. "Given the ongoing geopolitical tensions and economic uncertainty, the trend suggests that gold prices may continue to rise." "Looking ahead, the situation does not appear to be improving, and further increases in gold prices seem likely," said the APGJSA president. Gold, traditionally viewed as a safe-haven investment during times of inflation or economic volatility, has risen over 14% so far this year, driven in part by concerns over the impact of US President Trump's tariffs and the recent selloff in stock markets. The global trade war that has roiled financial markets and raised recession fears is escalating, with Trump on Thursday threatening to slap a 200% tariff on alcohol imports from Europe. "The market remains highly active and volatile, with strong bullish momentum," said Adnan Agar, Director of Gold Commodities Limited. "Given the current trends and global economic conditions, it is expected that gold prices may continue their upward trajectory, potentially reaching around $3,025 to $3,040 per ounce." However, once it touches these levels, some profit-taking is likely to occur, leading to a temporary pullback, he said. This is a natural market response as investors look to capitalise on their gains before the next potential movement in gold prices. "Amid escalating geopolitical tensions, rising trade tariffs, and growing financial market uncertainty, investors are increasingly seeking stability – and they are finding it in gold," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany. "For now, strong physical demand and safe-haven buying suggest that gold's upward momentum is not yet exhausted." A combination of strong central bank purchases, sound investment demand, as well as bets on monetary policy easing by the US Federal Reserve, have also bolstered zero-yield bullion's performance this year. The Fed is widely expected to keep its benchmark overnight interest rate unchanged at its meeting on Wednesday. "Overall, we maintain our $3,300 call for the year," said Ole Hansen, Head of Commodity Strategy at Saxo Bank, adding that a close above $3,000 on Friday could signal a continuation of the rally next week. ANZ, in a note, forecasted gold to hit $3,050 in 2025. Meanwhile, silver added 0.2% to $33.87 an ounce, platinum lost 0.7% to $987.30, and palladium gained 0.6% to $963.78. On the other hand, the Pakistani rupee experienced a slight dip against the US dollar, depreciating by 0.06% in the inter-bank market on Friday. By the end of the trading session, the currency stood at 280.21, marking a decline of 16 paisa against the dollar. A day earlier, on Thursday, the rupee had closed at 280.05. Globally, the US dollar remained strong on Friday, while the euro retreated further from its five-month high.
