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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
19-05-2025
- Business
- Express Tribune
Gold up Rs4,000 as dollar dips
Gold prices in Pakistan continued their upward trajectory on Monday, mirroring gains in the international market where the yellow metal rose due to a weaker US dollar and renewed safe-haven demand following the US credit rating downgrade. In the domestic market, the price of gold per tola surged Rs4,000 to settle at Rs342,500, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). Similarly, the price of 10-gram gold rose Rs3,429 to Rs293,638. This rally follows Saturday's momentum when gold rose Rs2,400 to hit Rs338,500 per tola, reflecting sustained buying interest and global cues. Analysts note that with the rupee holding relatively stable, gold's local price movements are being closely dictated by international trends and investor sentiment in response to the economic uncertainties abroad. Globally, gold prices drifted higher on Monday, steered by a softer dollar and safe-haven demand after Moody's downgraded the US government credit rating, according to Reuters. Spot gold rose 1% to $3,234.70 an ounce by 1050 EST (1450 GMT). Moody's cut the US rating to "Aa1" from "AAA" on Friday, citing rising debt and interest cost "that are significantly higher than similarly rated sovereigns". "Overall, over the next few months, I think gold is a good safe bet considering the downgrade on the United States. It's still to me a buy-and-hold market," said Bob Haberkorn, Senior Market Strategist at RJO Futures. The US dollar index hit its lowest level since May 8 while Wall Street's main indexes slipped. A weaker US currency makes gold less expensive for other currency holders. Financial markets were also rattled a bit when US Treasury Secretary Scott Bessent said on Sunday that President Trump would impose tariffs at the rate he threatened on April 2 if trading partners did not negotiate in "good faith." "Gold prices remained range bound on Monday, with limited movement observed in the international market," said Adnan Agar, Director at Interactive Commodities. Speaking on the day's trend, Agar noted that the metal traded within a narrow $50 band, fluctuating between a high of $3,250 and a low of $3,206. Meanwhile, the Pakistani rupee registered a slight decline against the US dollar, depreciating 0.04% in the inter-bank market. According to the State Bank of Pakistan (SBP), the local currency closed at 281.77, down Rs0.11 from the previous session. This follows a modest gain recorded last week, when the rupee appreciated Rs0.05, or 0.02%, closing at 281.66 compared to 281.71 a week earlier.
Business Recorder
19-05-2025
- Business
- Business Recorder
Gold price per tola gains Rs4,000 in Pakistan
Gold prices in Pakistan continued to grow in line with their increase in the international market o Monday. In the local market, gold price per tola reached Rs342,500 after it accumulated Rs4,000 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs293,638 after it increased by Rs3,429. On Saturday, gold price per tola reached Rs338,500 after it accumulated Rs2,400 during the day. The international rate of gold also jumped on Monday. The rate was at $3,241 per ounce (with a premium of $20), a gain of $40, as per APGJSA. Meanwhile, silver price per tola remained at Rs3,410.
