Latest news with #Rs301
Express Tribune
26-05-2025
- Business
- Express Tribune
Gold falls Rs2,600 on global slowdown
Globally, gold prices rose for a third straight session, helped by a softer dollar and safe-haven demand amid economic and geopolitical uncertainty. photo: Reuters Local gold prices declined on Monday, tracking a slowdown in the international bullion market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs2,600 per tola, settling at Rs351,500 in the local market. The price of 10-gram gold also fell by Rs2,228, closing at Rs301,354. The downturn comes after a notable gain over the weekend when gold prices surged by Rs3,100 per tola on Saturday to hit Rs354,100. Globally, gold prices also saw a dip on Monday. The international rate stood at $3,331 per ounce (including a $20 premium), reflecting a decrease of $26, according to APGJSA. Adnan Agar, Director at Interactive Commodities, noted that market activity was subdued due to a US bank holiday, with early closure and minimal trading volumes. "The market is practically flat today. The high was $3,356, while the low touched $3,323. It's currently hovering around $3,335," he said. Agar added that the recent easing of trade tensions between the US and Europe also contributed to the decline. The issue of additional European tariffs, hinted at by former President Donald Trump on Friday, was resolved over the weekend after discussions with the European Union. Trump agreed to delay the tariffs, which led to pressure on gold prices. He further predicted that prices may continue to slide once international markets resume full operations on Tuesday. Meanwhile, the Pakistani rupee recorded a minor loss against the US dollar on Monday, slipping by 0.03% in the inter-bank market. The local currency closed at 282.06, down by Rs0.09 from the previous session, according to data released by the State Bank of Pakistan (SBP). During the preceding week, the rupee had also weakened slightly, depreciating by Rs0.31 or 0.11%, ending at 281.97 against the greenback compared to 281.66 a week earlier. "At the close of the trading session, the Pakistani rupee depreciated by 0.03% day-on-day (DoD) against the US dollar, settling at 282.06. On a calendar year-to-date (CYTD) basis, the rupee has weakened by 1.24%, while the depreciation stands at 1.32% on a fiscal year-to-date (FYTD) basis," wrote Ismail Iqbal Securities. On the global front, both the euro and the US dollar gained ground against traditional safe-haven currencies like the Japanese yen and Swiss franc. The uptick followed former US President Donald Trump's announcement of a July 9 deadline for finalising a trade agreement with the European Union, effectively withdrawing his earlier threat of imposing a 50% tariff starting June 1.
Express Tribune
26-05-2025
- Business
- Express Tribune
Gold prices drop in global, local markets
Listen to article Gold prices saw a decline in both global and local markets today, as a weakening demand caused significant price drops. The price of gold in the international bullion market fell by $26 per ounce, settling at $3,331 after a three-day break. Following the global downturn, local gold markets also witnessed a price reduction. On Monday, the price of 24-karat gold dropped by Rs2,600 per tola, bringing it to Rs351,500. Similarly, the price of gold per 10 grams also saw a decline of Rs2,228, now priced at Rs301,354. In contrast, silver prices remained stable. The price of one tola of silver stood unchanged at Rs3,508, while the price for 10 grams was also steady at Rs3,007. On Saturday, gold prices had increased in line with an upward trend in the international market. In the local market, the price of gold per tola rose to Rs354,100, reflecting a gain of Rs3,100 during the day.
Express Tribune
24-04-2025
- Business
- Express Tribune
Debt payments reduce reserves by $367m
Net financial inflows, though tepid during 1HFY25, are expected to improve as a sizable part of official debt repayments has already been made. photo: file Listen to article Owing to external debt payments, the State Bank of Pakistan's (SBP) foreign exchange reserves fell $367 million over the week, reaching $10.21 billion as of April 18, according to data released on Thursday. The country's total liquid foreign reserves stood at $15.44 billion, with $5.23 billion held by commercial banks. "Earlier, on March 21, 2025, the SBP had reported a week-on-week decline of $540 million," said Arif Habib Limited Research Head Sana Tawfiq while talking to The Express Tribune. The central bank attributed the latest drop to external debt payments, stating: "During the week ended April 18, 2025, the SBP reserves declined $367 million to $10,205.9 million due to external debt repayments." The Pakistani rupee weakened against the US dollar on Thursday, slipping 0.04% to reach its lowest level in over a year in the inter-bank market. By the end of trading, the rupee stood at 281.07 against the dollar – a level last seen in January 2024. A day earlier, the local currency had closed at 280.97. The dollar staged a broad retreat in the global market as investor gloom over the lack of progress towards defusing the US-China trade war reasserted itself following an interlude of optimism the previous day. US assets, including the dollar, rallied on Wednesday after President Donald Trump backed down from threats to fire the head of the Federal Reserve and appeared to soften his stance on China. Meanwhile, gold prices in Pakistan remained stable, mirroring the lack of movement in the international market. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola held steady at Rs352,000. Similarly, the price for 10 grams of gold remained unchanged at Rs301,783. This followed Wednesday's fluctuation when gold per tola dropped Rs11,700 to Rs352,000. On the global front, the price of gold also stayed flat, standing at $3,338 per ounce (including a $20 premium), the same as on the previous day, as per the APSGJA data. Adnan Agar, Director at Interactive Commodities, stated that gold prices were trading within a defined range without any significant developments to prompt further movement. "The market is currently positioned at $3,335, with a low of $3,310 and a high between $3,370 and $3,375," he said. "At the moment, there's no new trigger influencing the market direction. Any major update, particularly related to China or other significant events, would be necessary to drive further activity." He noted that the previous session saw a low of $3,270, from which the market has rebounded. Internationally, gold prices gained after falling more than 3% in the previous session, helped by a subdued dollar and bargain hunting, while market attention remained focused on any updates on US-China trade relations. Spot gold rose 1% to $3,321.09 an ounce. Bullion hit a record high of $3,500.05 on Tuesday due to concerns about the US economy, but prices retreated on Wednesday after Trump backed down from threats to fire the head of the Federal Reserve and appeared to soften his stance on China.
Express Tribune
24-04-2025
- Business
- Express Tribune
Gold prices hold steady in global and local markets
Listen to article Gold prices remained unchanged today in both the international and local markets, maintaining stability amid broader economic uncertainties. In the international bullion market, the price of gold held steady at $3,338 per ounce, showing no fluctuation from the previous day. Reflecting this global stability, gold prices in Pakistan also remained unchanged. According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola stood firm at Rs352,000, while the rate for 10 grams held at Rs301,783. Yesterday, the price of gold per tola fell Rs11,700 to Rs352,000. Meanwhile, the Pakistan Stock Exchange (PSX) witnessed a steep decline at the start of trading today, as the KSE-100 index plunged by 2,485 points early in the session, dropping to 114,740 points. As the day progressed, the market showed signs of slight recovery, narrowing the loss to 1196 points. By midday, the current index was at 116,030.02 points. This sharp dip comes amid ongoing volatility in recent trading sessions. While the market had previously touched an all-time high, crossing the 120,000 mark earlier this year, sentiment has since turned bearish, with declines recorded for consecutive days, including yesterday.
Express Tribune
24-04-2025
- Business
- Express Tribune
Gold sees historic one-day drop
Listen to article Gold prices in Pakistan plunged on Wednesday, following global cues, as de-escalation signals from US President Donald Trump over Chinese tariffs sparked speculation of a prolonged market correction. After hitting record highs in recent sessions, gold prices witnessed a historic intra-day drop, tracking a significant downturn in the international market. According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola fell Rs11,700 to Rs352,000. The price of 10 grams of gold also declined Rs10,031 and settled at Rs301,783. Just a day earlier, on Tuesday, gold had reached an all-time high of Rs363,700 per tola on the back of a single-day surge of Rs5,900. Internationally, gold prices also registered a notable dip. APSGJA reported that the global rate fell $116 per ounce, reaching $3,338 (inclusive of a $20 premium). Commenting on the development, Abdullah Abdul Razzaq, a member of APSGJA, termed the decline "one of the most significant in recent months," noting that the last comparable drop occurred on November 12, 2024, when prices fell $77 and Rs7,000 in a single day. Adnan Agar, Director at Interactive Commodities, attributed the correction to geopolitical developments, particularly signs of easing trade tensions between the United States and China. "The market hit a low of $3,172 today (Wednesday) before recovering slightly to $3,288. Over the past two days, gold has fallen nearly $230," he noted. Agar added that further downside may be possible, with prices potentially adjusting to the $3,250-$3,220 range. "With de-escalation signals from US President Donald Trump regarding Chinese tariffs, market sentiment is shifting. If negotiations gain momentum, a long-awaited correction in gold could extend over several months." The recent movements highlight the volatility in global bullion markets, especially in response to geopolitical cues, with local prices reflecting these trends sharply. Meanwhile, the Pakistani rupee slipped marginally against the US dollar on Wednesday to close at Rs280.97 in the inter-bank market compared to Rs280.77 a day earlier, according to the State Bank of Pakistan (SBP). This marks a depreciation of 20 paisa, or 0.07%, in the local currency, reflecting minor pressure in the foreign exchange market. Analysts suggest that the movement remains within a narrow range, driven by routine demand and supply factors. The SBP reiterated that the rupee depreciates when more rupees are required to purchase one US dollar, and conversely, it appreciates when fewer rupees are needed. Moreover, the inflow of remittances under the Roshan Digital Account (RDA) rose to $10.003 billion by the end of March 2025 as compared to $9.768 billion by the end of February, according to APP. Data showed that the inflows of remittances during March were recorded at $235 million as compared to $204 million in February and $222 million in January 2025, according to the latest statistics released by the State Bank of Pakistan (SBP). These accounts provide innovative banking solutions to millions of non-resident Pakistanis (NRPs), including the non-resident Pakistan-origin card (POC) holders, seeking to undertake banking, payment, and investment activities in Pakistan. The number of accounts registered under the programme rose 53,092 to 805,442 in March 2025 from 797,350 accounts in February 2025. By the end of March, overseas Pakistanis invested $460 million in Naya Pakistan Certificates, $883 million in Naya Pakistan Islamic Certificates, and $62 million in Roshan Equity Investment.
