Latest news with #Rs302
Business Recorder
a day ago
- Business
- Business Recorder
Gold prices increase
KARACHI: Gold prices rebounded with mammoth gains on Monday, mirroring global surge, mounting close to $3,350 per ounce, traders said. Galloping to $3,347 per ounce, world bullion market posted a $59 increase in a single trading session, giving rise to local gold prices by Rs5,900 per tola and Rs5,058 per 10 grams. Subsequently, gold prices settled for Rs353,100 per tola and Rs302,726 per 10 grams, according to All Pakistan Sarafa Gems and Jewelers Association. Copyright Business Recorder, 2025
Express Tribune
a day ago
- Business
- Express Tribune
Gold surges as uncertainty grows
Gold prices in Pakistan surged on Monday, tracking a sharp rally in the international market where the precious metal rose over 2%its highest level in more than three weeks. The spike was driven by a weakening US dollar and growing investor appetite for safe-haven assets amid escalating geopolitical tensions and sustained global economic uncertainty. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the local market rose by Rs5,900 per tola, reaching Rs353,100. The price for 10 grams of gold also increased significantly, climbing by Rs5,058 to settle at Rs302,726. This rebound reversed the weekend's losses, when gold prices had declined by Rs1,400 per tola to close at Rs347,200 on Saturday. Commenting on the development, Adnan Agar, Director at Interactive Commodities, said the international gold market is showing strong upward momentum. He noted that gold rose nearly $70 on the day, hitting a low of $3,301 and peaking at $3,377, where it was holding steady. "The rally is largely driven by geopolitical developments, particularly Ukraine's recent large-scale attack on Russia, which has boosted safe-haven demand," he said. Internationally, gold gained more than 2% on Monday to its highest level in over three weeks, as a weaker dollar and a combination of geopolitical risks and economic uncertainty fuelled safe-haven demand, according to Reuters. Spot gold was up 2.7% at $3,377.29 an ounce as of 1419 GMT, after reaching its highest since May 8 earlier in the session. US gold futures were up 2.6% at $3,402.70. Agar added that if gold manages to close above the $3,380 mark, it could test higher resistance levels at $3,400, $3,420, and even $3,440. "A close above these thresholds may pave the way toward $3,500, although it's still early to confirm such a move," he said. For now, the closing outlook remains bullish, with key levels in sight. Meanwhile, the Pakistani rupee posted a slight appreciation against the US dollar on Monday, strengthening by 0.02% in the interbank market. By the end of trading, the local currency settled at Rs281.97 per US dollar, reflecting a modest gain of five paisas from the previous session. In contrast, the rupee had weakened slightly during the prior week, losing four paisas or 0.01% against the dollar. It closed at Rs282.02 last Friday, compared to Rs282.06 at the end of the week before, according to data from the State Bank of Pakistan (SBP). According to Ismail Iqbal Securities, the rupee has depreciated by 1.23% calendar year-to-date and 1.30% fiscal year-to-date.
Express Tribune
a day ago
- Business
- Express Tribune
Gold prices rise locally, internationally amid escalating Russia-Ukraine conflict
Gold prices saw a significant rise on Monday, both locally and internationally, driven by growing tensions between Russia and Ukraine. According to reports, the demand for gold surged again as the conflict between Russia and Ukraine escalated, resulting in a $59 increase in the international bullion market. The price of gold per ounce reached $3,347, marking a notable rise. Locally, the increase in global gold prices led to a sharp jump in the cost of gold in Pakistan's jewellery markets on Monday. Following the surge, the price of 24-carat gold per tola increased by Rs5,900, reaching Rs353,100. Similarly, the price of gold per 10 grams rose by Rs5,058, bringing it to Rs302,726. In contrast, the price of silver remained unchanged, with the cost of one tola silver holding steady at Rs3,356 and 10 grams of silver priced at Rs2,962.
Business Recorder
2 days ago
- Business
- Business Recorder
Gold price per tola surges Rs5,900 in Pakistan
Gold prices in Pakistan increased on Monday in line with their incline in the international market. In the local market, gold price per tola reached Rs353,100 after a surge of Rs5,900 during the day. Similarly, 10-gram gold was sold at Rs302,726 after it gained Rs5,058, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Saturday, gold price per tola reached Rs347,200 after it lost Rs1,400 during the day. The international rate of gold also gained on Monday. The rate was at $3,347 per ounce (with a premium of $20), an increase of $59, as per APGJSA. Meanwhile, silver price per tola remained the same at Rs3,456.
Express Tribune
09-05-2025
- Business
- Express Tribune
SBP reserves strengthen by $118m
Listen to article The State Bank of Pakistan (SBP) reported a week-on-week increase of $118 million in its foreign exchange reserves, taking the total to $10.3 billion as of May 2, 2025. According to the latest data released on Thursday, Pakistan's total liquid foreign reserves stood at $15.5 billion, including $5.2 billion held by commercial banks. The uptick in SBP reserves signals improved external account stability, offering some relief amid ongoing economic challenges. While the central bank did not specify the source of the increase, such gains are typically attributed to inflows from multilateral institutions, exports, or remittances. Gold prices in Pakistan declined on Thursday, mirroring a downward trend in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold fell by Rs4,200 per tola, bringing it down to Rs352,700 in the local market. Similarly, the rate for 10 grams of gold dropped by Rs3,601, settling at Rs302,383. This followed a modest gain on Wednesday, when the price per tola had risen by Rs800, reaching Rs356,900. Internationally, gold prices also slipped on Thursday. The global rate stood at $3,343 per ounce (including a $20 premium), reflecting a $42 decrease for the day, as per APGJSA. Adnan Agar, Director at Interactive Commodities, commented on the recent decline in gold prices, stating, "As news emerges regarding ongoing China-US trade talks, we are seeing downward pressure on gold. Market sentiment is shifting towards risk-on assets, reducing the appeal of safe havens like gold." Gold prices inched lower on Thursday, ahead of US President Donald Trump's likely announcement of a trade deal between the United States and Britain. Spot gold was down 0.1% to $3,362.19 an ounce as of 1318 GMT, after rising 1% earlier in the session. US gold futures slipped 0.7% to $3,368.50. "The gold market has been very volatile. What you're seeing are short-term investors buying and selling based on news headlines," said Jeffrey Christian, managing partner of CPM Group. Meanwhile, the Pakistani rupee recorded a slight depreciation against the US dollar for the fifth day in a row, edging down by 0.02% in the interbank market on Thursday. By the end of the trading day, the rupee settled at 281.52, marking a minor loss of Rs0.05 compared to Wednesday's closing rate of 281.47. On the global front, the US dollar remained firm against the euro on Thursday, maintaining gains from the previous daythe strongest in two weeksafter the Federal Reserve highlighted growing economic risks from elevated inflation and rising unemployment.
