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Express Tribune
18 hours ago
- Business
- Express Tribune
Local gold prices steady despite global surge
Listen to article Gold prices remained unchanged in Pakistan on Wednesday, despite a notable rise in the international market, where safe-haven demand and a softer US dollar buoyed prices amid heightened geopolitical concerns. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market held steady at Rs354,100. Similarly, the rate for 10 grams remained unchanged at Rs303,583. This stability comes after a sharp increase of Rs5,900 per tola on Monday when prices had surged to Rs353,100. Globally, gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 1143 GMT. US gold futures were up at $3,406.80. In global markets, gold rebounded from early losses as weak US employment data prompted a shift in investor sentiment. Adnan Agar, Director at Interactive Commodities, noted that the international gold price hit a low of $3,343 earlier in the day before recovering to a high of $3,384. It was last trading at around $3,373. "Gold was declining since morning, but after the US market opened, weak employment data triggered a recovery. Prices briefly touched $3,384 before settling slightly lower," Agar explained. He added that Friday's release of the US non-farm payroll dataa key monthly employment indicatorwill be critical in determining the future direction of gold prices. "That data could be a major market mover," he said. Additionally, rising geopolitical tensions, including renewed flare-ups in the Russia-Ukraine conflict and emerging concerns over global trade disputes, are contributing to volatility in the precious metals market. "Investors are closely monitoring geopolitical developments and US economic indicators," Agar said. "These factors are driving current movements and will continue to shape gold prices in the coming days." Meanwhile, the Pakistani rupee posted a slight decline against the US dollar on Wednesday, slipping by 0.04% in the inter-bank market. By the end of the trading session, the rupee closed at 282.22 against the dollar, marking a depreciation of 10 paisas compared to Tuesday's closing rate of 282.11. At the close of the trading session, the Pakistani rupee depreciated by 0.04% day-on-day (DoD) against the US dollar, settling at 282.22, according to Ismail Iqbal Securities. On a calendar year-to-date (CYTD) basis, the rupee has depreciated by 1.30%, while the fiscal year-to-date (FYTD) depreciation stands at 1.38%. Globally, the US dollar weakened on Wednesday as investors awaited upcoming US employment figures for near-term market direction, while also monitoring progress in President Donald Trump's ongoing tariff discussions with major trade partners such as China.
Business Recorder
19 hours ago
- Business
- Business Recorder
Gold prices: no change
KARACHI: Local gold and silver prices remained unchanged on Wednesday, mirroring stability in the international bullion markets, traders said. According to the All Pakistan Sarafa Gems and Jewellers Association, gold prices in the domestic market held firm at Rs354,100 per tola and Rs303,583 per 10 grams. International gold prices also showed no movement, staying steady at $3,357 per ounce. Similarly, silver prices in the local market recorded no change, with rates standing at Rs3,586 per tola and Rs3,074 per 10 grams. However, on the global front silver remained flat at over $34 per ounce. Copyright Business Recorder, 2025
Express Tribune
2 days ago
- Business
- Express Tribune
Gold inches up as global market cools
Listen to article Gold price inflation in Pakistan slowed on Tuesday and recorded a marginal increase, mirroring global market trends where the precious metal retreated after reaching a near four-week high as investors turned cautious ahead of a possible phone call between US President Donald Trump and Chinese President Xi Jinping. In the domestic market, the price of gold rose by Rs1,000 per tola, settling at Rs354,100, while the 10-gram rate climbed by Rs857 to Rs303,583, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This followed a sharp increase of Rs5,900 per tola on Monday when prices had touched Rs353,100. Internationally, gold fell over 1% on Tuesday after hitting a near four-week high, pressured by a firmer dollar as investors grew cautious ahead of a potential call between US President Donald Trump and Chinese leader Xi Jinping, according to Reuters. Spot gold fell 1.1% to $3,340.79 an ounce as of 1421 GMT, after hitting its highest since May 8 earlier in the session. US gold futures eased 0.9% to $3,365.90. "We are moving into this period that is well known to be the summer doldrums, so there's an expectation that the gold market could fall into a bit of a lull or a sideways consolidation," said David Meger, director of metals trading at High Ridge Futures. Markets are on edge ahead of a likely Trump-Xi call this week, after Trump accused China of violating an agreement to roll back tariffs. The talks come as trade tensions between the world's two largest economies continue to simmer. Adnan Agar, Director at Interactive Commodities, noted that gold touched an intraday high of $3,387 and a low of $3,333 before stabilising around $3,350. "After yesterday's strong $90 move, some profit-taking emerged today. The price reversed near $3,400, failing to break that level, and fell to $3,333," Agar said. He added that if the market closes below the $3,340-$3,345 range, it could test the $3,300 level again. Conversely, a break above $3,400 could push prices toward $3,420 or even $3,440 in the near term. Meanwhile, the range-bound Pakistani rupee registered a slight decline against the US dollar in the inter-bank market on Tuesday, slipping by 0.05%. The local currency closed at 282.11, down by 14 paisas from Monday's closing rate of 281.97, according to the Exchange Companies Association of Pakistan (ECAP). Globally, the US dollar fell to a six-week low on Tuesday amid growing concerns over the US economy, as the ongoing trade war under President Donald Trump's administration continues to take a toll on economic sentiment. The dollar rose 0.5% from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers.
Express Tribune
2 days ago
- Business
- Express Tribune
Gold prices in Pakistan continue upward trend amid global surge
Listen to article Gold prices in the local market continued their upward trajectory on Tuesday, mirroring the surge in global demand and record-high international rates. In the international bullion market, the price of gold rose by $10 per ounce, reaching $3,357. This upward movement contributed to continued price hikes in domestic markets. According to local jewellers, the price of 24-karat gold increased by Rs1,000 per tola, bringing it to Rs354,100. Similarly, the price of 10 grams of gold rose by Rs857, reaching Rs303,583. Silver prices also witnessed an increase. The price of silver rose by Rs130 per tola to reach Rs3,586, while the rate for 10 grams climbed by Rs112 to settle at Rs3,084.
Business Recorder
2 days ago
- Business
- Business Recorder
Gold price per tola gains further Rs1,000 in Pakistan
Gold prices in Pakistan increased further on Tuesday in line with their rise in the international market. In the local market, gold price per tola reached Rs354,100 after a gain of Rs1,000 during the day. Similarly, 10-gram gold was sold at Rs303,583 after it gained Rs857, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola reached Rs353,100 after a surge of Rs5,900 during the day. The international rate of gold also gained on Tuesday. The rate was at $3,357 per ounce (with a premium of $20), an increase of $10, as per APGJSA. Meanwhile, silver price per tola increased by Rs130 to settle at Rs3,586.
