Latest news with #Rs308
Express Tribune
25-02-2025
- Business
- Express Tribune
Gold drops Rs800 amid global correction
Listen to article Gold prices in Pakistan witnessed some correction on Tuesday, reflecting a downturn in international markets. The price per tola fell by Rs800, settling at Rs308,700, while the 10-gram rate decreased by Rs686 to Rs264,660, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This decline comes after gold hit a record high of Rs309,500 per tola on Monday. Meanwhile, international gold prices also dropped, with the rate declining by $8 per ounce, bringing it to $2,940 per ounce, including a $20 premium. According to Adnan Agar, Director of Interactive Commodities, the gold market experienced a correction, as anticipated. He noted that gold had tested a high of $2,959 and a low of $2,935 intraday, currently stabilising around $2,936. He emphasised that closing prices will be crucial in determining the next trend. If gold closes below $2,920, it may further decline towards $2,860 or even $2,850. However, a rebound could lead to a retest of previous highs. Investors and traders are now closely watching how gold prices settle, as further movement will depend on upcoming global economic trends and central bank policies. Meanwhile, the Pakistani rupee showed little movement against the US dollar in the interbank market on Tuesday, closing at 279.67, down by just one paisa from the previous day's 279.66.
Express Tribune
19-02-2025
- Business
- Express Tribune
Gold hits all-time high of Rs308,000
Listen to article Gold prices in Pakistan soared on Wednesday, aligning with an uptrend in international markets. The price per tola surged by Rs3,800, reaching a record high of Rs308,000, while 10-gram gold climbed to Rs264,060, an increase of Rs3,258, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This followed Tuesday's increase of Rs1,000 per tola, indicating sustained bullish momentum. Globally, gold rose by $34, reaching $2,944 per ounce, including a $20 premium. "Gold prices have hit their highest levels in both local and international markets," said Abdullah Abdul Razzaq, a member of the APGJSA. Adnan Agar, Director of Interactive Commodities, noted that the international gold market has exhibited strong upward momentum. Initially, a correction was expected around $2,850-$2,820, but prices rebounded sooner than anticipated, reinforcing a bullish trend. The surge is driven largely by geopolitical uncertainty, particularly rising tensions between the US, Russia, and Ukraine, which have increased demand for safe-haven assets like gold. Speculative trading has also contributed significantly, with traders capitalising on market sentiment. Despite the rally, Agar pointed out the absence of a significant correction. Historically, gold experiences periodic pullbacks after major gains. Over the past 18 months, prices have surged by $1,150, but unlike previous cycles, the market has yet to witness a healthy retracement of $400-$500, which typically precedes a more stable upward trend, he said. Analysts predict that gold could breach the $3,000-$3,100 mark in the coming months. However, if a correction occurs, a major price adjustment may follow. Traders remain cautious, as the lack of a proper pullback could lead to increased volatility. Meanwhile, the Pakistani rupee weakened slightly against the US dollar, depreciating 0.04% in the inter-bank market on Wednesday. The rupee closed at 279.47, down by 10 paisa from the previous day's rate of 279.37. Additionally, the State Bank of Pakistan (SBP) raised Rs258.8 billion in its latest T-Bill auction, falling short of the Rs350 billion target. The auction attracted total bids of Rs737 billion. Cut-off yields for 3-month, 6-month, and 12-month T-Bills increased by 2bps, 17bps, and 6bps, respectively, settling at 11.8247%, 11.6749%, and 11.6498%.
