Latest news with #Rs309
Express Tribune
13-03-2025
- Business
- Express Tribune
Reserves drop $152m amid debt repayments
The central bank said in its latest weekly update on Thursday that the country's foreign exchange reserves, held by the SBP, decreased $66 million to $8.15 billion in the week ended January 5, 2024 due to debt repayments. photo: file Listen to article Pakistan's foreign exchange reserves registered a decline in the week ended March 7, 2025 as the central bank's deposits fell $152 million to $11.098 billion. The drop was attributed to external debt repayments, according to the latest data released by the State Bank of Pakistan (SBP) on Thursday. The total liquid foreign reserves held by the country stood at $15.929 billion, of which the SBP held $11.1 billion while commercial banks had net reserves of $4.8 billion. "During the week ended on March 7, 2025, SBP's reserves decreased by $152 million to $11,097.9 million due to external debt repayments," the central bank stated. Meanwhile, gold prices in Pakistan continued their upward trend, mirroring gains in the international market. In the local market, the price of gold per tola surged Rs2,800 on Thursday, reaching Rs309,300. Likewise, the price of 10-gram gold rose Rs2,400 and settled at Rs265,174, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). On Wednesday, the per-tola gold price had already recorded an increase of Rs500. Meanwhile, bullion also climbed in the global market. As per APSGJA, the international gold rate stood at $2,942 per ounce (including a $20 premium), higher by $27 for the day. "Gold has surged today (Thursday), standing at $2,976, with a low of $2,932," said Adnan Agar, Director of Interactive Commodities. "If the market closes above $2,930, we will see an upward movement," he said. Gold is currently holding near its peak at $2,976. It is also very close to the $3,000 mark, he said. "There is a strong barrier at $3,000, so we may see profit-taking at that level. The market could push towards $3,000 or even $3,025, but selling pressure and profit-taking are expected near these levels." The primary reason behind this movement is US President Donald Trump's ongoing tariff announcements. Every day, there is a new development regarding tariffs. Recently, he has hinted at imposing tariffs on Europe, which has further pushed the market upwards, he said. Moreover, the Pakistani rupee experienced a slight decline against the US dollar, depreciating 0.03% in the inter-bank market. By the end of trading session, the currency settled at 280.05, a loss of eight paisa against the greenback. A day earlier, the rupee had closed at 279.97. On the global front, the US dollar edged higher on Thursday, supported by an uptick in US Treasury yields. However, currency markets remained in tight ranges as investors assessed the impact of escalating global trade tensions on US inflation and economic growth.
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
24-02-2025
- Business
- Express Tribune
Gold touches record highs again
Gold prices in Pakistan surged to a new all-time high on Monday, reflecting global market trends. The price of gold per tola climbed by Rs1,500, reaching Rs309,500. Likewise, the rate for 10 grams of gold rose by Rs1,286 to settle at Rs265,346, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On the preceding Saturday, gold prices had already increased by Rs1,000, bringing the per tola price to Rs308,000. Globally, however, gold prices saw a decline on Monday as traders secured profits following recent record highs. The market focus has now shifted to an upcoming US inflation report, which could influence future price movements. According to Adnan Agar, Director of Interactive Commodities, gold has once again tested its recent peak of 2955. However, the market has slightly dipped to around 2940. He noted that this week is critical in determining gold's next move, with the possibility of either further price increases or a correction. Agar emphasised that gold appears to be showing signs of exhaustion, which could lead to further movement in either direction. The gold price surge in Pakistan aligns with international trends, where inflation concerns and economic uncertainty continue to drive demand for the precious metal. Globally, gold prices surged to a record high on Monday, driven by safe-haven demand amid concerns over US President Donald Trump's tariff plans, with additional support coming from inflows into the world's top gold-backed exchange-traded fund. Spot gold rose 0.2% to $2,941.60 an ounce as of 1433 GMT. It hit $2,956.15 earlier in the session - its eleventh record high in 2025. US gold futures added 0.2% to $2,957.50. The US dollar index touched its lowest level since December 10 earlier in the session, making bullion more affordable for buyers using other currencies. Meanwhile, the Pakistani rupee experienced a slight decline against the US dollar, weakening by 0.03% in the interbank market on Monday. By the close of the trading session, the rupee stood at 279.66, marking a depreciation of Rs0.09 against the dollar. Over the past week, the local currency also faced a downward trend, losing Rs0.36 or 0.13% in the interbank market. According to the State Bank of Pakistan (SBP), the rupee had closed at 279.57, compared to 279.21 a week earlier. Zafar Paracha, of the Exchange Companies Association of Pakistan (ECAP), said the SBP is supporting the US dollar by purchasing it to assist exporters; otherwise, the dollar could depreciate against the rupee. Between June and November 2024, the SBP's net foreign exchange interventions reached $5 billion, according to AHL. This strategic action led to a $2.9 billion increase in the country's foreign exchange reserves, with the remaining amount allocated toward managing the country's debt repayments.
Express Tribune
22-02-2025
- Business
- Express Tribune
Gold sees correction of Rs2,000 after record high
Listen to article After reaching a record high in previous sessions, the price of gold per tola in Pakistan underwent a minor correction, dropping by Rs2,000 due to a decline in international rates. On Friday, gold per tola was priced at Rs307,000 following the decrease, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Just a day earlier, on Thursday, the price had risen by Rs1,000, hitting an all-time high of Rs309,000 in Pakistan. At the global level, gold prices also saw a dip on Friday. According to APGJSA, the global price stood at $2,930 per ounce, reflecting a $23 drop for the day. "The recent correction in gold prices is relatively minor," said Adnan Agar, Director of Interactive Commodities. He added that the market is due for a deeper correction. Gold initially opened at $2,916 and reached a high of $2,950 before settling at $2,930. Agar suggested that if a proper correction takes place, gold could fall to the $2,800 level before stabilising. If the price reaches $2,780-$2,800, the market would likely adjust, potentially creating a foundation for a future upward move. He noted that gold has shown downward momentum recently, especially around the $2,940-$2,950 range, where the market has repeatedly pulled back, indicating a resistance level. If this pattern continues, selling pressure may increase. Agar further explained that the coming week will be critical in determining the market's direction. Without a significant correction, gold prices may regain strength and trend upward again. Geopolitical tensions, particularly between Russia and Ukraine, are influencing market sentiment, he said. Traders are closely monitoring these global events for potential impacts on gold prices. APSGJA President Mohammad Qasim Shikarpuri highlighted increasing volatility in gold prices, linking it to ongoing policy changes by US President Donald Trump. He mentioned that the imposition of tariffs on Canada, Mexico, and China has further fuelled market instability. Countries are now increasingly preferring to trade in gold instead of US dollars, signalling a shift away from the dollar's dominance in international trade. Meanwhile, the Pakistani rupee depreciated slightly against the US dollar, weakening by 0.04% in the inter-bank market on Friday. By session's close, the rupee stood at 279.57, down by 11 paisa against the US dollar. The US dollar is on track for its third consecutive weekly decline as traders assess Trump's second-term rhetoric on tariffs.
Express Tribune
20-02-2025
- Business
- Express Tribune
Gold extends winning streak, hits new peak
Listen to article Gold prices in Pakistan continued their upward momentum, touching new highs on Thursday, while mirroring the rise in international markets. In the local market, the price of gold per tola rose Rs1,000 to an all-time high of Rs309,000, while 10-gram gold rose Rs857 to settle at Rs264,917, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The increase follows a Rs3,800 jump per tola on Wednesday, which had already pushed prices to a record high. On the global front, the gold rate also saw an uptick, rising $9 to $2,953 per ounce, including a $20 premium, as per the APSGJA. Analysts point to several factors that are fueling this trend. A weaker US dollar, influenced by the increasing use of alternative currencies like the Chinese yuan in oil trade and the ongoing US-led trade tensions, has enhanced gold's appeal as a hedge against currency depreciation. Additionally, rising inflation, driven by expanding money supply and supply chain disruptions, has prompted investors to seek the stability of gold as a safe-haven asset. Geopolitical instability, particularly the US-China trade war, further contributes to the surge in gold demand as uncertainty typically strengthens bullion's position as a risk-averse investment. With gold prices reaching record highs both globally and locally, market experts anticipate a potential short-term correction once prices approach $3,100 per ounce. However, the overall trajectory remains bullish, driven by macroeconomic trends and investor sentiment favouring bullion as a store of value. Meanwhile, the Pakistani rupee remained largely unchanged against the US dollar in the inter-bank market. By the end of trading, the rupee settled at 279.46, marking a marginal increase of one paisa compared to its previous close of 279.47 on Wednesday. On the global front, the Japanese yen strengthened, while the US dollar remained stable as investors assessed the potential impact of US President Donald Trump's latest tariff policies on the global economy and their influence on major central banks' interest rate decisions. Meanwhile, geopolitical concerns escalated following Trump's remarks referring to Ukrainian President Volodymyr Zelenskiy as a "dictator", amid ongoing diplomatic efforts to resolve the Russia-Ukraine conflict. On Thursday, the State Bank of Pakistan (SBP) announced that its foreign currency reserves increased $35 million to $11.2 billion, while commercial banks held $4.75 billion in net reserves. Furthermore, the government revised rates of return on the conventional Naya Pakistan Certificates (NPCs) in a broad-based reduction across all tenors and currencies, according to Arif Habib Limited. Rupee-denominated NPCs saw the most significant decline, with cuts ranging from 250 to 850 basis points (bps), bringing the 12-month rate down by 850 bps to 13%.
