Latest news with #Rs317
Express Tribune
27-03-2025
- Business
- Express Tribune
Reserves shrink $540m on repayments
Listen to article Pakistan's foreign exchange reserves held by the State Bank of Pakistan (SBP) declined by $540 million, reaching $10.61 billion during the week ending March 21, 2025, due to external debt repayments, according to the latest data released by the central bank. This decline comes as the country continues to navigate its external financing requirements amid economic stabilisation efforts. As of March 21, Pakistan's total liquid foreign exchange reserves stood at $15.55 billion, with commercial banks holding $4.94 billion in net foreign reserves. The breakdown shows SBP's reserves at $10.61 billion and commercial bank reserves at $4.94 billion, highlighting the impact of debt repayments on the central bank's holdings. Gold rises again Meanwhile, gold prices in Pakistan saw a sharp rise on Thursday, mirroring an increase in international markets. In the local market, the price per tola surged by Rs3,200, reaching a new all-time high of Rs321,000, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On the previous day, gold prices remained stable at Rs317,800 per tola. However, on Thursday, the international market saw an upward trend, with gold reaching $3,052 per ounce, marking a $31 increase in a single day. According to Adnan Agar, Director at Interactive Commodities, gold has successfully breached the $3,032 resistance level and is currently fluctuating around $3,150, having recorded a high of $3,156 and a low of $3,121 during the day. He attributed this surge to recent news regarding increased tariffs on imported luxury vehicles in the US, which has driven safe-haven demand for gold. However, Agar pointed out that the market is showing signs of exhaustion, as gold has reached this level multiple times without sustaining further momentum. He predicted a possible correction of $50 to $70 in the near term, though a larger correction of $100 to $150 could also be expected. While the market remains bullish for now, investors are cautiously watching for support levels to break, which could trigger selling pressure and lead to a downward trend in the coming days. Rupee gains Moreover, the Pakistani rupee recorded a slight gain against the US dollar in the interbank market on Thursday, appreciating by 0.01%. By the end of the trading session, the currency stood at 280.22, marking a 4-paisa increase compared to the previous day's closing rate of 280.26. On the global front, the Japanese yen remained stable against the dollar following US President Donald Trump's decision to impose a 25% tariff on imported cars and light trucks starting next week. The escalating trade tensions have heightened investor concerns, with fears that these tariffs could slow US economic growth and fuel inflation. However, optimism surrounding the possibility of less severe trade restrictions has provided some support to market sentiment.
Express Tribune
25-03-2025
- Business
- Express Tribune
Gold down on lacklustre market movement
Listen to article Gold prices in Pakistan fell on Tuesday, following a decline in the international market. In the local market, the price of gold per tola dropped by Rs800, reaching Rs317,800. Similarly, the price of 10 grams of gold decreased by Rs686, settling at Rs272,462, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold prices had risen by Rs600, bringing the per tola rate to Rs318,600. The international gold price for Pakistan also saw a decline on Tuesday. According to APGJSA, the global rate stood at $3,021 per ounce (including a $20 premium), marking a drop of $6 for the day. Adnan Agar, Director of Interactive Commodities, commented on the market conditions, stating that gold had reached a high of $3,035 before settling at $3,029 at Pakistan Mercantile Exchange Limited (PMEX), with the day's low at $3,007. He described the market as somewhat lacklustre, fluctuating within the $3,005$3,035 range over the past couple of days. He noted that there were expectations of a possible peace deal between Ukraine and Russia, with updates anticipated within the next few days or by the weekend. Ukrainian and US delegations are scheduled to meet on Tuesday in Saudi Arabia, following Russia-US talks there a day earlier on a limited Black Sea ceasefire proposal that Washington hopes will open the way for broader peace negotiations. Due to this uncertainty, the market remained cautious. However, Agar pointed out that the US stock market had stabilised and improved after a period of decline. If a peace agreement between Ukraine and Russia is signed, Agar suggested that gold prices could drop further. Globally, gold prices rose on Tuesday, supported by safe-haven demand amid uncertainty over US President Donald Trump's tariff plans for next week, which could potentially boost inflation. Spot gold was up 0.3% at $3,021.39 an ounce, while US gold futures rose 0.4% to $3,026.20. Meanwhile, the Pakistani rupee experienced a slight depreciation against the US dollar, weakening by 0.02% in the interbank market on Tuesday. By the end of the trading session, the rupee closed at 280.42 against the dollar, marking a decline of 5 paisa from the previous day. On Monday, it had settled at 280.37. On the global front, the US dollar strengthened against the Japanese yen, as President Donald Trump indicated that not all proposed tariffs would take effect on April 2, and certain countries might receive exemptions. This announcement provided support to the US dollar and improved market sentiment on Wall Street by easing concerns over a potential slowdown in US economic growth. As a result, the US dollar surged 0.9%, surpassing 150 yen before climbing further in the Asian session to a three-week high of 150.92 yen. The dollar also reached its strongest level against the euro since March 6, hitting $1.0781 as the euro's recent rally lost momentum. It was last trading at $1.0796, while the British pound fell to a two-week low of $1.2883 before stabilising at $1.2918 in Asian trade.
Express Tribune
18-03-2025
- Business
- Express Tribune
Gold continues upward flight to Rs317,350/tola
Listen to article Gold prices continued their ascent to new heights, reaching an all-time high in Pakistan on Tuesday, mirroring the global upward trend. The price of gold per tola surged by Rs2,550, reaching Rs317,350. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold rose by Rs2,186, settling at Rs272,076. This surge follows Monday's record-breaking increase of Rs1,100 per tola, which pushed gold prices to Rs314,800. On the global front, the price of gold also witnessed an upward movement, rising by $25 to reach $3,022 per ounce, including a premium of $20. Adnan Agar, Director of Interactive Commodities, commented on the price movement, stating that gold had touched a high of $3,038 during the day before pulling back slightly. He pointed out that if gold continues to stay above the $3,000 mark, it could test levels between $3,025 and $3,040. He also attributed the bullish trend in gold prices to geopolitical tensions, including the recent US strike on Yemen and ongoing global economic uncertainty. Given the current market conditions, he suggested that gold remains technically strong, with potential for further upside unless significant resistance levels are broken. ANZ (Australia and New Zealand Banking Group Limited) raised its zero-to-three-month gold price forecast to $3,100 per ounce and its six-month forecast to $3,200 per ounce, according to a research note on Tuesday. Gold prices surpassed the significant $3,000 mark on Tuesday for the second time, setting a new high, as investors sought cover from economic concerns fuelled by US President Donald Trump's tariff policies. Meanwhile, the Pakistani rupee experienced a slight depreciation against the US dollar on Tuesday, slipping by 0.04% in the interbank market. By the end of the trading session, the rupee closed at 280.27, marking a decline of 10 paisa compared to the previous day's close of 280.17. On the global front, the US dollar remained near a five-month low against the euro and other major currencies as investors assessed the potential economic fallout from rising global trade tensions. Moreover, the inflow of remittances under the Roshan Digital Account (RDA) rose to $9.768 billion by the end of February 2025, compared to $9.564 billion at the end of January 2025. The data showed that remittance inflows during February were recorded at $204 million, compared to $222 million in January and $203 million in December 2024, according to the latest figures released by the State Bank of Pakistan (SBP). RDA provides banking solutions to Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment, and investment activities in Pakistan. According to the data, almost 797,350 accounts were registered under the programme by the end of February 2025. By the end of February, overseas Pakistanis had invested $459 million in Naya Pakistan Certificates, $860 million in Naya Pakistan Islamic Certificates, and $59 million in Roshan Equity Investment.
