Latest news with #Rs321
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
27-03-2025
- Business
- Express Tribune
Gold prices hit record high in global, local markets
Listen to article Gold prices surged to record highs in both international and domestic markets on Thursday, driven by continued investor interest and global economic uncertainty. According to market reports, the international bullion rate rose by $31 per ounce, taking the price to $3,052, its highest level to date. In response, gold prices in Pakistan also witnessed a sharp rise. The price of 24-karat gold per tola increased by Rs3,200, reaching an all-time high of Rs321,000. Meanwhile, the rate for 10 grams of gold rose by Rs2,743, hitting Rs275,205. Bullion traders attributed the surge to strong demand, inflation concerns, and currency fluctuations. The local market continues to mirror global trends, with buyers seeking gold as a safe-haven asset.
