Latest news with #Rs323
Express Tribune
29-03-2025
- Business
- Express Tribune
Gold hits record highs in local and global markets
Listen to article Gold prices have risen further, reaching new record highs. In the international bullion market, the price of gold per ounce saw a $10 increase on Saturday, reaching a new global price of $3,084 per ounce. On the other hand, in local markets, the price of 24-carat gold per tola increased by Rs 1,620, bringing it to a new high of Rs 325,000, the highest in the country's history. Similarly, the price of gold per 10 grams also surged by Rs 1,389, reaching Rs 278,635, another record high. In contrast to rising gold prices, the price of silver in the country decreased by Rs 30 per tola, bringing it to Rs 3,580, while the price of silver per 10 grams dropped by Rs 27, reaching Rs 3,069. Yesterday, in the local markets price of gold per tola rose to Rs323,380, marking a single-day increase of Rs2,380. In the international gold market, the price reached $3,074 per ounce (including a $20 premium), up $22 for the day. Interactive Commodities Director Adnan Agar stated that gold hit a historic high of $3,086 on Friday, while the lowest point of the day was $3,054, with the market currently standing at $3,072. He described the market as strong and volatile, with further fluctuations expected next week due to key global economic events. Two major factors influencing market sentiment are the upcoming US employment data and the April 2 tariff deadline set by US President Donald Trump. Agar noted that Trump was expected to follow through on his trade policies, which could provoke retaliatory actions from other countries, leading to further market uncertainty. "While a significant correction in gold prices is anticipated, the exact timing remains uncertain," he said.
Express Tribune
29-03-2025
- Business
- Express Tribune
Gold hits peak as US tariff looms
Listen to article Due to the approaching April 2 deadline for tariffs set by the US president, gold experienced a record-breaking surge in both local and international markets on Friday. In Pakistan, the price of gold per tola rose to Rs323,380, marking a single-day increase of Rs2,380. Similarly, the price of 10-gram gold climbed to Rs277,246, higher by Rs2,041, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). In the international gold market, the price reached $3,074 per ounce (including a $20 premium), up $22 for the day. On Thursday, the price of gold per tola had already risen by Rs3,200, settling at Rs321,000. Interactive Commodities Director Adnan Agar stated that gold hit a historic high of $3,086 on Friday, while the lowest point of the day was $3,054, with the market currently standing at $3,072. He described the market as strong and volatile, with further fluctuations expected next week due to key global economic events. Two major factors influencing market sentiment are the upcoming US employment data and the April 2 tariff deadline set by US President Donald Trump. Agar noted that Trump was expected to follow through on his trade policies, which could provoke retaliatory actions from other countries, leading to further market uncertainty. "While a significant correction in gold prices is anticipated, the exact timing remains uncertain," he said. Globally, gold prices surged to a record high, as investors flocked to the safe-haven asset amid fears of a trade war triggered by Trump's latest tariffs. Spot gold climbed 0.9% to $3,082.39 an ounce after hitting its 18th record high this year at $3,086.70 earlier in the session. Bullion is up 2% this week and is on track for a fourth straight weekly gain. US gold futures added 0.9% to $3,088.90. Meanwhile, the Pakistani rupee saw a slight uptick against the US dollar, appreciating by 0.02% in the inter-bank market on Friday. By the end of the trading session, the currency closed at 280.16, marking a gain of six paisa against the greenback. A day earlier, it had settled at 280.22. Globally, the US dollar was on track for a stable week but faced a quarterly decline, as concerns over tariffs potentially slowing US economic growth weighed on yields, stocks and the currency. Meanwhile, the euro, trading just below $1.08, was set for its strongest quarterly gain in over a year, rising more than 4% since the beginning of 2025, driven by hopes of peace in Ukraine, a weaker dollar, and a surge in German benchmark yields. The Japanese yen showed slight gains and was poised for a quarterly increase of nearly 4%, trading at 151.19 per dollar, largely unaffected by Tokyo's persistent inflation.
