Latest news with #Rs348
Business Recorder
3 days ago
- Business
- Business Recorder
Gold price per tola falls Rs700 in Pakistan
Gold prices in Pakistan decreased on Friday in line with their decline in the international market. In the local market, gold price per tola reached Rs348,600 after it lost Rs700 during the day. Similarly, 10-gram gold was sold at Rs298,868 after it shed Rs599, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Thursday, gold prices remained stable in Pakistan in line with no change in the international market. The international rate of gold also declined on Friday. The rate was at $3,302 per ounce (with a premium of $20), a decrease of $7, as per APGJSA. Meanwhile, silver price per tola remained stable at Rs3,380.
Arab News
28-04-2025
- Business
- Arab News
Surge in gold prices amid Trump tariff turmoil dulls Pakistani wedding season demand
KARACHI: As US President Donald Trump ratcheted up his tariff war on the world, gold kept climbing in lockstep to reach a succession of record highs, including in Pakistan. In recent weeks, gold has globally offered investors a safe haven from the chaos that has enveloped many financial markets since Trump's tariff announcements on April 2. But at the same time, it has dampened consumption during the wedding season in Pakistan, as buyers and jewelers feel the brunt of high prices, with one tola, or nearly 12 grams, costing about Rs348,700 ($1,200). The average monthly income in Pakistan, meanwhile, is roughly Rs70,000 ($248). 'We can see that gold is hovering around an all-time high,' Kamal Ahmed, a commodities analyst at AKD Securities, told Arab News, adding that gold prices in Pakistan had surged 38 percent since the beginning of the year. The increase, he said, was triggered by geopolitical tensions, the Russia-Ukraine war and macroeconomic uncertainty worsened by the latest US trade actions. 'When there is uncertainty in the economy, when there is uncertainty in the geopolitical situation, people like to invest in gold,' Ahmed explained, adding that central banks around the world had also bought 'a lot of gold' recently to hedge against a possible tariff-driven recession. In international markets, gold touched a record $3,500 per ounce, about 28.35 grams, on April 22, pushing local prices in Pakistan to fresh highs. Analysts suggest more pain ahead. 'I think gold might test $3,800 per ounce this year, and if it breaches that level, you could see $4,500 per ounce by the end of 2025,' said Ahmed. Global brokerage firm JP Morgan has also predicted gold could rise beyond $4,000 per ounce next year, warning of growing recession risks tied to inflated US tariffs. The impact on Pakistan, on a tricky path to economic recovery under a $7 billion IMF bailout program, could be severe. 'Investors would prefer to buy gold than invest in equities because they seek a very safe option,' said Ahmed. For now, the math is simple: If Trump continues his trade war against China, and increases tariffs from the 10 percent base on other countries after his 90-day pause, then it's likely that gold will continue to rally. But if a compromise with Beijing is worked out that allows both parties to save face, and other countries reach deals with Trump that largely preserve global trade, then the case for gold looks less secure. On Monday, gold retreated as easing US-China trade tensions boosted investors' risk appetite and dented demand for safe-haven assets such as bullion, while a stronger dollar also piled on the pressure. In the domestic market, the price of 24-karat gold per tola fell by Rs3,300 on Monday, bringing it down to Rs348,700 ($1,200). The price of 10 grams of 24-karat gold also saw a decrease of Rs2,833, settling at Rs298,950 ($1,063). But prices are still too high for most consumers and are dampening the spring/early summer wedding season in Pakistan, where gold is an intrinsic part of celebrations. At a jeweler's shop in Karachi's oldest Sarafa Bazaar, Fatima, a housewife who only gave her first name, stared last week at rows of glittering gold sets she could no longer afford. 'I was buying gold for my daughter's wedding that we have delayed for now because the prices of gold are very high,' Fatima said. 'You either don't give gold to your children at all or delay the marriage.' She said she hoped prices might ease after Eid Al-Adha in June. 'The prevailing rates have made gold unreachable for the poor,' M. Iqbal, director of the All Pakistan Sarafa Gems & Jewelers Association, said, estimating that about 65 percent of traders in the gold market were actively buying, further driving up demand and prices. 'It's risen beyond their purchasing power now. Gold has become an investor's business only.' He warned that if the tariff war dragged on, gold prices in Pakistan could swell beyond Rs500,000 ($1,780) per tola. 'People are managing their weddings by purchasing lesser quantities of gold,' Iqbal warned. 'People who used to buy two or more tolas are now purchasing only half of it, and that too because it's a tradition.' Muhammad Yaqoob Ishaq, a jeweler whose family has traded gold for more than a century, said many customers were now opting for artificial jewelry. 'Nowadays artificial jewelry is trending in weddings,' he said. 'People have been buying artificial jewelry or using silver ornaments that are gold coated.'
Business Recorder
25-04-2025
- Business
- Business Recorder
Gold loses huge value
KARACHI: After a day of pause, gold trading closed on a negative note on Friday, as global rates fell close to $3,300 per ounce, traders said. Gold lost huge value by Rs3,300 and Rs2,833, settling for Rs348,700 per tola and Rs298,950 per 10 grams, respectively, All Pakistan Sarafa Gems and Jewelers Association said. International market posted a significant drop by $33, dragging down gold bullion prices to $3,305 per ounce, while silver was available at over $33 per ounce. Domestic silver prices grew by Rs30 and Rs45, reaching Rs3,497 per tola and Rs2,998 per 10 grams, separately, the association added. It is worth noting that the open market may trade gold and silver at different prices as compared to those fixed by the association. Copyright Business Recorder, 2025
Business Recorder
25-04-2025
- Business
- Business Recorder
Gold price per tola falls Rs3,300 in Pakistan
Gold prices decreased in the local and international markets. In Pakistan, gold price per tola reached Rs348,700 after it shed Rs3,300 on Friday. Similarly, 10-gram gold was sold at Rs298,950 after it registered a decline of Rs2,833, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Thursday, gold price per tola remained unchanged at Rs352,000. The international rate of gold also declined on Friday. As per APGJSA, the rate was at $3,305 per ounce (with a premium of $20), a decrease of $33 during the day. Meanwhile, silver price increased by Rs40 to settle at Rs3,497 per tola.
Express Tribune
16-04-2025
- Business
- Express Tribune
Gold soars to record highs of Rs348,000/tola
Listen to article Gold prices continued their record-breaking surge on Wednesday, defying analysts' expectations of a market correction, as both domestic and international rates reached new all-time highs. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in Pakistan soared by Rs8,600 in a single day, settling at a historic high of Rs348,000. Similarly, the rate for 10 grams rose by Rs7,373 to close at Rs298,353. The international prices for Pakistan also saw a notable jump, with gold prices climbing $86 during the day to reach a record $3,310 per ounce, inclusive of a $20 premium. Commenting on the development, Adnan Agar, Director at Interactive Commodities, said gold continued its upward momentum, touching a record high of $3,319 before slightly retreating to $3,318. "Today's rally wasn't driven by any fresh news, particularly from the US side. Rather, it's a continuation of a multi-day bullish trend," he noted, adding that lingering concerns around the global trade war remain an underlying factor. Agar further cautioned that while there might still be room for another $25 upside, the market is approaching technically overbought territory. "Once that threshold is hit, a correction of $100150 can be expected," he said. On Tuesday, gold per tola had already climbed by Rs600 to close at Rs339,400, highlighting the persistent demand and bullish sentiment in the market. Meanwhile, the Pakistani rupee posted a slight gain against the US dollar on Wednesday, appreciating by 0.04% in the inter-bank market. By the close of trade, the rupee settled at 280.46, up by Rs0.11 from the previous day's closing rate of 280.57. On the global front, the US dollar held onto a modest rebound, as investors paused after several weeks of heavy selling, with markets steadying ahead of further developments in US trade negotiations. Moreover, the State Bank of Pakistan (SBP) raised a total of Rs1.225 trillion through two separate auctions held on April 16, 2025. In the Pakistan Investment Bond - Floating Rate (PFL) Semi-Annual Auction, SBP raised Rs260.83 billion, with Rs67.62 billion from 5-year bonds and Rs193.21 billion from 10-year bonds. Notably, all bids for the 2-year bonds were rejected. In the Market Treasury Bills (MTBs) Auction, SBP raised Rs964.63 billion across various tenors. The breakdown included Rs284.38 billion from 1-month bills, Rs135.02 billion from 3-month bills, Rs76.24 billion from 6-month bills, and Rs469 billion from 12-month bills. Combining both auctions, the central bank mobilised a substantial amount to meet government financing needs, reflecting investor confidence in Pakistan's short and medium-term debt instruments.
