Latest news with #Rs353
Express Tribune
a day ago
- Business
- Express Tribune
Local gold prices steady despite global surge
Listen to article Gold prices remained unchanged in Pakistan on Wednesday, despite a notable rise in the international market, where safe-haven demand and a softer US dollar buoyed prices amid heightened geopolitical concerns. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market held steady at Rs354,100. Similarly, the rate for 10 grams remained unchanged at Rs303,583. This stability comes after a sharp increase of Rs5,900 per tola on Monday when prices had surged to Rs353,100. Globally, gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 1143 GMT. US gold futures were up at $3,406.80. In global markets, gold rebounded from early losses as weak US employment data prompted a shift in investor sentiment. Adnan Agar, Director at Interactive Commodities, noted that the international gold price hit a low of $3,343 earlier in the day before recovering to a high of $3,384. It was last trading at around $3,373. "Gold was declining since morning, but after the US market opened, weak employment data triggered a recovery. Prices briefly touched $3,384 before settling slightly lower," Agar explained. He added that Friday's release of the US non-farm payroll dataa key monthly employment indicatorwill be critical in determining the future direction of gold prices. "That data could be a major market mover," he said. Additionally, rising geopolitical tensions, including renewed flare-ups in the Russia-Ukraine conflict and emerging concerns over global trade disputes, are contributing to volatility in the precious metals market. "Investors are closely monitoring geopolitical developments and US economic indicators," Agar said. "These factors are driving current movements and will continue to shape gold prices in the coming days." Meanwhile, the Pakistani rupee posted a slight decline against the US dollar on Wednesday, slipping by 0.04% in the inter-bank market. By the end of the trading session, the rupee closed at 282.22 against the dollar, marking a depreciation of 10 paisas compared to Tuesday's closing rate of 282.11. At the close of the trading session, the Pakistani rupee depreciated by 0.04% day-on-day (DoD) against the US dollar, settling at 282.22, according to Ismail Iqbal Securities. On a calendar year-to-date (CYTD) basis, the rupee has depreciated by 1.30%, while the fiscal year-to-date (FYTD) depreciation stands at 1.38%. Globally, the US dollar weakened on Wednesday as investors awaited upcoming US employment figures for near-term market direction, while also monitoring progress in President Donald Trump's ongoing tariff discussions with major trade partners such as China.
Business Recorder
3 days ago
- Business
- Business Recorder
Gold price per tola gains further Rs1,000 in Pakistan
Gold prices in Pakistan increased further on Tuesday in line with their rise in the international market. In the local market, gold price per tola reached Rs354,100 after a gain of Rs1,000 during the day. Similarly, 10-gram gold was sold at Rs303,583 after it gained Rs857, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola reached Rs353,100 after a surge of Rs5,900 during the day. The international rate of gold also gained on Tuesday. The rate was at $3,357 per ounce (with a premium of $20), an increase of $10, as per APGJSA. Meanwhile, silver price per tola increased by Rs130 to settle at Rs3,586.
Business Recorder
3 days ago
- Business
- Business Recorder
Gold prices increase
KARACHI: Gold prices rebounded with mammoth gains on Monday, mirroring global surge, mounting close to $3,350 per ounce, traders said. Galloping to $3,347 per ounce, world bullion market posted a $59 increase in a single trading session, giving rise to local gold prices by Rs5,900 per tola and Rs5,058 per 10 grams. Subsequently, gold prices settled for Rs353,100 per tola and Rs302,726 per 10 grams, according to All Pakistan Sarafa Gems and Jewelers Association. Copyright Business Recorder, 2025
Express Tribune
3 days ago
- Business
- Express Tribune
Gold surges as uncertainty grows
Gold prices in Pakistan surged on Monday, tracking a sharp rally in the international market where the precious metal rose over 2%its highest level in more than three weeks. The spike was driven by a weakening US dollar and growing investor appetite for safe-haven assets amid escalating geopolitical tensions and sustained global economic uncertainty. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the local market rose by Rs5,900 per tola, reaching Rs353,100. The price for 10 grams of gold also increased significantly, climbing by Rs5,058 to settle at Rs302,726. This rebound reversed the weekend's losses, when gold prices had declined by Rs1,400 per tola to close at Rs347,200 on Saturday. Commenting on the development, Adnan Agar, Director at Interactive Commodities, said the international gold market is showing strong upward momentum. He noted that gold rose nearly $70 on the day, hitting a low of $3,301 and peaking at $3,377, where it was holding steady. "The rally is largely driven by geopolitical developments, particularly Ukraine's recent large-scale attack on Russia, which has boosted safe-haven demand," he said. Internationally, gold gained more than 2% on Monday to its highest level in over three weeks, as a weaker dollar and a combination of geopolitical risks and economic uncertainty fuelled safe-haven demand, according to Reuters. Spot gold was up 2.7% at $3,377.29 an ounce as of 1419 GMT, after reaching its highest since May 8 earlier in the session. US gold futures were up 2.6% at $3,402.70. Agar added that if gold manages to close above the $3,380 mark, it could test higher resistance levels at $3,400, $3,420, and even $3,440. "A close above these thresholds may pave the way toward $3,500, although it's still early to confirm such a move," he said. For now, the closing outlook remains bullish, with key levels in sight. Meanwhile, the Pakistani rupee posted a slight appreciation against the US dollar on Monday, strengthening by 0.02% in the interbank market. By the end of trading, the local currency settled at Rs281.97 per US dollar, reflecting a modest gain of five paisas from the previous session. In contrast, the rupee had weakened slightly during the prior week, losing four paisas or 0.01% against the dollar. It closed at Rs282.02 last Friday, compared to Rs282.06 at the end of the week before, according to data from the State Bank of Pakistan (SBP). According to Ismail Iqbal Securities, the rupee has depreciated by 1.23% calendar year-to-date and 1.30% fiscal year-to-date.
Express Tribune
4 days ago
- Business
- Express Tribune
Gold prices rise locally, internationally amid escalating Russia-Ukraine conflict
Gold prices saw a significant rise on Monday, both locally and internationally, driven by growing tensions between Russia and Ukraine. According to reports, the demand for gold surged again as the conflict between Russia and Ukraine escalated, resulting in a $59 increase in the international bullion market. The price of gold per ounce reached $3,347, marking a notable rise. Locally, the increase in global gold prices led to a sharp jump in the cost of gold in Pakistan's jewellery markets on Monday. Following the surge, the price of 24-carat gold per tola increased by Rs5,900, reaching Rs353,100. Similarly, the price of gold per 10 grams rose by Rs5,058, bringing it to Rs302,726. In contrast, the price of silver remained unchanged, with the cost of one tola silver holding steady at Rs3,356 and 10 grams of silver priced at Rs2,962.
