logo
#

Latest news with #Rs359

Gold dips slightly, rupee inches up
Gold dips slightly, rupee inches up

Express Tribune

time16-07-2025

  • Business
  • Express Tribune

Gold dips slightly, rupee inches up

Listen to article Gold prices in Pakistan fell on Tuesday, mirroring a downturn in the international market as investors reacted cautiously to fresh US inflation data and awaited clarity on potential trade tariffs. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold declined by Rs700 per tola, settling at Rs359,000. Similarly, the rate for 10 grams dropped by Rs600 to Rs307,784. The price per tola experienced a dip after an increase the previous day, when it surged by Rs1,600 to reach Rs359,700. Internationally, gold inched lower as the US Consumer Price Index (CPI) data showed a 0.1% uptick in inflation for June, in line with expectations but still keeping interest rate cut hopes subdued. Investors also remained wary of potential tariff announcements amid renewed trade rhetoric from US President Donald Trump. Spot gold fell 0.2% to $3,336.99 per ounce by 0940 am EDT (1340 GMT). US gold futures were down 0.4% to $3,345. The US dollar ticked up 0.2%, making gold more expensive for holders of other currencies. "I think the market continues to be focused on tariffs, keeping gold underpinned. I remain bullish on gold, even though we're well within the range that has been in place since the middle of May," said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals. "The market isn't slow – it's just moderate," Adnan Agar, Director at Interactive Commodities, told The Express Tribune. "Activity has been consistent over the past three to four days," he noted. "Today's (Tuesday's) high was $3,366 and we're trading near the day's low at $3,334." Agar attributed the dip to inflation data, which reduced the likelihood of an early interest rate cut by the US Federal Reserve. "With inflation edging up, the probability of a rate cut has now shifted further out – possibly to September 2025," he said. He added that the ongoing uncertainty around US tariff policy could continue to influence the market over the coming months. "If gold dips further, possibly to the $2,800-3,000 range, it will present a buying opportunity. In the long term, gold remains on an upward trajectory – perhaps by the end of this year or into next." Meanwhile, the Pakistani rupee recorded a marginal appreciation against the US dollar on Tuesday, appreciating by 0.02% in the inter-bank market. By the end of the trading session, the rupee closed at 284.67, up by five paisa from the previous day's close at 284.72. The US dollar remained near a three-week high against major global currencies as investors looked ahead to key US inflation data expected later in the day, which could offer insights into the future course of monetary policy.

Gold prices pick up
Gold prices pick up

Business Recorder

time15-07-2025

  • Business
  • Business Recorder

Gold prices pick up

KARACHI: Gold posted a modest increase in the local market on Monday, reflecting world bullion upward momentum - up by $16 to reach $3,372 per ounce, traders said. The rising trend moved the local gold prices up by Rs1,600 to Rs359,700 per tola and Rs1,371 to settle at Rs308,384 per 10 grams, All Pakistan Sarafa Gems and Jewellers Association said. Domestic and international silver prices also followed the uptrend, growing by Rs65 to Rs4,087 per tola and Rs40 to Rs3,503 per 10 grams. Global market was trading silver at $39 per ounce, the association added. Copyright Business Recorder, 2025

Rupee slides further on imports, SBP dollar buying
Rupee slides further on imports, SBP dollar buying

Express Tribune

time14-07-2025

  • Business
  • Express Tribune

Rupee slides further on imports, SBP dollar buying

The Pakistani rupee continued its downward trajectory against the US dollar, weakening by 0.09% in the inter-bank market on Monday. According to the State Bank of Pakistan (SBP), the local currency closed at 284.72, marking a depreciation of 26 paisa from the previous close. Last week, the rupee had also recorded losses, slipping by 49 paisa, or 0.17%, over the course of the week at 284.46 against the dollar. Arif Habib Ltd Deputy Head of Trading Ali Najib told The Express Tribune that the weakness stems from persistent demand for the dollar amid rising import payments, profit repatriation by multinationals and cautious sentiment ahead of upcoming external debt repayments. In addition, the SBP is also consistently buying the US dollar from the market, taking its intervention to over $6 billion in 8MFY25, a deliberate strategy to rebuild forex reserves, driven by strong remittances, IMF funding and debt rollover considerations. Despite improving forex reserves, speculative activity and global dollar strength continue to weigh on the rupee. "Without stronger inflows or policy tightening, the currency may face further mild depreciation in the short term," said Najib. Meanwhile, gold prices in Pakistan recorded a mild increase on Monday, tracking gains in the international market, where the yellow metal steadied after hitting a three-week high amid renewed focus on trade tensions and upcoming US economic data. Meanwhile, silver surged to its highest level since September 2011. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola rose by Rs1,600 to settle at Rs359,700. The price of 10-gram gold climbed by Rs1,371 to Rs308,384. Spot silver gained 1.1% to $38.78 per ounce, hitting its highest level since September 2011 earlier in the session. The local rate was recorded at Rs4,087 per tola for 24-karat silver. Analysts attributed the move to geopolitical and economic uncertainties. Interactive Commodities Director Adnan Agar said gold prices reacted to US President Donald Trump's comments about potential tariffs on Europe and Mexico. "Gold touched a high of $3,375 and came down slightly to $3,345," Agar noted. "There's a chance it might dip before heading upwards again. With tariff discussions re-emerging, gold is expected to remain volatile in the coming days." The international market's focus remains on trade developments and key macroeconomic indicators from the US, which could further shape the trajectory of precious metal prices globally and domestically. Globally, spot gold was little changed at $3,356.95 per ounce, as of 1337 GMT, after reaching its highest point since June 23 earlier, according to Reuters.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store