Latest news with #Rs363
Business Recorder
23-04-2025
- Business
- Business Recorder
Gold falls massive Rs11,700 per tola in Pakistan
After hitting record high in the previous session, gold prices decreased in the local market and international markets. In Pakistan, gold price per tola reached Rs352,000 after it shed Rs11,700 on Friday. Similarly, 10-gram gold was sold at Rs301,783 after it registered a decline of Rs10,031, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold price per tola hit record Rs363,700 after a single-day gain of Rs5,900. The international rate of gold also declined on Wednesday. As per APGJSA, the rate was at $3,338 per ounce (with a premium of $20), a decrease of $116 during the day. Meanwhile, silver price increased by Rs16 to settle at Rs3,457 per tola. Gold prices fell on Wednesday as US President Donald Trump retracted his threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with China, denting bullion's safe-haven appeal. Spot gold fell 0.7% to $3,357.11 an ounce by 0256 GMT. US gold futures fell 1.5% to $3,366.80. The hint of US-China negotiations and Trump backing down his threat to remove Powell 'caused the sell off in gold price to hit a kind of a very extreme oversold level in the short term perspective here,' said Kelvin Wong, senior market analyst, Asia Pacific at OANDA. US stocks and the dollar rebounded after Trump on Tuesday withdrew his threats to fire Powell after days of intensifying criticism of the central bank chief for not cutting interest rates.
Express Tribune
22-04-2025
- Business
- Express Tribune
Gold peaks as market fears correction
Listen to article As gold prices soared to new heights in Pakistan on Tuesday, following a global surge, investors found themselves in uncertain waters. Experts are now forecasting a significant correction, despite the ongoing record-breaking gains. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold surged by Rs5,900 per tola, reaching a historic high of Rs363,700 in the local market. The price of 10 grams of gold also jumped significantly, climbing Rs5,059 to settle at Rs311,814. This follows a sharp increase on Monday when gold prices per tola rose by Rs8,100 to hit the then-record high of Rs357,800. Internationally, gold prices also scaled new heights. APGJSA reported the global rate at $3,454 per ounce on Tuesday — including a $20 premium — marking a daily gain of $59. Commenting on the development, Adnan Agar, Director at Interactive Commodities, noted that gold touched a peak of $3,500 in the international market before retreating to $3,426. "The market is now $75 below its intraday high, signalling the potential for an even bigger correction," he said. "If prices dip below $3,400, further downward movement is likely. Otherwise, a rebound could be on the cards. Today's closing price will be crucial in determining the near-term trend." The persistent rally in gold is being closely watched by investors amid global economic uncertainty and currency fluctuations, he said. Meanwhile, the Pakistani rupee posted a marginal gain against the US dollar in the inter-bank market on Tuesday, appreciating by 0.04%. According to the State Bank of Pakistan, the local currency closed at 280.77, up by 10 paisas compared to Monday's closing rate of 280.87. Globally, the US dollar remained under pressure, hovering near multi-year lows as investor confidence weakened amid persistent criticism of the Federal Reserve by President Donald Trump. The dollar edged close to its lowest level in nearly a decade against the Swiss franc and hovered near a three-and-a-half-year low against the euro. Trump intensified his attacks on Fed Chair Jerome Powell in a Truth Social post on Monday, branding him a "major loser" and urging an immediate rate cut to avoid a potential economic downturn.
Express Tribune
22-04-2025
- Business
- Express Tribune
Gold prices hit new record high in Pakistan amid global surge
Listen to article Gold prices in Pakistan surged to an all-time high on Tuesday, tracking a sharp rise in international rates. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of per tola gold rose by Rs5,900 in a single day, reaching a record Rs363,700. The price of 10 grams of gold also increased by Rs5,059, settling at Rs311,814. This follows Monday's sharp rise of Rs8,100 per tola, which had pushed gold prices to Rs357,800 — a then-record level. In the international market, gold prices also climbed to a new high. As per APGJSA, the global rate reached $3,454 per ounce (including a $20 premium), marking a $59 increase during the day. In contrast, silver prices in the local market remained unchanged at Rs3,441 per tola. Meanwhile, Spot gold was up about 1% at $3,457.12 an ounce by 1025 GMT, after earlier rising as far as $3,500.05. US gold futures gained 1.3% to $3,469.50. Spot silver was steady at $32.68 an ounce, platinum gained 1% to $971.40, and palladium jumped 1.8% to $944.27.
Business Recorder
22-04-2025
- Business
- Business Recorder
Gold continues to soar, gains further Rs5,900 to hit fresh record high in Pakistan
Gold prices continued to soar in Pakistan in line with their increase in the international market. In the local market, the price of 1 tola gold reached record Rs363,700 after a single-day gain of Rs5,900 on Tuesday. Similarly, 10-gram gold was sold at Rs311,814 after it registered an increase of Rs5,059, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola gained of Rs8,100 to hit then all-time high of Rs357,800. The international rate of gold also hit a fresh record high on Tuesday. As per APGJSA, the rate was at $3,454 per ounce (with a premium of $20), an increase of $59 during the day. Meanwhile, silver price remained stable at Rs3,441 per tola.
