Latest news with #Rs515
Express Tribune
24-03-2025
- Business
- Express Tribune
Gold prices range-bound amid selling pressure
In recent weeks, buoyant gold prices have remained range-bound in Pakistan, rising by only Rs600 on Monday, reflecting a similar trend in the international market and reaching Rs318,600 per tola. The price of 10-gram gold stood at Rs273,148 after a gain of Rs515, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). International gold prices for Pakistan also saw a modest rise. As per APGJSA, the global gold rate stood at $3,027 per ounce (including a $20 premium), marking an increase of $5 during the day. Despite the mild rise, market analyst Adnan Agar, Director of Interactive Commodities, highlighted the downward pressure in the market. He noted that gold opened at $3,024 per ounce, peaked at $3,033, and later dropped to $3,007. According to Agar, the market is experiencing selling pressure, and if the price closes below $3,000, it could decline further to $2,960. He emphasised that the market's movement beyond this level will be crucial in determining the next trend. Globally, gold prices dropped on Monday as the dollar touched an over two-week high, while investors assessed US President Donald Trump's more cautious stance on tariffs against trading partners. Spot gold fell 0.4% to $3,010.33 an ounce, while US gold futures edged down 0.2% to $3,015.50. "We've hit record after record, and now the market is just consolidating these gains, which is reinforced by a somewhat higher US dollar," said Bart Melek, head of commodity strategies at TD Securities. Gold, traditionally seen as a hedge against geopolitical and economic uncertainties and often thriving in a low-interest-rate environment, has hit 16 record highs this year and reached an all-time peak of $3,057.21 last week. The US dollar rose 0.2%, hitting an over two-week high and making greenback-priced bullion more expensive for overseas buyers. Trump hinted on Friday that there would be some flexibility regarding reciprocal tariffs set to take effect on April 2, which are expected to drive inflation and hinder economic growth. Meanwhile, the Pakistani rupee experienced a slight decline against the US dollar, depreciating by 0.04% in the inter-bank market on Monday. By the close of the trading session, the rupee settled at 280.37, down by 11 paisa against the greenback. In the previous week, the local currency remained relatively stable, closing at 280.26a marginal drop of 4 paisa (0.01%) compared to 280.22 in the prior week, according to data from the State Bank of Pakistan (SBP). On the global front, the US dollar hovered just below a three-week high against major currencies on Monday, as traders awaited further clarity on US President Donald Trump's next round of tariff decisions.
Express Tribune
24-03-2025
- Business
- Express Tribune
Gold prices up by Rs600 per tola
Listen to article Gold prices saw another uptick on Monday, reaching new highs in both global and local markets as demand for the precious metal continues to grow. According to market reports, the price of gold in the international bullion market rose by $5 per ounce, bringing it to $3,027. In response to the global increase, the price of 24-carat gold per tola in Pakistan climbed by Rs600, reaching Rs318,600. Likewise, the price of 10 grams of gold rose by Rs515, settling at Rs273,148. Market analysts attribute the continued rise to ongoing economic uncertainty and investors seeking safe-haven assets.
