Latest news with #Rs684
Express Tribune
08-05-2025
- Business
- Express Tribune
Gold prices steady amid global dip
Listen to article Gold prices in Pakistan remained almost stagnant on Wednesday, as international rates dipped amid a stronger US dollar and renewed optimism over US-China trade talks. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the local market rose only by Rs800 per tola, reaching Rs356,900. The price of 10-gram gold also increased by Rs684 to Rs305,984. This follows a sharp jump of Rs6,100 per tola on Tuesday, when prices hit Rs356,100. Adnan Agar, Director at Interactive Commodities, noted that gold prices initially spiked to as high as $3,448 amid heightened geopolitical tensions between India and Pakistan. "However, the announcement of fresh trade negotiations between the US and China, expected to begin Saturday, reversed that trend," he said. Gold dropped to an intraday low of $3,360 and is currently trading around $3,384. The market opened at $3,400 today, but the trade talk development is bearish for gold. Prices have declined by nearly $80. Agar added that if the India-Pakistan tensions de-escalate and trade talks progress positively, gold could retreat further towards the $3,300 level in the coming days. Globally, gold prices fell more than 1% on Wednesday, pressured by a firmer dollar and US-China trade talks optimism, while the focus is on the Federal Reserve's policy decision due later in the day, according to Reuters. Spot gold slipped 1.3% to $3,385.48 an ounce. US gold futures lost nearly 1% to $3,392.80. Meanwhile, the Pakistani rupee registered a marginal decline against the US dollar in the interbank market on Wednesday, slipping by 0.04% amid heightened regional tensions and cautious global sentiment ahead of a key US Federal Reserve policy decision. The rupee closed at 281.47 against the greenback, losing 10 paisas from Tuesday's closing rate of 281.37. Speaking to the media, Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), highlighted that a contingency mechanism is in place to mobilise overseas Pakistanis' financial support if needed. "We have a swap system that enables the Pakistani diaspora to lend funds for a two-year term, backed by sovereign guarantees," he stated. "This system can raise up to $1 billion per monthamounting to $12 billion annuallyif the need arises." Bostan noted that a similar strategy proved successful during Pakistan's 1994 financial crisis, when foreign exchange reserves had dwindled to just $400 million. "At that time, exchange companies facilitated inflows worth $10 billion through this very mechanism," he added.
Business Recorder
07-05-2025
- Business
- Business Recorder
Gold price per tola gains Rs800 in Pakistan
Gold prices in Pakistan rose on Wednesday in line with their increase in the international market. In the local market, gold price per tola reached Rs356,900 after it gained Rs800. Similarly, 10-gram gold was sold at Rs305,984 after it registered an increase of Rs684, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold price per tola reached Rs356,100 after it gained Rs6,100. Moreover, the international rate of gold also increased on Wednesday. As per APGJSA, the rate was at $3,385 per ounce (with a premium of $20), an increase of $8 during the day. Likewise, silver price per tola remained unchanged at Rs3,482.
Express Tribune
07-05-2025
- Business
- Express Tribune
Gold prices rise again in local and international markets
Listen to article Gold prices rose again on Tuesday in both international and domestic markets, driven by sustained investor demand and ongoing global economic uncertainty. According to market data, the international bullion market saw an $8 per ounce increase in gold prices, bringing the rate to $3,385. This upward movement in global prices was mirrored in Pakistan's local bullion markets. The price of 24-karat gold per tola (11.66 grams) increased by Rs800, reaching Rs356,900, while the price of 10 grams of 24-karat gold rose by Rs684 to Rs305,984. In contrast, silver prices remained stable, with the rate for silver per tola unchanged at Rs3,482 and 10 grams of silver holding steady at Rs2,985. Market analysts continue to point to geopolitical tensions and inflationary pressures as key drivers behind the rising gold demand. Investors are increasingly turning to gold as a safe-haven asset amid uncertainty.
