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Express Tribune
7 days ago
- Business
- Express Tribune
Gold inches up as global market cools
Listen to article Gold price inflation in Pakistan slowed on Tuesday and recorded a marginal increase, mirroring global market trends where the precious metal retreated after reaching a near four-week high as investors turned cautious ahead of a possible phone call between US President Donald Trump and Chinese President Xi Jinping. In the domestic market, the price of gold rose by Rs1,000 per tola, settling at Rs354,100, while the 10-gram rate climbed by Rs857 to Rs303,583, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This followed a sharp increase of Rs5,900 per tola on Monday when prices had touched Rs353,100. Internationally, gold fell over 1% on Tuesday after hitting a near four-week high, pressured by a firmer dollar as investors grew cautious ahead of a potential call between US President Donald Trump and Chinese leader Xi Jinping, according to Reuters. Spot gold fell 1.1% to $3,340.79 an ounce as of 1421 GMT, after hitting its highest since May 8 earlier in the session. US gold futures eased 0.9% to $3,365.90. "We are moving into this period that is well known to be the summer doldrums, so there's an expectation that the gold market could fall into a bit of a lull or a sideways consolidation," said David Meger, director of metals trading at High Ridge Futures. Markets are on edge ahead of a likely Trump-Xi call this week, after Trump accused China of violating an agreement to roll back tariffs. The talks come as trade tensions between the world's two largest economies continue to simmer. Adnan Agar, Director at Interactive Commodities, noted that gold touched an intraday high of $3,387 and a low of $3,333 before stabilising around $3,350. "After yesterday's strong $90 move, some profit-taking emerged today. The price reversed near $3,400, failing to break that level, and fell to $3,333," Agar said. He added that if the market closes below the $3,340-$3,345 range, it could test the $3,300 level again. Conversely, a break above $3,400 could push prices toward $3,420 or even $3,440 in the near term. Meanwhile, the range-bound Pakistani rupee registered a slight decline against the US dollar in the inter-bank market on Tuesday, slipping by 0.05%. The local currency closed at 282.11, down by 14 paisas from Monday's closing rate of 281.97, according to the Exchange Companies Association of Pakistan (ECAP). Globally, the US dollar fell to a six-week low on Tuesday amid growing concerns over the US economy, as the ongoing trade war under President Donald Trump's administration continues to take a toll on economic sentiment. The dollar rose 0.5% from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers.
Express Tribune
7 days ago
- Business
- Express Tribune
Gold prices in Pakistan continue upward trend amid global surge
Listen to article Gold prices in the local market continued their upward trajectory on Tuesday, mirroring the surge in global demand and record-high international rates. In the international bullion market, the price of gold rose by $10 per ounce, reaching $3,357. This upward movement contributed to continued price hikes in domestic markets. According to local jewellers, the price of 24-karat gold increased by Rs1,000 per tola, bringing it to Rs354,100. Similarly, the price of 10 grams of gold rose by Rs857, reaching Rs303,583. Silver prices also witnessed an increase. The price of silver rose by Rs130 per tola to reach Rs3,586, while the rate for 10 grams climbed by Rs112 to settle at Rs3,084.
Express Tribune
20-02-2025
- Business
- Express Tribune
Gold prices surge again in local and international markets– February 20, 2025
Listen to article Gold prices have reached historic highs for the third consecutive day in both international and local markets. In the international bullion market, the price of gold per ounce surged by $9, reaching $2,953. On the other hand, the price of gold per tola increased by Rs1,000, reaching Rs309,000 in local market. Similarly, the price per 10 grams rose by Rs857, now standing at Rs264,917. These record-breaking prices have attracted significant attention from investors and traders, reflecting the global trend of rising gold prices. It is worth noting that yesterday, gold prices in Pakistan surged to record highs on Wednesday, following a global uptrend. The price of gold per tola increased by Rs3,800, reaching Rs308,000, while 10-gram gold rose by Rs3,258 to Rs264,060. This followed a previous Rs1,000 per tola rise on Tuesday. Internationally, gold climbed by $34, hitting $2,944 per ounce, supported by geopolitical tensions and increased demand for safe-haven assets. Experts noted the market's strong upward momentum, despite the lack of a correction, which usually follows major price gains. Gold prices could reach $3,000-$3,100 in the near future, but traders remain cautious due to potential volatility. Meanwhile, the Pakistani rupee weakened slightly by 0.04% against the US dollar, closing at 279.47. The State Bank of Pakistan raised Rs258.8 billion in its T-Bill auction, falling short of its Rs350 billion target.
Express Tribune
19-02-2025
- Business
- Express Tribune
Gold price rises Rs1,000/tola, rupee loses 10 paisa vs dollar
Gold prices continued their upward trajectory on Tuesday, in line with the international market trend. The price of gold per tola rose Rs1,000, reaching Rs304,200, while the 10-gram price increased Rs857 to Rs260,802, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). This follows a Rs1,700 per-tola increase recorded on Monday. On the global front, gold prices also experienced an uptick, with the metal trading at $2,910 per ounce, reflecting a $10 increase, including a $20 premium, as per APSGJA. According to Mohammad Qasim Shikarpuri, President of APSGJA, the global economic slowdown and financial instability have driven investors towards gold as a safe-haven asset. He explained that the rising investment demand for gold is not limited to Pakistan but is a worldwide phenomenon. Countries like China are preferring gold over the US dollar and many investors globally are shifting their capital to gold due to uncertain market conditions. This surge in demand has contributed to the continued increase in gold prices. The local market has also been affected by weakened consumer purchasing power. Gold has become unaffordable for many in Pakistan, leading to a decline in traditional jewellery purchases. In the past, weddings often involved buying multiple tolas of gold, but now, many families opt to repurpose old jewellery or purchase minimal new gold. The soaring gold prices have made large-scale purchases out of reach for the average consumer. Another major factor influencing gold prices is global trade tensions and economic policies. The ongoing US-China trade war, which has led to higher tariffs on Chinese exports, has increased global economic uncertainty. Investors, anticipating financial instability, have responded by increasing their gold holdings, further pushing up prices. Additionally, geopolitical conflicts, particularly the Russia-Ukraine war, have intensified the demand for gold as a protective asset. Despite these rising trends, Shikarpuri predicts that a market correction is likely in the near future. He suggests that if global political stability improves, especially if tensions in the Russia-Ukraine conflict ease or if US economic policies become more predictable, gold prices could see a downward shift. However, for now, investors continue to see gold as a reliable and liquid asset, making it one of the safest investment options available in an uncertain global economy. Meanwhile, the rupee experienced a slight decline against the US dollar in the inter-bank market on Tuesday, depreciating by 0.04%. By the end of the trading session, the rupee closed at Rs279.37, marking a 10 paisa loss compared to Monday's closing value of 279.27.
