Latest news with #Rs857
Express Tribune
17-06-2025
- Business
- Express Tribune
Real Effective Exchange Rate improves to 97.81 in May
Listen to article Pakistan's Real Effective Exchange Rate (REER) index, a crucial indicator of trade competitiveness, improved to 97.81 in May 2025, according to a report released by the State Bank of Pakistan (SBP). This represents a 1.5% drop from the previous month's figure of 99.30, according to AKD Securities. The decrease in REER, which measures the value of a currency against the weighted average of several trade partner currencies, suggests that Pakistan's exports have become more competitive in the international market. An index value below 100 typically indicates the currency is undervalued, making the country's goods and services cheaper for foreign buyers. "Both PKR depreciation and lower inflation vs trading partners have contributed to the decline in REER index in recent months," said Maaz Azam, Head of Research at Optimus Capital. The Pakistani rupee weakened 0.37% against the US dollar, ending the month of May at an exchange rate of 282.02. This development is likely to be viewed favourably by exporters as a more competitive exchange rate can help boost sales and support the country's external account. On Tuesday, the rupee weakened against the US dollar by 0.08% in the inter-bank market. By the end of trading, the local currency stood at 283.41, down 24 paisa compared to the previous close at 283.17. Globally, the US dollar edged up, while most other currencies traded within narrow ranges as investors stayed cautious amid persistent Middle East tensions and upcoming central bank policy announcements. Meanwhile, gold prices in Pakistan declined on Tuesday, mirroring a drop in the global market. In the domestic market, the price of gold per tola fell Rs1,000 to settle at Rs361,300. Likewise, the price of 10 grams of gold dipped Rs857 to Rs309,756, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). Internationally, gold prices also moved lower, falling $16 to $3,398 per ounce (including a $20 premium), as reported by the APSGJA. Interactive Commodities Director Adnan Agar stated that gold prices remained largely stable, with future movements depending on potential involvement of the US in the Iran-Israel conflict. He noted that if the US decided to intervene, gold prices could see a sharp increase; otherwise, the market was expected to remain steady.
Express Tribune
17-06-2025
- Business
- Express Tribune
Gold prices fall for second consecutive day
Listen to article Gold prices have declined for the second consecutive day in Pakistan, with the price of one tola of gold falling by Rs1,000, reaching Rs361,300. Similarly, the price of 10 grams of gold decreased by Rs857, now priced at Rs309,756. This decrease is attributed to a decline in the international gold market, which has influenced local rates. According to investors, global market fluctuations are the primary factor behind the recent price drop. Spot gold was up 0.4% to $3,395.46 an ounce, as of 1046 GMT. U.S. gold futures fell 0.1% to $3,414.40. Meanwhile, spot silver was up 1.7% at $36.96 per ounce, platinum rose 1.4% to $1,264.31, while palladium gained 0.1% to $1,030.55. Yesterday, the price of one tola of gold stood at Rs362,300, reflecting a drop of Rs700, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The decline was attributed to a reduction in global gold prices, which had fallen by $18 per ounce. The international market had experienced a downturn, bringing the price of gold to $3,414 per ounce. Similarly, the price of 10 grams of gold had also decreased by Rs600, reaching Rs310,613.
Express Tribune
04-06-2025
- 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
03-06-2025
- 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.
