Gold witnesses upward trend in local and international markets
In the international market, the price of gold rose by $66 to $3,348 per ounce, while silver gained $0.52, reaching $35.50 per ounce.
In local markets the price of 24 karat gold surged by Rs6,600 to reach Rs356,800 per tola, up from Rs350,200 on the previous trading day, according to the All Pakistan Sarafa Gems and Jewellers Association.
The price of 10 grams of 24 karat gold also rose by Rs5,658, reaching Rs305,898 from Rs300,240. Meanwhile, 10 grams of 22 karat gold was priced at Rs280,416, increasing by Rs5,186 from Rs275,230.
Silver rates also edged higher, with per tola silver climbing Rs52 to Rs3,834, and 10 grams silver increasing Rs45 to Rs3,287.
On Monday, the price of 24-karat gold rose by Rs800 per tola, reaching Rs350,200. Similarly, the 10-gram gold rate climbed by Rs686, settling at Rs300,240.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
KMC ends charged parking at 32 roads
Rates of charged parking displayed on the official board placed in the busy Saddar Bazaar are not followed by the contractors. Photo: Jalal Qureshi/Express The Karachi Metropolitan Corporation (KMC) partially abolished its charged parking system, ending parking fees at 32 designated locations under its control, starting July 1. However, charged parking will continue across the city's 25 towns, six cantonments, and areas managed by different authorities. According to the KMC notification, charged parking was discontinued on various roads in KMC-administered areas, including at 20 locations in District East, seven in Korangi and Malir, three in District South, and two in Keamari. Additionally, 10 parking sites within boundary walls in District Central and District South were exempted from parking fees. This move is part of a decision announced earlier this year by Mayor Murtaza Wahab, who committed to eliminating parking fees at 45 out of 106 KMC-controlled sites, in the new fiscal year. Interestingly, despite abolishing fees from these parking areas, KMC's projected revenue from parking remains unchanged. According to the approved city budget, the target for parking revenue in the last FY was Rs105 million, with the same figure set for the upcoming FY. Meanwhile, expected income from parking at wedding halls and banquets has increased from Rs5 million to Rs10 million. Most charged parking continues to take place in the Saddar Town area, which houses the largest concentration of commercial centers. Saddar Town's Director of Charged Parking, Basheer Memon, clarified that charged parking on roads managed by towns and cantonments remains unaffected by KMC's recent decision.
Express Tribune
an hour ago
- Express Tribune
Commuting costlier after fuel shock
In response to the sharp increase in petrol and diesel prices, transporters across the board on Tuesday raised fares on all long-route, inter-district, intra-city, and local routes, including the twin cities of Rawalpindi and Islamabad. Fares on all local routes in the twin cities were increased by Rs10 to Rs20. The sudden increase in fares led to frequent disputes between passengers and conductors throughout the day. Pakistan Railways has also decided to increase fares, with an official circular expected within 24 hours. Intra-city transport services such as wagons, taxis, Suzuki vans, Qingqi rickshaws, and motorcycle ride-hailing services (like Bykea) all significantly raised their rates. As a result of higher transportation costs, prices of essential goods, including food items, fruits, and vegetables, are also expected to rise. According to the Transport Federation, Intercity Transport Union, and Taxi Rickshaw Union, the fare hike was unavoidable due to the petrol price reaching Rs266.79 per litre and diesel Rs277.98 per litre. In addition, the new federal budget has increased the prices of vehicle spare parts, traffic challans (fines), and tyres by 35% to 40%, further straining the transport sector Asif Khan, Vice President of the Transport Federation, says the rising costs of fuel, spare parts, and tyres are severely damaging the transport business. Tariq Khan, President of the Rickshaw and Taxi Union, says fare hikes are inevitable with rising fuel prices and has urged the public not to be angry, noting that employee salaries have also been increased. Abdullah Khan, Secretary of the Suzuki Drivers Union, says Suzuki fares have gone up by Rs10 per passenger. Bykea drivers have increased their fares from Rs100 to Rs150, while rickshaw drivers are now charging Rs300 instead of Rs200, with the minimum rickshaw fare now set at Rs200. On routes such as Raja Bazaar to Kacheri, Rawat, Sihala, Adiala Jail, Adiala Village, Golra, Bari Imam, and Pirwadhai, fares have been increased by Rs20 per passenger. Stop-to-stop fares have risen from Rs20 to Rs30. Citizens like Basharat Iqbal Raja and Sharif Qureshi have criticised the government's decision, pointing out that global oil prices have dropped to a historic low of $65 per barrel, yet Pakistan has increased domestic prices. They termed it a cruel move and demanded immediate price reductions. Citizens noted that during the PTI government, global oil prices were around $120 per barrel while petrol in Pakistan was priced between Rs150155 per litre. Now, with global prices nearly halved, the government should provide relief by reducing petrol prices to Rs150 per litre.
Business Recorder
9 hours ago
- Business Recorder
FY25: gold shines with robust 45% return in Pakistan
Gold, considered a hedge during times of uncertainty, gave 45% return to investors in Pakistan in the fiscal year 2024-25, when compared to its per tola rate on the last day of the FY2023-24. According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold price per tola on June 30, 2025 stood at Rs350,200 in Pakistan, against Rs241,700 on June 29, 2024. 'The increase in gold prices in Pakistan was mainly in line with rise in international rates,' local trader Abdullah Abdul Razzak Chand told Business Recorder. As per data shared by the APGJSA, international rate of gold increased by $956 to reach $3,282 per ounce in FY25, against $2,326 per ounce it had stood at on the last day of FY24. Chand mentioned that geopolitical tensions largely contributed to the increase in international rate of gold. 'Investors moved to safe haven assets amid Russia-Ukraine war, Gaza crisis, Pakistan-India tensions, and Iran-Israel war in FY25,' he said. 'Rupee-dollar parity did not have a significant impact on gold prices in Pakistan.' Pakistan rupee ended the fiscal year 2024-25 at 283.76 level against the US dollar, down by 1.95% or Rs5.42 against 278.34 it had closed at on the last session of FY2023-24. However, with rising import demand in the country, analysts are seeing the rupee at 292-294 level against the dollar. 'If the rupee depreciates, gold prices will increase further along with other imports in Pakistan,' Chand envisaged. Meanwhile, the recent US-China trade deal on how to expedite rare earth shipments to the US has brought hopes of a slowdown in geopolitics in the fiscal year 2025-26. Citibank, US banking subsidiary of Citigroup that is a financial services multinational corporation, expects the price of gold to consolidate around $3,100 to $3,500 per ounce in the third quarter. 'We expect continued price consolidation … and highlight our view that we may have already seen the highs at $3,500/oz in late April as the gold market deficit is peaking soon if not already,' Citi said in the note.
