Latest news with #APSGJA
Express Tribune
08-07-2025
- Business
- Express Tribune
Gold rises despite global decline
Listen to article Gold prices in Pakistan rose on Tuesday, defying the trend in the international market where bullion slipped due to renewed optimism about a possible trade agreement between the United States and its trading partners. A stronger US dollar and rising Treasury yields further weighed on global gold prices. In the local market, the price of gold per tola increased Rs1,500 to reach Rs354,500, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). Meanwhile, the price of 10 grams of gold rose Rs1,286, closing at Rs303,926. This upward movement in domestic gold prices comes a day after the local market saw a drop of Rs2,500 on Monday, when gold settled at Rs353,000 per tola. Commenting on the international outlook, Interactive Commodities Director Adnan Agar noted that gold was trading around $3,294 per ounce, having touched the low of $3,280-85 and the high of $3,340 during the session. "As I mentioned earlier, the market appears to be gradually declining. There is strong support at $3,270 and $3,250. If prices drop to these levels, we could see a rebound. However, a break below this range could push the market down towards $3,200," he said. International spot gold eased 0.4% to $3,322.93 per ounce, as of 1325 GMT. US gold futures fell 0.3% to $3,332.30, according to Reuters. The benchmark 10-year Treasury yield hit a more than two-week high, making non-yielding gold less attractive, while the US dollar edged 0.2% higher. Meanwhile, the Pakistani rupee continued its downward trend against the US dollar, slipping 0.05% in the inter-bank market on Tuesday. By the end of trading, the rupee stood at 284.36, marking a drop of 14 paisa from Monday's close at 284.22. Moreover, Money Link Exchange Company closed its operations and surrendered its licence to the State Bank of Pakistan (SBP), which has officially revoked the company's authorisation to carry out any kind of foreign exchange business. The move highlights concerns among foreign exchange companies over what industry stakeholders describe as excessive regulations and a shrinking scope of operations. Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha expressed disappointment over the closure, stating that overregulation and limited business avenues have pushed even well-established companies out of the market. "It is unfortunate that a big group like Money Link is exiting. The environment is no longer viable for us," he said. Another exchange company official, speaking anonymously, said that the formal exchange business was losing ground to the grey market as a result of overly strict regulations and limited flexibility. "We have only two avenues left – selling currency to retail customers and handling remittances. Meanwhile, banks have been given preferential treatment to operate in this space, while exchange companies face harsh compliance demands," he added. Key regulatory conditions, such as mandatory biometric verification for transactions as low as $100, the requirement of travel documents for outward remittances of over $950 and the restriction that transfers above $1,950 can only be made through bank accounts, have been cited as major obstacles. Stakeholders argue that this level of scrutiny hampers genuine customer transactions and deters individuals from using formal channels. "We operate by buying and selling dollars between individuals, but excessive interference has made the business unsustainable. This could lead to monopolies and the collapse of healthy competition," warned a senior industry member.
Express Tribune
01-07-2025
- Business
- Express Tribune
Gold up Rs6,600 on global jitters
Listen to article Gold prices in Pakistan extended their upward march on Tuesday, mirroring a strong rally in the international market, where the precious metal climbed over 1% amid a weaker US dollar and renewed economic uncertainty. International markets responded to rising investor caution ahead of US President Donald Trump's July 9 deadline for the possible reinstatement of higher trade tariffs, a move that has injected volatility and boosted demand for safe-haven assets like gold. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold in the local market surged Rs6,600 per tola, settling at Rs356,800. Similarly, the price of 10 grams of gold rose Rs5,658 to Rs305,898. The previous day, gold had also posted gains, with the price per tola increasing by Rs800 to reach Rs350,200. Traders attribute the sharp price increase to both global cues and persistent currency depreciation, which continue to drive domestic gold prices upwards. Interactive Commodities Director Adnan Agar noted that gold prices edged higher amid renewed geopolitical and economic jitters, largely triggered by Trump's latest remarks on trade tariffs. "Gold has moved up slightly," Agar observed, "mainly because Trump resumed his aggressive rhetoric around tariffs. Since yesterday (Monday), prices have increased by around $70 to $80, with the metal trading near $3,350 and having touched the high of $3,357." He also pointed to fresh tensions between Trump and Tesla CEO Elon Musk, suggesting that their escalating public spat may be contributing to market unease and further supporting gold's safe-haven appeal. "Their ongoing confrontation has added to the uncertainty, which in turn is pushing investors towards gold," Agar said, linking the rise in bullion to heightened volatility in US political and business circles. Gold delivered robust gains in the first half of 2025, particularly in US dollar terms, sparked primarily by the weakening of the greenback, according to Ole Hansen, Head of Commodity Strategy at Saxo Bank. Citing Bloomberg and Saxo data, Hansen noted that while dollar-based investors enjoyed strong returns – 25.9% – those holding other currencies, especially in Europe, saw much lower gains. Gold priced in Indian rupees topped the chart with a 26% rise, followed by the Chinese yuan (22.8%), Canadian dollar (19.1%) and Australian dollar (18.4%). In contrast, returns in the euro and Swiss franc stood at just 10.5% and 10%, respectively, reflecting how stronger local currencies dampened gold's performance for un-hedged investors. This disparity underscores the impact of currency dynamics, policy shifts and inflation expectations on commodity returns.
Express Tribune
30-06-2025
- Business
- Express Tribune
Gold up Rs108,500 in FY25
Gold prices in Pakistan registered a sharp rise over the past year, mirroring gains in the international market and fueled by a combination of currency depreciation, inflationary pressures and strong investor demand. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold surged Rs108,500 per tola since June 29, 2024, reaching Rs350,200. The 10-gram rate similarly jumped over Rs93,000 to Rs300,240. This substantial appreciation comes as global gold prices continue to climb, moving up from $2,326 to above $3,280 per ounce over the same period. On June 29, 2024, the international gold price stood at $2,326 per ounce, with the local rate for 24-karat gold at Rs241,700 per tola and Rs207,219 per 10 grams. The price for 22-karat gold was Rs189,950 per 10 grams. In contrast, according to the latest update from APSGJA, the price of 24-karat gold has risen sharply to Rs350,200 per tola – a jump of Rs108,500 over the 12-month period. Similarly, the 10-gram gold rate has increased to Rs300,240, reflecting a substantial rise of over Rs93,000 compared to last year's levels. Gold prices in Pakistan posted a modest increase on Monday, following a similar trend in the international market where the precious metal inched higher amid a weaker US dollar. Investors are now awaiting key US economic data due later this week for cues on Fed's future policy direction. The price of gold rose Rs800 per tola, reaching Rs350,200. Similarly, the price of 10-gram gold climbed Rs686 to Rs300,240. Interactive Commodities Director Adnan Agar noted that gold touched intra-day high of $3,296 and low of $3,259 in the international market. He described the overall market trend as downward, with potential support zones at $3,220 and $3,200. Spot gold rose 0.5% to $3,287.64 per ounce as of 1447 GMT after reaching its lowest point since May 29 earlier in the session, according to Reuters. The yellow metal was up for the second straight quarter, rising 5.2%. Meanwhile, the Pakistani rupee registered a slight decline against the US dollar on Monday, slipping 0.01% in the inter-bank market. It concluded fiscal year 2024-25 with a year-on-year depreciation of 1.95%. At the close of trading, the rupee settled at 283.76, down four paisa from the previous session. On a yearly basis, the rupee depreciated Rs5.42 compared to the closing rate of 278.34 recorded at the end of the previous fiscal year. Analysts attribute the currency's subdued performance to persistent pressure from rising import demand.
Express Tribune
26-06-2025
- Business
- Express Tribune
Gold prices surge in local and international markets
Listen to article Gold prices surged in local and international markets on Thursday. In the international bullion market, gold prices rose by $13 to reach $3,343 per ounce, reflecting a notable surge in value. The impact was immediately felt in the local gold markets of Pakistan. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola in local markets increased by Rs 1,335, reaching Rs 356,000. The price of 10 grams of gold also rose by Rs 1,144, reaching Rs 305,212. Similarly, the price of silver per tola increased by Rs 86, reaching Rs 3,850, and the price of 10 grams of silver also climbed by Rs 73, reaching Rs 3,300. On Wednesday, gold prices in the domestic market rose slightly by Rs 300, settling at Rs 354,665 per tola. The price of 10 grams of gold increased by Rs 258, reaching Rs 304,068. This modest recovery followed a sharp decline on Tuesday, when gold prices had dropped by Rs 3,800 per tola.
Express Tribune
25-06-2025
- Business
- Express Tribune
Gold flat as safe-haven demand cools
Gold prices in Pakistan remained largely flat on Wednesday, mirroring global trends where prices eased due to reduced safe-haven demand following signs of de-escalation between Israel and Iran. Investors also remained cautious ahead of upcoming US economic data. In the domestic market, the price of gold rose slightly by Rs300 to settle at Rs354,665 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of 10-gram gold increased by Rs258 to Rs304,068. This marginal recovery comes after a sharp drop on Tuesday, when gold fell by Rs3,800 per tola. Interactive Commodities Director Adnan Agar noted that international gold prices touched the high of $3,337 an ounce and low of $3,311 on Wednesday, with current levels hovering around $3,323. "The overall sentiment is weak," he said. Gold is holding support between $3,300 and $3,290, but if it fails to break above $3,340, "we could see further downside". A close below $3,290 might push the market towards $3,200. He added that with geopolitical tensions easing, particularly on the Israel-Iran front, the near-term outlook for gold appears bearish, though a bounce may be possible after further correction. Internationally, spot gold was down 0.3% at $3,314.45 per ounce at 0934 am EDT (1334 GMT) after prices hit their lowest in over two weeks in the previous session, according to Reuters. US gold futures fell by 0.2% to $3,328.10. Meanwhile, the Pakistani rupee recorded a slight gain against the US dollar in the inter-bank market on Wednesday, appreciating by 0.02%. By the end of trading, the local currency closed at 283.72, up by five paisa from Tuesday's close at 283.77. Govt raises Rs467b via T-bills, bonds To support its financing needs, the government raised a total of Rs466.67 billion through auctions of Market Treasury Bills (MTBs) and Pakistan Investment Bonds – Floating Rate (PFL) on Wednesday, according to the State Bank of Pakistan (SBP). In the MTBs auction, the SBP raised Rs322.59 billion across four tenors. The breakdown includes Rs14.02 billion from one-month bills, Rs95.89 billion from three-month bills, Rs64.18 billion from six-month bills and Rs148.50 billion from 12-month bills. The auction saw competitive and non-competitive bids, with the total realised value slightly lower than the face value due to discount pricing. For 10-year PFL, the SBP raised Rs144.08 billion, which includes Rs142.80 billion from competitive bids and Rs1.28 billion in accrued interest. The bonds were issued at a cut-off price of Rs95.1982 million, with an additional Rs5.55 billion accepted through non-competitive bids. The auctions reflect strong market participation, with the MTBs contributing the majority (69%) of the total funds raised, while the PFL accounted for the remaining 31%.
