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Business Recorder
01-07-2025
- Business
- 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.
Express Tribune
28-05-2025
- Business
- Express Tribune
Gold rises Rs1,400 as global market recovers
Listen to article Gold prices in Pakistan rose on Wednesday, tracking gains in the international market as investors sought bargains following a dip in the previous session. The local uptick comes amid global anticipation surrounding the release of minutes from the US Federal Reserve's latest policy meeting. According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed by Rs1,400 to reach Rs349,300. Similarly, the price of 10 grams of gold increased by Rs1,200, settling at Rs299,468. This rebound followed a sharp drop on Tuesday when gold fell by Rs3,600 per tola to close at Rs347,900. Commenting on the trend, Adnan Agar, Director at Interactive Commodities, noted that international gold prices remained volatile but within a defined trading range. "The market touched a high of $3,325 and a low of $3,290 today, currently trading around $3,300," he said. "The $3,270 level is proving to be a strong support, from where the market has bounced back. On the upside, $3,350 is a key resistance." He explained that gold has been trading in a range-bound pattern, citing historical movements from $3,120 to $3,600. "Profit-taking is likely when prices approach upper resistance levels. On the downside, unresolved tariff issues and geopolitical tensions, particularly the ongoing Russia-Ukraine conflict, continue to weigh on sentiment." Agar added that unless these global hurdles are permanently resolved, gold is expected to remain within the $3,270 to $3,360 range. "A breakout beyond either end could push prices towards $3,200 or $3,420-3,500, respectively," he concluded. Globally, gold prices rose on Wednesday as traders sought bargains following the previous session's declines, while the market remains focused on minutes from the Federal Reserve's latest policy meeting due later in the day, according to Reuters. Spot gold gained 0.4% to $3,312.05 an ounce by 1255 GMT, after hitting a session low of $3,285.19 on Tuesday. US gold futures rose 0.3% to $3,310.60. "The gold market has been kind of choppy recently, just reacting to fresh daily fundamental news events with no real trending price action. In the near term, the market top is in place," Jim Wyckoff, Senior Analyst at Kitco Metals, said. "The minutes can be market movers. Market watchers are going to be looking at new comments on inflation this afternoon." Minutes of the Fed's May policy meeting are due at 1800 GMT. The meeting took place amid heightened concern over global trade tensions, following President Trump's early April announcement of major new import tariffs. Some of the most aggressive tariffs were eased or delayed a week later. Gold, which performs well in a low-interest rate environment and serves as a safe haven during times of uncertainty, has gained 26% so far this year and hit a record high in April.
