Latest news with #AllPakistanSarafaGemsandJewellersAssociation
Express Tribune
4 days ago
- Business
- Express Tribune
Gold dips slightly, rupee inches up
Listen to article Gold prices in Pakistan fell on Tuesday, mirroring a downturn in the international market as investors reacted cautiously to fresh US inflation data and awaited clarity on potential trade tariffs. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold declined by Rs700 per tola, settling at Rs359,000. Similarly, the rate for 10 grams dropped by Rs600 to Rs307,784. The price per tola experienced a dip after an increase the previous day, when it surged by Rs1,600 to reach Rs359,700. Internationally, gold inched lower as the US Consumer Price Index (CPI) data showed a 0.1% uptick in inflation for June, in line with expectations but still keeping interest rate cut hopes subdued. Investors also remained wary of potential tariff announcements amid renewed trade rhetoric from US President Donald Trump. Spot gold fell 0.2% to $3,336.99 per ounce by 0940 am EDT (1340 GMT). US gold futures were down 0.4% to $3,345. The US dollar ticked up 0.2%, making gold more expensive for holders of other currencies. "I think the market continues to be focused on tariffs, keeping gold underpinned. I remain bullish on gold, even though we're well within the range that has been in place since the middle of May," said Peter Grant, Vice President and Senior Metals Strategist at Zaner Metals. "The market isn't slow – it's just moderate," Adnan Agar, Director at Interactive Commodities, told The Express Tribune. "Activity has been consistent over the past three to four days," he noted. "Today's (Tuesday's) high was $3,366 and we're trading near the day's low at $3,334." Agar attributed the dip to inflation data, which reduced the likelihood of an early interest rate cut by the US Federal Reserve. "With inflation edging up, the probability of a rate cut has now shifted further out – possibly to September 2025," he said. He added that the ongoing uncertainty around US tariff policy could continue to influence the market over the coming months. "If gold dips further, possibly to the $2,800-3,000 range, it will present a buying opportunity. In the long term, gold remains on an upward trajectory – perhaps by the end of this year or into next." Meanwhile, the Pakistani rupee recorded a marginal appreciation against the US dollar on Tuesday, appreciating by 0.02% in the inter-bank market. By the end of the trading session, the rupee closed at 284.67, up by five paisa from the previous day's close at 284.72. The US dollar remained near a three-week high against major global currencies as investors looked ahead to key US inflation data expected later in the day, which could offer insights into the future course of monetary policy.
Business Recorder
5 days ago
- Business
- Business Recorder
Gold prices pick up
KARACHI: Gold posted a modest increase in the local market on Monday, reflecting world bullion upward momentum - up by $16 to reach $3,372 per ounce, traders said. The rising trend moved the local gold prices up by Rs1,600 to Rs359,700 per tola and Rs1,371 to settle at Rs308,384 per 10 grams, All Pakistan Sarafa Gems and Jewellers Association said. Domestic and international silver prices also followed the uptrend, growing by Rs65 to Rs4,087 per tola and Rs40 to Rs3,503 per 10 grams. Global market was trading silver at $39 per ounce, the association added. Copyright Business Recorder, 2025
Business Recorder
12-07-2025
- Business
- Business Recorder
Gold, silver prices rise
KARACHI: Gold and silver rallied on Friday on Pakistani markets, tracking a global increase in both commodities, traders said. The world market for gold bullion soared strongly by $21, settling at $3,345 per ounce while silver moved up to $38 per ounce, All Pakistan Sarafa Gems and Jewellers Association said. As a result, gold prices in Pakistani market mounted significantly by Rs2,300 and Rs1,971, reaching Rs357,000 per tola and Rs306,069 per 10 grams, respectively, the Jewellers Association added. The domestic silver market saw an uptick, rising by Rs86 and Rs74 to reach Rs 3,937 per tola and Rs 3,375 per 10 grams, respectively, it added. It is important to note that gold and silver prices in the open market may vary from the official rates set by the association, reflecting differences in supply, demand, and market sentiment. Copyright Business Recorder, 2025
Express Tribune
10-07-2025
- Business
- Express Tribune
Govt raises Rs1.62 trillion via T-bill, bond auctions
Listen to article The State Bank of Pakistan (SBP) mobilised approximately Rs1.62 trillion through its latest auctions of government securities, of which a substantial proportion, Rs1.413 trillion, was raised from Market Treasury Bills (MTBs) and Rs208.42 billion from 10-year Pakistan Investment Bonds Floating Rate (PFL). The MTB auction reflected strong investor appetite across all four tenors. The SBP accepted bids worth Rs214.28 billion for one-month papers at a cut-off yield of 11.24%, Rs474.70 billion for three-month papers at 10.9977%, Rs180.52 billion for six-month bills at 10.8976% and Rs543.88 billion for 12-month bills at 10.80%. The highest allocation was seen in the 12-month tenor, indicating increasing investor interest in slightly longer-term instruments amid a downward yield trend. Non-competitive bids in the MTB auction totalled Rs379.78 billion, with a major share – Rs310.63 billion – going into the three-month tenor, further underscoring the market's preference for shorter durations. In the 10-year PFL auction, the SBP accepted competitive bids worth Rs202 billion and non-competitive bids of Rs6.42 billion, with the issue settling at a cut-off price of Rs94.5739. Although the total raised slightly missed the Rs1.7 trillion mark, analysts note that the dominance of MTBs and a flattening yield curve suggest growing interest in longer-tenor government securities. Market watchers await details of any additional auctions that could bridge the gap and complete the government's near-term borrowing target. Moreover, the Pakistani rupee experienced a slight depreciation against the US dollar in the inter-bank market, closing at Rs284.47 to a dollar, down 0.04% from the previous day's rate of Rs284.36. Gold drops Rs3,000/tola Local gold prices dropped on Wednesday, mirroring a decline in the international market where rates fell to their lowest level in over a week due to a stronger US dollar and ongoing trade negotiations involving the United States. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola fell Rs3,000 to settle at Rs351,500, while the rate for 10 grams dropped Rs2,572, closing at Rs301,354. This followed a rise on Tuesday when gold had gained Rs1,500 per tola to reach Rs354,500. Spot gold was down 0.1% at $3,297.19 per ounce, as of 9:23 am ET (1323 GMT), after hitting its lowest level since June 30 earlier, according to Reuters. US gold futures fell 0.3% to $3,306.10. The US dollar index hovered near a two-week high, making bullion less attractive for overseas buyers. The yield on benchmark 10-year US Treasury notes remained close to a three-week peak.
Business Recorder
09-07-2025
- Business
- Business Recorder
Gold prices surge by Rs 1,600
KARACHI: Gold prices recorded a modest rebound on Tuesday, in line with gains in the international bullion market, traders said. The global price of gold increased by $15; reaching $3,325 per ounce. The upward trend was mirrored in the domestic market, where rates rose accordingly, the All Pakistan Sarafa Gems and Jewellers Association reported. In the local market, gold prices advanced by Rs 1,600 per tola to Rs 354,500, while the 10-gram rate climbed by Rs 1,286 to Rs 303,926. Silver prices, however, remained unchanged. The metal traded flat at Rs 3,841 per tola and Rs 3,293 per 10 grams locally, while maintaining a level of $37 per ounce in international trade. Market observers noted that discrepancies may arise between rates quoted by the open market and those issued by the jewellers' association. Copyright Business Recorder, 2025
