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Express Tribune
05-06-2025
- Business
- Express Tribune
Local gold prices steady despite global surge
Listen to article Gold prices remained unchanged in Pakistan on Wednesday, despite a notable rise in the international market, where safe-haven demand and a softer US dollar buoyed prices amid heightened geopolitical concerns. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market held steady at Rs354,100. Similarly, the rate for 10 grams remained unchanged at Rs303,583. This stability comes after a sharp increase of Rs5,900 per tola on Monday when prices had surged to Rs353,100. Globally, gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 1143 GMT. US gold futures were up at $3,406.80. In global markets, gold rebounded from early losses as weak US employment data prompted a shift in investor sentiment. Adnan Agar, Director at Interactive Commodities, noted that the international gold price hit a low of $3,343 earlier in the day before recovering to a high of $3,384. It was last trading at around $3,373. "Gold was declining since morning, but after the US market opened, weak employment data triggered a recovery. Prices briefly touched $3,384 before settling slightly lower," Agar explained. He added that Friday's release of the US non-farm payroll dataa key monthly employment indicatorwill be critical in determining the future direction of gold prices. "That data could be a major market mover," he said. Additionally, rising geopolitical tensions, including renewed flare-ups in the Russia-Ukraine conflict and emerging concerns over global trade disputes, are contributing to volatility in the precious metals market. "Investors are closely monitoring geopolitical developments and US economic indicators," Agar said. "These factors are driving current movements and will continue to shape gold prices in the coming days." Meanwhile, the Pakistani rupee posted a slight decline against the US dollar on Wednesday, slipping by 0.04% in the inter-bank market. By the end of the trading session, the rupee closed at 282.22 against the dollar, marking a depreciation of 10 paisas compared to Tuesday's closing rate of 282.11. At the close of the trading session, the Pakistani rupee depreciated by 0.04% day-on-day (DoD) against the US dollar, settling at 282.22, according to Ismail Iqbal Securities. On a calendar year-to-date (CYTD) basis, the rupee has depreciated by 1.30%, while the fiscal year-to-date (FYTD) depreciation stands at 1.38%. Globally, the US dollar weakened on Wednesday as investors awaited upcoming US employment figures for near-term market direction, while also monitoring progress in President Donald Trump's ongoing tariff discussions with major trade partners such as China.
Express Tribune
02-06-2025
- Business
- Express Tribune
Gold surges as uncertainty grows
Gold prices in Pakistan surged on Monday, tracking a sharp rally in the international market where the precious metal rose over 2%its highest level in more than three weeks. The spike was driven by a weakening US dollar and growing investor appetite for safe-haven assets amid escalating geopolitical tensions and sustained global economic uncertainty. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the local market rose by Rs5,900 per tola, reaching Rs353,100. The price for 10 grams of gold also increased significantly, climbing by Rs5,058 to settle at Rs302,726. This rebound reversed the weekend's losses, when gold prices had declined by Rs1,400 per tola to close at Rs347,200 on Saturday. Commenting on the development, Adnan Agar, Director at Interactive Commodities, said the international gold market is showing strong upward momentum. He noted that gold rose nearly $70 on the day, hitting a low of $3,301 and peaking at $3,377, where it was holding steady. "The rally is largely driven by geopolitical developments, particularly Ukraine's recent large-scale attack on Russia, which has boosted safe-haven demand," he said. Internationally, gold gained more than 2% on Monday to its highest level in over three weeks, as a weaker dollar and a combination of geopolitical risks and economic uncertainty fuelled safe-haven demand, according to Reuters. Spot gold was up 2.7% at $3,377.29 an ounce as of 1419 GMT, after reaching its highest since May 8 earlier in the session. US gold futures were up 2.6% at $3,402.70. Agar added that if gold manages to close above the $3,380 mark, it could test higher resistance levels at $3,400, $3,420, and even $3,440. "A close above these thresholds may pave the way toward $3,500, although it's still early to confirm such a move," he said. For now, the closing outlook remains bullish, with key levels in sight. Meanwhile, the Pakistani rupee posted a slight appreciation against the US dollar on Monday, strengthening by 0.02% in the interbank market. By the end of trading, the local currency settled at Rs281.97 per US dollar, reflecting a modest gain of five paisas from the previous session. In contrast, the rupee had weakened slightly during the prior week, losing four paisas or 0.01% against the dollar. It closed at Rs282.02 last Friday, compared to Rs282.06 at the end of the week before, according to data from the State Bank of Pakistan (SBP). According to Ismail Iqbal Securities, the rupee has depreciated by 1.23% calendar year-to-date and 1.30% fiscal year-to-date.
Express Tribune
10-05-2025
- Business
- Express Tribune
Gold, rupee on downward trajectory
Listen to article Gold prices in Pakistan remained on a downward trajectory on Friday despite a notable rise in international markets, where the yellow metal gained over 1% as the US dollar weakened and investors weighed comments on tariffs by US President Donald Trump ahead of crucial trade talks with China. The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported, the price of gold per tola fell by Rs1,800 to settle at Rs350,900 in the local market. Likewise, the price of 10 grams dropped by Rs1,543 to Rs300,840. The downward trend followed Thursday's dip of Rs4,200, when the per tola price had touched Rs352,700. Commenting on market dynamics, Interactive Commodities Director Adnan Agar said gold had earlier dipped to around $3,270 before recovering slightly, with current trading levels hovering between $3,330 and $3,340. "There's still some support in the market on the lower side," he noted. "We're seeing range-bound movement, and the upcoming weekend talks between the US and China, along with regional developments will be crucial for next direction." Gold rose over 1% on Friday as the dollar ticked lower, while the market digested comments on tariffs from US President Donald Trump ahead of a weekend meeting between the US and China, according to Reuters. Meanwhile, the Pakistani rupee continued its downward trend against US dollar on Friday, slipped 0.07% in the interbank market. It closed at 281.71, down by Rs0.19 from the previous day's closing rate of 281.52.
Express Tribune
08-05-2025
- Business
- Express Tribune
Gold prices steady amid global dip
Listen to article Gold prices in Pakistan remained almost stagnant on Wednesday, as international rates dipped amid a stronger US dollar and renewed optimism over US-China trade talks. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the local market rose only by Rs800 per tola, reaching Rs356,900. The price of 10-gram gold also increased by Rs684 to Rs305,984. This follows a sharp jump of Rs6,100 per tola on Tuesday, when prices hit Rs356,100. Adnan Agar, Director at Interactive Commodities, noted that gold prices initially spiked to as high as $3,448 amid heightened geopolitical tensions between India and Pakistan. "However, the announcement of fresh trade negotiations between the US and China, expected to begin Saturday, reversed that trend," he said. Gold dropped to an intraday low of $3,360 and is currently trading around $3,384. The market opened at $3,400 today, but the trade talk development is bearish for gold. Prices have declined by nearly $80. Agar added that if the India-Pakistan tensions de-escalate and trade talks progress positively, gold could retreat further towards the $3,300 level in the coming days. Globally, gold prices fell more than 1% on Wednesday, pressured by a firmer dollar and US-China trade talks optimism, while the focus is on the Federal Reserve's policy decision due later in the day, according to Reuters. Spot gold slipped 1.3% to $3,385.48 an ounce. US gold futures lost nearly 1% to $3,392.80. Meanwhile, the Pakistani rupee registered a marginal decline against the US dollar in the interbank market on Wednesday, slipping by 0.04% amid heightened regional tensions and cautious global sentiment ahead of a key US Federal Reserve policy decision. The rupee closed at 281.47 against the greenback, losing 10 paisas from Tuesday's closing rate of 281.37. Speaking to the media, Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), highlighted that a contingency mechanism is in place to mobilise overseas Pakistanis' financial support if needed. "We have a swap system that enables the Pakistani diaspora to lend funds for a two-year term, backed by sovereign guarantees," he stated. "This system can raise up to $1 billion per monthamounting to $12 billion annuallyif the need arises." Bostan noted that a similar strategy proved successful during Pakistan's 1994 financial crisis, when foreign exchange reserves had dwindled to just $400 million. "At that time, exchange companies facilitated inflows worth $10 billion through this very mechanism," he added.
Express Tribune
02-05-2025
- Business
- Express Tribune
Gold prices recede further in local and international markets
Listen to article The downward trend in gold prices continued on Friday in both international and domestic markets, driven by technical corrections and profit-taking by investors. In the international bullion market, the price of gold fell by another $13 per ounce, bringing it down to $3,263. Analysts attribute the decline to ongoing market corrections and short-term profit booking by traders after recent highs. Similarly, local gold prices in Pakistan also saw a notable decrease. The price of 24-karat gold fell by Rs1,300 per tola, settling at Rs344,500. The price for 10 grams of 24-karat gold dropped by Rs1,114, bringing it down to Rs295,353. In contrast, silver prices remained stable. The per tola rate for silver stood unchanged at Rs3,427, while the price for 10 grams of silver remained steady at Rs2,938. Market watchers suggest that gold prices may continue to show volatility in the short term due to global economic uncertainty and changing investor sentiment. Significant price swing Despite the recent decline, gold has witnessed a dramatic six-month rally characterized by sharp price swings and mounting geopolitical uncertainty, ultimately reaching record highs. According to Adnan Agar, Director of Interactive Commodities, gold opened around $2,750 in November, briefly dropped to $2,500, and then surged to an all-time high of approximately $3,500, a long-anticipated milestone. In Pakistan, bullion prices followed a similar trajectory, climbing from Rs295,000 to Rs350,000 per tola before easing slightly to around Rs346,000. The local gold market remains heavily influenced by international price movements. This nearly $1,000 fluctuation underscores both investor anxiety and strategic buying in response to global instability. A major catalyst has been gold's reputation as a safe-haven asset, drawing increased demand during times of crisis. Rising tensions across multiple regions, including the Russia-Ukraine war, the Israel-Hamas conflict, and renewed hostilities involving the US and Iran, have pushed risk-averse investors toward gold. Notably, between January and April 2024, the metal posted especially strong gains, rising by an estimated $600 to $700. Political uncertainty in the United States, spurred by Donald Trump's presidential resurgence and aggressive tariff rhetoric, further fueled market unease and bolstered gold's appeal.
