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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
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 $3,287.64 per ounce as of 1447 GMT after reaching its lowest point since May 29 earlier in the session, according to Reuters. The yellow metal was up for the second straight quarter, rising 5.2%. Meanwhile, the Pakistani rupee registered a slight decline against the US dollar on Monday, slipping 0.01% in the inter-bank market. It concluded fiscal year 2024-25 with a year-on-year depreciation of 1.95%. At the close of trading, the rupee settled at 283.76, down four paisa from the previous session. On a yearly basis, the rupee depreciated Rs5.42 compared to the closing rate of 278.34 recorded at the end of the previous fiscal year. Analysts attribute the currency's subdued performance to persistent pressure from rising import demand.
Business Recorder
31-05-2025
- Business
- Business Recorder
Ogra slashes LPG prices for June
ISLAMABAD: In line with a decline in oil prices globally, the Oil and Gas Regulatory Authority (OGRA) has issued a notification for the reduction in LPG prices for June 2025. The OGRA has reduced the price of a domestic LPG cylinder by Rs55 and a commercial cylinder by Rs210. There has been a reduction of Rs3,921 per metric ton in the government's production price. LPG prices down by Rs6.15 per kg Now, LPG will be available at Rs241 per kg instead of Rs245 per kg, a domestic cylinder will be available at Rs2,838 instead of Rs2,893, and a commercial cylinder will be available at Rs,10,920 instead of Rs11,130. The LPG producer price is linked with Saudi Aramco-CP and US$ dollar exchange rate. As compared to previous month, Saudi Aramco-CP has decreased by 2.67 per cent. The average dollar exchange rate has slightly increased by 0.35 per cent resulting to decrease in LPG consumer price by Rs54.60/11.8 kg cylinder (1.88 per cent). The per kg decrease in LPG consumer price is Rs4.62. Copyright Business Recorder, 2025
