Latest news with #Rs308
Business Recorder
15-07-2025
- 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
Express Tribune
14-07-2025
- Business
- Express Tribune
Rupee slides further on imports, SBP dollar buying
The Pakistani rupee continued its downward trajectory against the US dollar, weakening by 0.09% in the inter-bank market on Monday. According to the State Bank of Pakistan (SBP), the local currency closed at 284.72, marking a depreciation of 26 paisa from the previous close. Last week, the rupee had also recorded losses, slipping by 49 paisa, or 0.17%, over the course of the week at 284.46 against the dollar. Arif Habib Ltd Deputy Head of Trading Ali Najib told The Express Tribune that the weakness stems from persistent demand for the dollar amid rising import payments, profit repatriation by multinationals and cautious sentiment ahead of upcoming external debt repayments. In addition, the SBP is also consistently buying the US dollar from the market, taking its intervention to over $6 billion in 8MFY25, a deliberate strategy to rebuild forex reserves, driven by strong remittances, IMF funding and debt rollover considerations. Despite improving forex reserves, speculative activity and global dollar strength continue to weigh on the rupee. "Without stronger inflows or policy tightening, the currency may face further mild depreciation in the short term," said Najib. Meanwhile, gold prices in Pakistan recorded a mild increase on Monday, tracking gains in the international market, where the yellow metal steadied after hitting a three-week high amid renewed focus on trade tensions and upcoming US economic data. Meanwhile, silver surged to its highest level since September 2011. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola rose by Rs1,600 to settle at Rs359,700. The price of 10-gram gold climbed by Rs1,371 to Rs308,384. Spot silver gained 1.1% to $38.78 per ounce, hitting its highest level since September 2011 earlier in the session. The local rate was recorded at Rs4,087 per tola for 24-karat silver. Analysts attributed the move to geopolitical and economic uncertainties. Interactive Commodities Director Adnan Agar said gold prices reacted to US President Donald Trump's comments about potential tariffs on Europe and Mexico. "Gold touched a high of $3,375 and came down slightly to $3,345," Agar noted. "There's a chance it might dip before heading upwards again. With tariff discussions re-emerging, gold is expected to remain volatile in the coming days." The international market's focus remains on trade developments and key macroeconomic indicators from the US, which could further shape the trajectory of precious metal prices globally and domestically. Globally, spot gold was little changed at $3,356.95 per ounce, as of 1337 GMT, after reaching its highest point since June 23 earlier, according to Reuters.
Express Tribune
25-02-2025
- Business
- Express Tribune
Gold drops Rs800 amid global correction
Listen to article Gold prices in Pakistan witnessed some correction on Tuesday, reflecting a downturn in international markets. The price per tola fell by Rs800, settling at Rs308,700, while the 10-gram rate decreased by Rs686 to Rs264,660, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This decline comes after gold hit a record high of Rs309,500 per tola on Monday. Meanwhile, international gold prices also dropped, with the rate declining by $8 per ounce, bringing it to $2,940 per ounce, including a $20 premium. According to Adnan Agar, Director of Interactive Commodities, the gold market experienced a correction, as anticipated. He noted that gold had tested a high of $2,959 and a low of $2,935 intraday, currently stabilising around $2,936. He emphasised that closing prices will be crucial in determining the next trend. If gold closes below $2,920, it may further decline towards $2,860 or even $2,850. However, a rebound could lead to a retest of previous highs. Investors and traders are now closely watching how gold prices settle, as further movement will depend on upcoming global economic trends and central bank policies. Meanwhile, the Pakistani rupee showed little movement against the US dollar in the interbank market on Tuesday, closing at 279.67, down by just one paisa from the previous day's 279.66.
Express Tribune
19-02-2025
- Business
- Express Tribune
Gold hits all-time high of Rs308,000
Listen to article Gold prices in Pakistan soared on Wednesday, aligning with an uptrend in international markets. The price per tola surged by Rs3,800, reaching a record high of Rs308,000, while 10-gram gold climbed to Rs264,060, an increase of Rs3,258, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This followed Tuesday's increase of Rs1,000 per tola, indicating sustained bullish momentum. Globally, gold rose by $34, reaching $2,944 per ounce, including a $20 premium. "Gold prices have hit their highest levels in both local and international markets," said Abdullah Abdul Razzaq, a member of the APGJSA. Adnan Agar, Director of Interactive Commodities, noted that the international gold market has exhibited strong upward momentum. Initially, a correction was expected around $2,850-$2,820, but prices rebounded sooner than anticipated, reinforcing a bullish trend. The surge is driven largely by geopolitical uncertainty, particularly rising tensions between the US, Russia, and Ukraine, which have increased demand for safe-haven assets like gold. Speculative trading has also contributed significantly, with traders capitalising on market sentiment. Despite the rally, Agar pointed out the absence of a significant correction. Historically, gold experiences periodic pullbacks after major gains. Over the past 18 months, prices have surged by $1,150, but unlike previous cycles, the market has yet to witness a healthy retracement of $400-$500, which typically precedes a more stable upward trend, he said. Analysts predict that gold could breach the $3,000-$3,100 mark in the coming months. However, if a correction occurs, a major price adjustment may follow. Traders remain cautious, as the lack of a proper pullback could lead to increased volatility. Meanwhile, the Pakistani rupee weakened slightly against the US dollar, depreciating 0.04% in the inter-bank market on Wednesday. The rupee closed at 279.47, down by 10 paisa from the previous day's rate of 279.37. Additionally, the State Bank of Pakistan (SBP) raised Rs258.8 billion in its latest T-Bill auction, falling short of the Rs350 billion target. The auction attracted total bids of Rs737 billion. Cut-off yields for 3-month, 6-month, and 12-month T-Bills increased by 2bps, 17bps, and 6bps, respectively, settling at 11.8247%, 11.6749%, and 11.6498%.
