Connect with us

Business

Gold continues to shine in Pakistan as dollar strikes back

Published

2 years ago

on

  • Gold price rises Rs1,450 per tola.
  • Investors resort to buying gold.
  • Silver prices remain unchanged.

KARACHI: Gold prices edged higher on Wednesday helped by a slight pullback in the rupee which snapped its 13-day winning streak against the dollar today.

Some investors resorted to buying gold as they’re seeing that the rupee is slightly slowing down. However, the market is now in a wait-and-see mood before the clear direction of the rupee.

The price of yellow metal rose Rs1,450 per tola and Rs1,286 per 10 grams to settle at Rs146,300 and Rs125,429, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

Cumulatively, the precious commodity gained around Rs3,200 per tola in the previous two sessions.

Investors were concerned that the central bank might increase the rates keeping in view that the precious commodity is highly sensitive to rising interest rates, as these increase the opportunity cost of holding non-yielding bullion while boosting the currency, in which it is priced.

In the international market, the price of yellow metal remained unchanged at $1,668 as investors look to minutes from the US Federal Reserve’s September policy meeting and inflation data for clues on its rate hike path.

Gold rates in Pakistan are around Rs3,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 per tola and Rs1,346.02 per 10 grams.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Current gold price in Pakistan: January 20, 2025

Published

6 hours ago

on

By

On Monday, gold prices in Pakistan experienced a notable rise due to a favorable change in worldwide markets.

The price of gold per tola increased by Rs500, attaining Rs282,900.The increase followed a decrease in gold prices during the prior session, where the price had dropped by Rs200 to conclude at Rs282,400 on Saturday.

On Monday, the price of 10 grams of gold increased by Rs429, reaching Rs242,541.

The increase in local gold prices reflected the favorable trend in the worldwide market, where the price of gold per ounce reached $2,708, plus an additional premium of $20. This was a $5 rise inside a single day.

Conversely, silver prices declined, with the price per tola decreasing by Rs9 to reach Rs3,372.

Analysts ascribe the rise in gold prices to variations in global demand, as investors seek refuge in precious metals amid economic concerns. As global markets exhibit ongoing volatility, analysts anticipate additional swings in the values of gold and silver in the forthcoming weeks.

Continue Reading

Business

After gaining almost 900 points, the KSE-100 has surpassed the 116,000 mark, indicating a bullish trend.

Published

6 hours ago

on

By

The KSE-100 index advances by more than 900 points, reaching a new high of more than 116,200. This indicates that the Pakistan Stock Exchange is experiencing a bullish trend at the beginning of business.

Continue Reading

Business

SBP’s Monetary Policy Committee is scheduled to meet on January 27 in order to make a decision regarding monetary policy.

Published

6 hours ago

on

By

For the purpose of making decisions regarding the monetary policy, the monetary policy committee of the State Bank of Pakistan will convene on January 27.

At a press conference that will take place on the same day as the meeting, Governor Jameel Ahmad of the State Bank of Pakistan will formally announce the decision about the monetary policy.

Continue Reading

Trending