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Gold extends losses on rupee strength, traders watchful of positive cues

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2 years ago

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  • Gold price settles at Rs143,100 per tola.
  • Cumulatively, gold loses Rs1,950 per tola in last two sessions.
  • Silver prices in domestic market decline by Rs10 per tola.

KARACHI: Gold extended losses into a second session on Monday, closing slightly above the threshold of Rs143,000 per tola in line with price movement in the international market and expectations that economic recovery could sap inflationary pressure, curbing the metal’s appeal as a hedge.

Data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the gold price gained Rs700 per tola and Rs600 per 10 grams to settle at Rs143,100 and Rs122,685, respectively.

Cumulatively, the precious commodity has lost around Rs1,950 per tola in the last two sessions. Meanwhile, it lost Rs2,700, or 1.84% per tola during the week that ended on October 8.

Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.

In the international market, the price of yellow metal plunged by $18 and remained below the key $1,700 per ounce level. The price settled at $1,677.

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 declined by Rs10 per tola and Rs8.58 per 10 grams to settle at Rs1,570 per tola and Rs1,346.02 per 10 grams.

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SIFC Promotes International Honey Trade: Malaysia Becomes an Export Destination for KP 60,000 Honey Farms

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19 hours ago

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The successful arrival of Khyber Pakhtunkhwa’s first batch of SIDR honey in Malaysia is a major turning point for Pakistan’s honey sector.

The special investment facilitation council is helping to raise the profile of Pakistan’s agricultural exports internationally.

The Ministry of Commerce is dedicated to increasing Pakistan’s honey exports internationally, and the Pakistani high commission in Kuala Lumpur has been instrumental in fostering collaborations between Malaysian and Pakistani companies.

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The KSE-100 is getting closer to the 100,000 level thanks to bullish momentum.

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19 hours ago

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At 98,164.24 points, the benchmark KSE-100 Index is just 1,800 points away from the much-anticipated 100,000 level and is approaching a historic milestone.

Favorable macroeconomic indicators and high investor confidence have propelled the index’s bullish momentum as of 9:47 a.m. today.

The KSE-100 had a significant increase of 469.84 points, or 0.48%, on Friday, closing at 97,798.23 points. Market optimism was indicated by the index’s quick spike to an intraday high of 99,623.03 points.

Analysts have increased their estimates, predicting that by the end of 2025, the KSE-100 might rise to 120,000. Continued improvements in macroeconomic conditions, such as declining bond yields, are anticipated to be the main drivers of this spike since they are bringing more liquidity to the equities market.

Following the drop in bond yields, mutual funds have made about $132 million in investments in Pakistani stocks since January 2024. This influx of funds is considered a favorable indicator of investor sentiment.

The market has also risen as a result of the State Bank of Pakistan’s decision to reduce interest rates by a total of 700 basis points, from 22% in May 2024 to 15% now.

The All-Share Index, which measures the overall market, also showed robust gains. With a net increase of 280.51 points, or 0.44%, it was at 62,376.87 points. Expectations of additional growth in the equity market are being bolstered by this encouraging trend.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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5 days ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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