Gold Prices Remain Unchanged in Pakistan Amid Global Uptrend

Strategic Insights -

Pakistan's gold prices remained stable on Wednesday, resisting the global trend where prices rose due to safe-haven demand and a softer US dollar. 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, while the rate for 10 grams remained unchanged at Rs303,583. Globally, spot gold rose 0.9% to $3,381.32 an ounce, driven by a softer dollar and persistent geopolitical tensions.

Key Takeaways:

  • Gold prices in Pakistan remained unchanged at Rs354,100 per tola and Rs303,583 for 10 grams, despite a global price increase due to safe-haven demand and a softer US dollar.
  • The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported no change in gold prices in the local market.
  • 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, indicating a market recovery triggered by weak US employment data.
  • Rising geopolitical tensions, including renewed flare-ups in the Russia-Ukraine conflict and emerging concerns over global trade disputes, contributed to volatility in the precious metals market.
  • The Pakistani rupee posted a slight decline against the US dollar, slipping by 0.04% in the inter-bank market, and depreciated by 10 paisas compared to Tuesday's closing rate.
  • The rupee has depreciated by 1.30% on a calendar year-to-date (CYTD) basis and 1.38% on a fiscal year-to-date (FYTD) basis.

Statistics:

  • Global spot gold prices rose 0.9% to $3,381.32 an ounce.
  • US gold futures were up at $3,406.80.
  • The Pakistani rupee depreciated by 0.04% against the US dollar, settling at 282.22.
  • The rupee has depreciated by 10 paisas compared to Tuesday's closing rate of 282.11.
  • The rupee has depreciated by 1.30% on a calendar year-to-date (CYTD) basis.
  • The rupee has depreciated by 1.38% on a fiscal year-to-date (FYTD) basis.

Sources:

  • All-Pakistan Gems and Jewellers Sarafa Association (APGJSA)
  • Interactive Commodities (via Director Adnan Agar)
  • Ismail Iqbal Securities
  • Karachi Stock Exchange (KSE) data for Pakistani rupee depreciation.