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[ad_1] KARACHI: The price of gold hit a three-month high at Rs221,000 per tola (11.66 grams) in Pakistan, following a global trend, as the domestic currency remains largely stable at around Rs285 against the US dollar in the interbank market on Wednesday. With the latest increase of Rs2,600 per tola in the day, the precious metal has cumulatively increased by 2.45% or Rs5,300 in the past four consecutive working days to date, according to the All Pakistan Sarafa Gems and Jewellers Association. According to State Bank of Pakistan’s (SBP) data, the domestic currency ticked up for the second successive working day by 0.05%, or Rs0.13, to close at Rs285.39 against the greenback. The currency has been fluctuating near and around the currency level for the past around 10 days. While talking to The Express Tribune, AA Gold Commodities, Director Adnan Agar said gold has hit a seven-month high at $2,047 per ounce (31.10 grams) in the international market. This provided the basis for

[ad_1] KARACHI: Gold hit a new all-time high at Rs225,300 per tola (11.66 grams) on Thursday in line with the global trend amid talk of likely default by the United States. Talking to The Express Tribune, AA Gold Commodity Director Adnan Agar projected that the precious metal may surpass Rs300,000 per tola in the next couple of weeks, but the “abnormal” rally would be for a short duration only. Bullion hit the record high at $2,080 per ounce (31.10 grams) in the international market at around 3am on Thursday (according to Pakistan standard time). The local pricing body, the All Pakistan Saraf Gems and Jewellers Association (APSGJA), revised the gold rate upwards by Rs2,600 (or 1.2%) to Rs225,300 per tola. Agar said gold may spike to $2,300-2,400 per ounce in May on talk of likely default by the US on interest payment. Accordingly, the local gold price may reach in the range of Rs300,000 to Rs325,000 per tola. “The US has hit its debt ceiling of $32 trillion and lacks the c

[ad_1] Gold prices continued upward trajectory in Pakistan and registered a major increase as the rupee depreciated. According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs6,200 per tola and Rs5,316 per 10 grams to settle at Rs221,000 and Rs189,472, respectively. Meanwhile, the price of the yellow metal gained $10 to settle at $1,967 in the international market today. The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. According to market practice, local prices of gold usually go up on the rupee's depreciation against the US dollar and declining prices of commodities in the international market. Data shared by the association showed the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams. A day earlier, the prices of the yellow metal increased by Rs1,600 per tola and Rs1,371 per 10 grams, respec

[ad_1] Last Updated: June 28, 2023, 00:32 IST New York, United States of America (USA) Choose a jewellery brand that is recognised as a reliable name to invest in. Check for hallmarked jewels, which ensures a high resale value while adding splendour enchantment to any event. (Image: Reuters File) Spot gold fell 0.6% to $1,911.53 per ounce by 2:08 p.m. EDT (1808 GMT), while U.S. gold futures settled 0.5% lower at $1,923.80 Gold reversed course to slip on Tuesday after strong U.S. economic readings, while traders positioned for Federal Reserve Chair Jerome Powell’s speech and more data that could offer clues on future interest rate hikes. Spot gold fell 0.6% to $1,911.53 per ounce by 2:08 p.m. EDT (1808 GMT), while U.S. gold futures settled 0.5% lower at $1,923.80. U.S. consumer confidence increased in June to the highest level in nearly 1-1/2 years, while new single-family home sales rose by a more-than-expected 12.2% in May. “Gold did not like the news," said Edward Moya, sen