KARACHI
\nGold prices in Pakistan saw an uptick on Friday, mirroring the rise in global rates. Locally, the price of gold per tola surged by Rs1,100, reaching Rs279,400.
\nOn Thursday, the price of gold per tola had risen by Rs1,300, settling at Rs278,300, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
\nInternational gold prices also climbed on Friday. According to APGJSA, the rate stood at $2,676 per ounce, reflecting a rise of $11 during the day.
\nAdnan Agar, Director of Interactive Commodities, commented on the gold market, stating that while the data today was not initially favourable for gold, the precious metal made a rebound due to strong US economic data.
\nHe pointed out that the US unemployment rate has dropped to 4.1%. However, Agar explained that the US central bank is likely to stop reducing rates, as robust job creation can lead to higher inflation.
\nHe also highlighted that last month\u2019s inflation data showed a slight increase of 0.32%, signalling rising inflation. As a result, during the upcoming Federal Open Market Committee (FOMC) meeting in January, there is an expectation that the central bank will pause further rate cuts, though the outcome will depend on future economic developments.
\nMeanwhile, the rupee remained relatively stable against the US dollar on Friday, appreciating by 0.01% in the inter-bank market. At the close, the rupee stood at 278.58, gaining Re0.03 against the dollar.
\nThe rupee had closed at 278.61 on Thursday, according to the State Bank of Pakistan (SBP).
\nMeanwhile, the US dollar was poised to extend its longest weekly winning streak in over a year on Friday, supported by rising bond yields and expectations of strong US job data.
\n\u201cThe rupee remained largely stable,\u201d said Zafar Paracha, Chairman of the Exchange Companies Association of Pakistan (ECAP). He attributed this stability to strong workers\u2019 remittances and other positive economic indicators.
\nIn December 2024, workers\u2019 remittances saw a significant inflow of $3.1 billion, reflecting a year-on-year (YoY) growth of 29.3% and a month-on-month (MoM) increase of 5.6%, as per the SBP. Cumulatively, remittances totalled $17.8 billion during the first half of FY25, marking a 32.8% increase YoY.
\nParacha further said the SBP has been supporting the dollar, as confirmed by the SBP governor, who mentioned that the bank purchased $9 billion last year. If the SBP were to stop its dollar purchases, the rupee could improve further and potentially reach around Rs240\/$.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Gold prices in Pakistan saw an uptick on Friday, mirroring the rise in global rates. Locally, the price of gold per tola surged by Rs1,100, reaching Rs279,400. On Thursday, the price of gold per tola had risen by Rs1,300, settling at Rs278,300, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). International gold […]<\/p>\n","protected":false},"author":2,"featured_media":409656,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-454865","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n