KARACHI: The gold rates continue to increase in Pakistan in line with the international rate, ARY News reported Wednesday.

The yellow metal was priced at Rs227,800 per tola after an increase of Rs500 during the day, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The 10-gram gold was sold at Rs195,302 after it jacked up by Rs 429.

Furthermore, gold rates increased by $5 and was sold at $2,178 per ounce in the international market.

It is pertinent to mention here that IMF staff and Pakistan have reached a staff-level agreement on the second and final review under Pakistan’s Stand-By Arrangement.

According to the official statement issued by an International Monetary Fund team led by Nathan Porter, IMF reached a staff-level agreement with Pakistan on the second and final review of the country’s stabilization program supported by the IMF’s US$3 billion (SDR2,250 million) SBA approved.

The agreement is subject to approval by the IMF’s Executive Board, upon which the remaining access under the SBA, US$1.1 billion (SDR 828 million), will become available.

The (XAU) price declined by 0.13% on Tuesday as the strengthened ahead of today’s Federal Reserve’s (Fed) policy rate decision.

 ‘Gold is seeing some exhaustion to the upside as the positions moved swiftly over the past week or 2, and now it’s taking a bit of a breather as the Fed pricing comes off a bit,’ said Ryan McKay, the commodity strategist at TD Securities.

In other words, after a swift 1-week rally, which began on 28 February, gold bulls have started to close their long positions as the probability of a 25-basis point (bps) rate cut by the Fed in June has declined.

Furthermore, expecting higher gold prices is risky as is already near all-time highs, while the latest U.S. macroeconomic data didn’t provide reasons for a rate cut. At the same time, a sharp sell-off is also unlikely as safe-haven demand remains strong, and investors still expect global monetary policy to ease in 2024.

XAUUSD was essentially unchanged during the Asian and early European trading sessions. Today, the Fed’s rate is a critically important event for gold traders. It is due at 6:00 pm UTC. In addition to the rate decision, which is unlikely to surprise anyone, the Fed will release its FOMC Economic Projections report, including the so-called ‘dot plot’, showing how each Fed member projects the future path of interest rates.

This ‘dot plot’ is published only 4 times a year, so investors will study the data carefully. Last time, 17 of 19 Fed officials projected lower interest rates by end-2024, and traders priced in a more aggressive rate-cutting cycle. On the day the Fed telegraphed its previous projections, XAUUSD rallied by more than 2% and then increased by another 3% throughout 10 trading sessions.

If the FOMC Economic Projections report is viewed as dovish with more rate cuts on the horizon, the gold price will rise, possibly towards 2,200. Conversely, if the report is hawkish and indicates fewer rate cuts, XAUUSD will almost certainly decline, probably towards 2,125. ‘Spot gold is biased to break a falling trendline and rise into the $2,175–$2,182 range,’ said Reuters analyst Wang Tao.

EURUSD will likely move sharply due to FOMC Economic Projections report

Initially, the exchange rate dropped below 1.08400 but later recovered and finished the day essentially unchanged.

Yesterday, the German report came out stronger than expected, showing an improving investors’ sentiment due to the expectations for an interest rate cut by the European Central Bank (ECB) and positive signs out of China. ‘More than 80% of those surveyed anticipate that the ECB will cut interest rates in the next 6 months,’ said ZEW President Achim Wambach, adding that this could explain a more optimistic outlook on the construction industry.

As a result, EURUSD rallied in the European session yesterday and settled above the important 1.08500. However, the positive effect of the upbeat German statistics will likely be short-lived. The market still expects the ECB to be more dovish than the Fed in 2024, so the fundamental pressure on EURUSD will likely remain bearish if these expectations don’t change.

EURUSD was essentially unchanged during the Asian and early European trading sessions. Today’s Fed decision and the FOMC Economic Projections report at 6:00 p.m. UTC will likely trigger above-normal volatility in all USD pairs. The market expects the Fed to leave the rates unchanged, but the main focus will be on the so-called ‘dot plot’.

The ‘dot plot’ shows how each Fed member projects the future path of the U.S. interest rates. If the overall monetary policy outlook features fewer rate cuts, EURUSD will likely drop, possibly below 1.08000. Conversely, EURUSD will rally, most likely above 1.09000, if the report is dovish and mentions more rate cuts.

USDCAD can break above 1.36100 if the Fed indicates fewer rate cuts

The lost 0.24% against the U.S. dollar on Tuesday after Statistics Canada showed a smaller-than-expected rise in core inflation.

Canada’s headline Consumer Price Index (CPI) unexpectedly slowed in February to just 2.8%, Canada’s statistics office reported yesterday. Core inflation rose by only 0.1%, the smallest rise in 2 years. The report immediately pushed USDCAD higher as investors started to price in a higher probability of a rate cut from the Bank of Canada (BOC) in June. ‘We expect central bankers will sound more dovish in April, thereby setting up a rate-cutting cycle beginning in June,’ said Royce Mendes, the head of macro strategy for Desjardins Group.

USD/CAD was rising during the Asian and early European trading sessions. Fundamentally, there is no divergence in investors’ interest rate expectations for both countries. The market expects the BOC to deliver 75 basis points (bps) worth of rate cuts in 2024 and anticipates roughly the same amount of rate reductions by the Federal Reserve (Fed).

However, today’s Fed decision may change traders’ expectations. The Fed will announce its interest rate decision and issue the latest FOMC Economic Projections at 6:00 p.m. UTC. Traders don’t expect the Fed to change the base rate. Market participants will closely monitor the so-called ‘dot plot’ section of the Economic Projections report for any clues about the future changes in interest rates.

If the overall monetary policy outlook features fewer rate cuts than was previously expected, USDCAD will likely rally, possibly above 1.36100. Conversely, USDCAD may experience a sell-off, most likely below 1.35000, if the report is dovish and mentions more rate cuts.

first published: March 20, 2024, 09:26 IST

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The overall trend for gold is upward, and there won’t be a trend reversal without bears pushing prices down to support levels at $2110 and $2070 respectively

• At the start of trading, gold futures posted modest gains as investors braced for several key global central bank meetings this week.
• After reaching a record high, the gold price failed to maintain its momentum, with traders anticipating what the US Federal Reserve might do about monetary policy.

According to gold trading platforms, the gold price has retreated to the support level of $2148 per ounce at the time of writing the analysis, and the highest resistance level this week was $2163 per ounce. Overall, gold prices have remained stable. The yellow metal is coming out of a weekly decline of about 1%, but it is still up more than 4% since the start of 2024 so far.

In the same performance, silver prices, the sister commodity to gold, remained above $25 per ounce. Overall, white metal enjoyed a weekly gain of 2% last week and is up more than 5% year-on-year.

The main event this week will be the Federal Reserve policy meeting. The Federal Open Market Committee (FOMC) is likely to keep US interest rates unchanged on Wednesday, but it will be what officials say in the economic outlook summary. Investors have priced in fewer rate cuts this year and believe the Eccles Building will start the first cut at the FOMC meeting in June.

Overall, the US Treasury market is trading as if there will be no rate cuts this year, with the yield on the 10-year note rising to 4.3%. Moreover, the yield on the two-year note is around 4.72%, and the 30-year note is above 4.45%. As is known, the gold market is sensitive to fluctuations in interest rates because it can affect the opportunity cost of holding bullion that does not generate a return.

The shift in monetary sentiment has further supported the US dollar. According to trading, the US dollar index (DXY), a measure of the dollar against a basket of other major currencies, rose above the psychological level of 103.00. Since the start of 2024 so far, the DXY dollar index has risen by more than 2%. As is known, a stronger dollar is bad for dollar-denominated commodities because it makes them more expensive for foreign investors to buy.

Later this week, the Bank of Japan and the Bank of England will conclude their meetings. Tokyo is expected to abandon its cautious stance, while London is expected to keep interest rates unchanged.

In this regard, analysts believe that the gold price will await the US interest rate decision on Wednesday, but perhaps also the Bank of Japan’s decision on the interest rate tonight. The decision could show that global inflation is rising, and it is clear that gold is a hedge against global inflation. Ultimately, the changes in the dot plot and Fed funds expectations will play a role in whether gold will resume and continue its upward trend or not.

We expect gold prices to remain neutral with a downward bias until reactions to global central bank announcements this week. Especially, the announcement from the US Federal Reserve, which will strongly impact the US dollar and consequently the gold market. So far, the overall trend for gold is upward, and there won’t be a trend reversal without bears pushing prices down to support levels at $2110 and $2070 respectively. Shortly, we still prefer selling gold from its record highs without taking risks.

Ready to trade today’s Gold prediction? Here’s a list of some of the best XAU/USD brokers to check out. 

Gold remains a significant commodity in Nigeria, reflecting both the nation’s economic health and the global market’s fluctuations.

As of March 19th, 2024, the gold prices per gram in Nigeria have been subject to various factors, including global demand, currency exchange rates, and local market conditions.

Below, we answer some frequently asked questions about today’s gold prices in Nigeria.

What is the price of gold per gram in Nigeria today?

As of March 20th, 2024, the gold prices per gram in Nigeria are as follows:

• 24K Gold: ₦112,281.44
• 22K Gold: ₦102,849.80
• 21K Gold: ₦98,246.26
• 18K Gold: ₦84,211.08
• 14K Gold: ₦65,684.64
• 12K Gold: ₦56,140.72
• 10K Gold: ₦46,821.36
• 9K Gold: ₦42,105.54
• 8K Gold: ₦37,389.72

How are these prices determined?

The prices of gold per gram in Nigeria are influenced by the international gold market, the USD to NGN exchange rate, and local market dynamics. The rates are updated frequently to reflect the live spot gold price.

What could affect the future prices of gold in Nigeria?

Several factors could influence the future prices of gold in Nigeria, including:

• Global Economic Stability: Economic downturns or stability can significantly impact gold prices.
• Currency Fluctuations: Changes in the value of the Nigerian Naira against the US dollar can affect gold prices.
• Supply and Demand: The balance between gold production and consumer demand can cause price changes.
• Investor Behavior: Investor decisions based on market conditions can lead to price volatility.

Where can I buy gold in Nigeria?

Gold can be purchased from licensed jewelers, gold traders, and financial institutions offering precious metal investments. It’s crucial to ensure that you’re dealing with reputable sources to avoid counterfeit products.

Gold Price Table (Per Gram in NGN)

For the most accurate and up-to-date information, it’s recommended to check with local gold traders or stay tuned to Okay.ng.

FE Team
| Published: March 19, 2024 22:15:36

FE Report
The Bangladesh Jewellers’ Association (BJA) has lowered gold prices by Tk 1,750 per bhori (11.664 grams) on the local market.
As per the new rate, 22-carat gold will now be sold at Tk 111,158 per bhori.
The latest pricing of the precious metal would come into effect today (Wednesday), said a press release issued by BJA.
The price of 21-carat gold (per bhori) went down by Tk 1,633 to Tk 1,06,142, while the price of 18-carat gold has been reduced by Tk 1,400 to Tk 90,979 per bhori.
And the price of conventional gold has been reduced by Tk 1,166 to Tk 75,816.
The previous rate of 22-carat gold was Tk 1,12,908 per bhori while the price of 21-carat gold was Tk 1,07,775, and 18-carat Tk 92,379 per bhori. And the price of traditional gold was Tk 76,982 per bhori.
arafataradhaka@gmail.com

In this article, we discuss 10 best gold ETFs to buy now. If you want to skip our discussion on the gold industry, check out 5 Best Gold ETFs To Buy Now. 

In late 2023, gold prices experienced a significant surge due to increased central bank buying and growing investor concerns over geopolitical tensions including the Israel–Hamas and Russia–Ukraine conflicts. This rally was further fueled by a weakening US dollar and expectations of interest rate cuts by the Federal Reserve. Gold prices reached a record high of $2,135.39 per ounce in December. After continuous interest rate hikes that brought the Federal Reserve funds rate to its highest level in over 22 years, policymakers have signaled plans for at least three rate cuts in 2024. Natasha Kaneva, Head of Global Commodities Strategy at J.P. Morgan, commented: 

Reflecting similar market sentiment, Gregory Shearer, Head of Base and Precious Metals Strategy at J.P. Morgan, stated: 

In 2023, gold showcased strength despite expectations, outperforming multiple assets including commodities, bonds, and most stock markets. The World Gold Council highlighted that market consensus leans towards a ‘soft landing’ in the US, historically not favorable for gold returns, although geopolitical tensions and continued central bank buying may provide support. However, the possibility of the Fed achieving a soft landing with interest rates above 5% remains uncertain, with a global recession still possible, prompting investors to consider gold as an effective hedge. While the odds favor a soft landing, historical data shows it has been achieved only twice following nine tightening cycles, indicating potential challenges. The World Gold Council noted that the labor market’s status is crucial in determining economic conditions, with potential shifts from a soft to a hard landing. Other possible scenarios include a ‘no landing,’ characterized by reaccelerated inflation and growth, which could initially challenge gold. Expected policy rate easing may not translate as favorably for gold due to factors like real interest rates and consumer demand constraints. A recession, if it occurs, historically benefits high-quality government bonds and gold, though initially, it might pose challenges for gold. However, if inflation surges, it could lead to a stronger monetary response, reinforcing the case for strategic gold allocations.

Story continues

Goldman Sachs Research expects gold prices to rise due to increased central bank purchases and robust retail demand in emerging markets. Analysts Nicholas Snowdon and Lavinia Forcellese predict a potential 6% climb in gold prices over the next year to reach $2,175 per troy ounce. While uncertainties surrounding Federal Reserve interest rate policy may lead to short-term fluctuations, the downside risks to gold prices are expected to be limited. Strong central bank purchases, particularly from China and India, have offset outflows from gold exchange-traded funds, driven partly by geopolitical tensions such as the Russia-Ukraine conflict and the COVID pandemic. The recent decrease in ETF purchases is attributed to already high holdings and the influence of real interest rates. Speculative positioning by hedge funds seems more responsive to shifts in long-term yields than ETF holdings. Historically, changes in gold ETF holdings have correlated with major risk-off events and cycles of monetary policy easing. Analysts anticipate a potential increase in ETF holdings once the Fed begins cutting rates, possibly starting in May. Additionally, rising incomes in emerging markets are boosting consumer demand for gold, particularly in jewelry. According to Goldman Sachs analysts: 

Gold and silver are expected to see continued growth in 2024, as UBS forecasts, largely due to anticipated interest rate cuts by the US Federal Reserve. This expectation, coupled with a weaker dollar, is projected to push gold prices upwards, with forecasts suggesting a potential increase to $2,200 per ounce by year-end. Historically, gold tends to rise when interest rates decrease, as it becomes a more attractive investment compared to bonds in a low-rate environment. Additionally, lower interest rates typically lead to a depreciation of the dollar, making gold more affordable for international buyers, thereby boosting demand. Despite uncertainties surrounding the timing and extent of rate cuts, UBS maintains its forecast for Federal Reserve policy easing. The recent surge in gold’s appeal as a safe haven asset, particularly amidst geopolitical tensions like Israel’s conflict with Hamas, has also contributed to its record-breaking prices. Moreover, optimism extends to silver, often considered gold’s “poorer cousin,” which is expected to perform well, especially in the event of Federal Reserve easing. While silver has historically underperformed gold, analysts believe it has significant catching up to do, potentially resulting in a dramatic surge. 

Some of the best gold stocks to buy include Newmont Corporation (NYSE:NEM), Barrick Gold Corporation (NYSE:GOLD), and Franco-Nevada Corporation (NYSE:FNV). However, we discuss the best gold ETFs in this article. 

Our Methodology 

We curated our list of the best gold ETFs by choosing consensus picks from multiple credible websites. We have mentioned the 5-year share price performance of each ETF as of March 18, 2024, ranking the list in ascending order of the share price.

A close-up of a hand placing a block of gold into a safe.

Best Gold ETFs To Buy Now

10. iShares Gold Trust Micro (NYSE:IAUM)

5-Year Share Price Performance as of March 18: 20.53%

iShares Gold Trust Micro (NYSE:IAUM) is an exchange traded fund designed to track the price of gold bullion, using the LBMA Gold Price as its benchmark. It was established on June 15, 2021, and as of March 15, 2024, it holds $1 billion in net assets. The fund incurs a sponsor fee of 0.09%. It is one of the best gold ETFs to buy. 

In addition to gold ETFs, Newmont Corporation (NYSE:NEM), Barrick Gold Corporation (NYSE:GOLD), and Franco-Nevada Corporation (NYSE:FNV) are some of the best stocks to buy for exposure to the gold industry. 

9. U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE:GOAU)

5-Year Share Price Performance as of March 18: 25.09%

U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE:GOAU) offers exposure to companies involved in producing precious metals, either through active mining or passive ownership of royalties or production streams. Its benchmark is the U.S. Global GO GOLD and Precious Metal Miners Index. Established on June 27, 2017, the ETF currently holds net assets worth $85.2 million, with an expense ratio of 0.60% as of March 15, 2024. U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE:GOAU) is one of the best gold ETFs to invest in. 

8. VanEck Gold Miners ETF (NYSE:GDX)

5-Year Share Price Performance as of March 18: 30.55%

VanEck Gold Miners ETF (NYSE:GDX) ranks 8th on our list of the best gold ETFs. VanEck Gold Miners ETF (NYSE:GDX) aims to closely replicate the price and yield performance of the NYSE Arca Gold Miners Index, which tracks companies in the gold mining industry. VanEck Gold Miners ETF (NYSE:GDX) holds $12.77 billion in net assets as of March 15, 2024, with an expense ratio of 0.51%. The fund was established on May 16, 2006. 

7. iShares MSCI Global Gold Miners ETF (NASDAQ:RING)

5-Year Share Price Performance as of March 18: 33.84%

iShares MSCI Global Gold Miners ETF (NASDAQ:RING) aims to mirror the performance of the MSCI ACWI Select Gold Miners Investable Market Index, comprising global equities of companies primarily involved in gold mining. The ETF holds net assets worth $420.3 million as of March 15, 2024, with an expense ratio of 0.39%. Its portfolio consists of 36 stocks. iShares MSCI Global Gold Miners ETF (NASDAQ:RING) was established on January 31, 2012 and it ranks 7th on our list of the best gold ETFs to buy. 

Newmont Corporation (NYSE:NEM) is the largest holding of the iShares MSCI Global Gold Miners ETF (NASDAQ:RING). The company is involved in the production and exploration of gold, as well as other metals like copper, silver, zinc, and lead. On February 22, Newmont announced a Q4 non-GAAP EPS of $0.50 and a revenue of $4 billion, up 24% on a year-over-year basis. 

According to Insider Monkey’s fourth quarter database, 53 hedge funds were long Newmont Corporation (NYSE:NEM), compared to 49 funds in the last quarter. Jean-Marie Eveillard’s First Eagle Investment Management is the leading stakeholder of the company, with 23.75 million shares worth $983.2 million. 

Here is what First Eagle Investments Global Fund has to say about Newmont Corporation (NYSE:NEM) in its Q2 2022 investor letter:

6. SPDR Gold Shares (NYSE:GLD)

5-Year Share Price Performance as of March 18: 61.29%

SPDR Gold Shares (NYSE:GLD) provides a cost-efficient and secure way for investors to access the gold market without the need for physical delivery. The ETF represents fractional ownership interests in a Trust holding gold bullion and cash. SPDR Gold Shares (NYSE:GLD) aims to lower barriers to investing in gold, such as access, custody, and transaction costs. It currently holds 831.84 tonnes of gold. The fund was listed on NYSE in November 2004. It is one of the best gold ETFs to consider. 

In addition to ETFs like SPDR Gold Shares (NYSE:GLD), investors can pick up shares of Newmont Corporation (NYSE:NEM), Barrick Gold Corporation (NYSE:GOLD), and Franco-Nevada Corporation (NYSE:FNV) for exposure to the gold industry.

Click to continue reading and see 5 Best Gold ETFs To Buy Now. 

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Disclosure: None. 10 Best Gold ETFs To Buy Now is originally published on Insider Monkey.

India’s gems and jewellery exports declined 12.66% year-on-year to $3.05 billion in February 2024. On the other hand, imports witnessed a marginal increase of 1.12% to $2.26 billion. However, there’s a bright spot—gold jewellery exports surged 16.43% to $821.55 million. The data highlights a widening trade gap in the gems and jewellery sector.

According to the Gem Jewellery Export Promotion Council (GJEPC) report, “The overall gross exports of Gems & Jewellery at US$ 3046.84 million (Rs 25274.640 crores) in the month of FEB 2024 is showing a decline of 12.66% (-12.34% in Rs. term) as compared to US$ 3488.51 million (Rs 28832.86 crores) for the same period the previous year.”

“On the other hand, the overall gross imports of Gems & Jewellery at $2.26 billion (Rs 18,765.3 crore) in February 2024 represent a growth of 1.12% (1.6% in Rs term) as compared to $2.23 billion (Rs 18,470.62 crore) for the same period the previous year.”

Besides, the total gross export of Gold Jewellery, at $821.55 million (Rs 6,815.65 crore) in February, showed a growth of 16.43% (16.91% in Rs terms) compared with $705.61 million (Rs 5,829.65 crore) the previous year.

Also read: Gold prices rise by 0.10%, silver prices dip 0.20%

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Colin Shah, MD, Kama Jewelry on ‘Jewellery Export & Import February 2024 Data’ said, “Indian gems and jewellery exports have been on a continuous downtrend for almost a year now. While the major influence of this remains global political unrest, the ripple effect can be seen through other triggers, including the rise in export duties, rising prices of precious metals, and, on the contrary, low-end demand in the overall international markets due to weak purchasing power.”

While the mainstream industry is experiencing a sluggish phase, it is notable that even lab-grown diamonds have not grown as expected and have shown a small rise of 2.90% in exports.

“It is interesting to see the rise in overall imports of gems and jewellery, showcasing a robust demand in the domestic market. This demand is here to stay and will also not be impacted in the long run. We owe it to the economic stability in the country, which leads to higher disposable incomes and purchasing power, along with the sentimental value of precious metals. Overall, with the plans of the US Fed for a potential rate cut, the exports are expected to witness a gradual but steady rise as we enter in the second of 2024,” said Shah.

Gold rate in Pakistan today on March 19, 2024 is Rs227,300 per tola for 24-carat of the precious metal, while the price for 10 gram gold is Rs194,873 in the local bullion market.

On Tuesday, the price of 1 tola gold increased by Rs400 and 10-gram gold saw an increase of Rs343.

These are live gold prices in Pakistan, including Karachi, Lahore, Islamabad, Rawalpindi, Quetta, Multan, and others. However, a change of a few hundred rupees may be observed.

Internationally, the rate of the yellow metal increased by $3 to settle at $2,173 per ounce (with a premium of $20 in Pakistani market).

Silver 24kt rate in Pakistan on Tuesday is Rs2,580 per tola. The price of 10 gram silver is Rs2,211.93.

Gold, silver rates per tola in last 10 sessions:

The rates of gold in Pakistan closely follow trajectory of the US dollar and international rates of the commodity as the country remains a net importer of the precious metal.

When the rupee is under pressure, investors take refuge in this safe-haven metal. Other than that, the precious metal is also widely used in making of jewellery.

Gold and silver prices are fixed by respective Sarafa associations in their city.

The precious yellow metal is a store of value across the world, and recognised by cultures as a symbol of wealth.

For thousands of years, gold and silver have been seen as valuable commodities, as the two metals have been widely used for coins for centuries.

What determines the rate of gold?

There happen to be a number of factors that affect the price of gold on daily basis.

Its rates are moved by a combination of various elements such as demand and supply, value of rupee against the US dollar, international prices, interest rates, investor behavior, etc.

Some also consider gold as an inflation hedge, and the precious metal also garners support in case of economic uncertainty in a country like Pakistan. It is a worldwide commodity just like oil.

In Pakistan, it’s not easy to forecast future gold rates as the bullion market remains volatile for multiple reasons.

Since last year, the prices of the yellow metal have seen fluctuation on rupee’s devaluation and economic and political uncertainty.

One tola gold rate in Pakistan hit all-time of Rs240,000 on May 10, 2023.

The domestic currency has devalued significantly in last many months, pushing investors to seek out safe-haven assets such as gold.

Demand for the precious metal increases when investors rush to buy it, which affects its price in the market.

Other than that, jewellery can also be considered one of the drivers of gold prices, but a weaker one, as most people buy jewellery to keep that for years.