KARACHI: Gold prices in Pakistan decreased marginally on Tuesday in line with the decline in the international rate.
The yellow metal was priced at Rs230,100 per tola after shedding Rs100 during the day.
The 10-gram gold was sold at Rs197,274 after a decrease of Rs86, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Meanwhile, silver rates remained stable at Rs2,600 per tola.
Spot gold fell 0.5% to $2,171.59 per ounce as of 1207 GMT, trading below a record high of $2,194.99 it hit on Friday. U.S. gold futures also dipped 0.5% to $2,177.50.
Spot platinum fell 0.5% to $928.50 per ounce, palladium lost 0.9% to $1,021.75, while silver was little changed at $24.41.
Today’s world gold price is listed on Kitco at 2,175 USD/ounce, up 17 USD/ounce compared to early yesterday morning. World gold prices rebounded due to the weakening of the USD as investors still hope that the US Federal Reserve (Fed) will cut interest rates in June despite high inflation in the US.
Meanwhile, escalating geopolitical tensions cause safe-haven demand for gold bars to remain. World gold prices rebounded due to the weakening of the USD as investors still hope that the US Federal Reserve (Fed) will cut interest rates in June despite high inflation in the US. Meanwhile, escalating geopolitical tensions cause safe-haven demand for gold bars to remain.
Currently, there will be 2 scenarios for bullish gold speculators. If the Fed cuts interest rates, gold will skyrocket. If the interest rate cut scenario does not take place, concerns about inflation could also push gold higher.
As of March 13, market indicators based on signals from the CME Fedwatch tool showed that there was a 64.7% chance that the Fed would lower interest rates at its meeting on June 12 with a cut of 25 to 50 points. percent, slightly lower than the 68.7% recorded on March 6.
The possibility that the Fed will keep interest rates unchanged at the March 21 meeting is up to 99%, while the possibility of not reducing interest rates at the May meeting is 89.6%.
In the second half of the year, the Fed is forecast to enter a cycle of interest rate cuts and precious metals will be strongly supported. Gold is forecast to reach 2,200-2,400 USD/ounce in 2024.
The precious metals gold and silver are favorite stores of value for doomsday preppers, along with food and water.
Costco added silver coins for sale as the retail warehouse giant saw sales of gold bars top $100 million in the first fiscal quarter.
“Lots of people are more confident that a massive disaster is impending than that American prosperity will continue,” said John Hay, the editor of “Apocalypse in American Literature and Culture.”
Among the cans of tuna and flashlights in doomsday preppers‘ closets, there is an increasingly popular staple — gold bars.
To that point: Costco last year began selling 1 ounce gold bars for around $1,900; they sold out within hours. The retail warehousing giant sold more than $100 million of the precious metal in its first fiscal quarter, it said, and has now added silver coins to its shelves, too. Experts say its target audience for these products likely include at least some of the same people who’d consider buying its $6,000 doomsday prep kit, which comes with 600 cans of food.
“Lots of people are more confident that a massive disaster is impending than that American prosperity will continue,” said John Hay, the editor of “Apocalypse in American Literature and Culture” and an associate professor at the University of Nevada.
“Tangible goods and products can feel more secure than promises and assurances,” Hay said.
Indeed, one of the chief doomsday fears is that the global economy will collapse, rendering all conventional assets, from government bonds to real estate, worthless, said James Berger, a senior lecturer at Yale University who teaches courses on apocalyptic literature and film.
Gold tends to gain value when people lose faith in banks and money, as it did in the Great Recession. Earlier this month, the gold contract for April settled at $2,126.30 per ounce, the highest level since the contract’s creation in 1974.
Even financial advisors and investment experts can sound dire when talking about gold.
William Bernstein, author of “The Four Pillars of Investing,” mostly dismissed the metal as a serious investment, pointing out that it has risen around just 1% a year, on average, over the past century.
Still, Bernstein said in a recent interview with CNBC, that a small allocation to the metal was useful insurance against “an economic catastrophe.”
Gold, nostalgia and the end of the world…
At the heart of people’s apocalyptic fantasies is nostalgia, Berger said.
Many preppers feel “deeply disturbed by the complexity and ambiguity of modern life,” he said.
“Gold represents a traditional, pre-industrial, pre-modern-finance form of wealth and exchange,” Berger said, adding that its “simplicity, solidity and ancient tradition” appealed to people’s desire for a vanished cultural stability.
Hay, who grew up in the Rust Belt, said he’s well aware of the feeling that “the prosperous days belong to the past.”
“In the United States, people are very worried about decline — that the future will be worse than the present,” Hay said.
More than 70% Americans say the country is headed in the wrong direction, according to a NBC News poll at the end of 2023.
“The turn toward gold is like the turn toward authoritarian leaders, toward the ideal of someone who knows what is true and right and who has the courage to return a nation to its former truth and greatness,” Berger said.
“Make America gold again!” he joked, referring to former President Donald Trump’s nostalgic campaign slogan.
Trump has called for returning to the gold standard and, at least at one point, owned up to $200,000 of the metal, reports found.
…and climate change denial?
To be sure, fears over the world’s future are hardly baseless.
Russian President Vladimir Putin recently warned of nuclear conflict and “the destruction of civilization” if other countries sent ground troops into Ukraine, where war rages along with in Gaza. Experts are concerned that Trumpwould try to pull the U.S. out of NATO if he was reelected, which could raise security risks across the globe.
Ethan Swope | AP
A structure is engulfed in flames as a wildfire called the Highland Fire burns in Aguanga, California, on Oct. 30, 2023.
And then there’s climate change.
“People have always been afraid of the end of the world, but what makes this special is that the Earth could in fact return to weather we haven’t seen since the Triassic period,” said Morton, the philosopher and author of the upcoming book, “Hell, In Search of a Christian Ecology.”
Morton describes global warming as a “hyperobject,” an idea that is too big for us to understand, and he believes that the purchases of precious metals feed into denial about climate change.
“Unlike stocks and paper money, we dig them right out of the earth, so they symbolize the way the planet has seemed to us, for thousands of years — that it is for humans to extract value from.”
With the risks of global warming only rising, he said, “people are holding on to these symbols for dear life.”
The cofounders of Glassnode, a leading blockchain analytics firm, have made a bold prediction regarding the future of Bitcoin BTCUSD in relation to gold. In a recent tweet from the account 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰, managed by the Glassnode cofounders, they highlighted the ongoing battle between Bitcoin and gold, stating that Bitcoin “dominates Gold – big time.”
The tweet elaborated on their forecast, suggesting a staggering 65x ratio in favor of Bitcoin over gold by the end of the current market movement. Currently, this ratio stands at approximately 34x, indicating that while significant progress has been made, there is still a considerable journey ahead for Bitcoin to fully realize this prediction.
Remember #Gold vs. #Bitcoin?#BTC dominates #Gold – big time. We suggested a 65X ratio to come at the end of the move.
For now we have only reached ~34X. But…. there is an End Date in sight 😉
More highs to come into this extreme #BlowOffTop as forecasted by @HenrikZeberg pic.twitter.com/ePmzvJ1M49— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) March 14, 2024
Bitcoin at pivotal moment
The message also hinted at an “end date,” which appears to be in sight, suggesting that the market may be approaching a pivotal moment in this financial narrative. The Glassnode cofounders’ Bitcoin forecast aligns with the views of several enthusiasts and investors who believe that Bitcoin, often referred to as “digital gold,” is on a path to not only challenge but potentially surpass gold as a store of value and investment asset.
This perspective is bolstered by the increasing adoption of Bitcoin and other cryptocurrencies by retail and institutional investors alike, as well as by advancements in blockchain technology and regulatory frameworks. However, it is important to note that the comparison between Bitcoin and gold is complexity, and influenced by a multitude of factors including market sentiment, technological developments, regulatory changes and macroeconomic trends.
Meanwhile, this prediction comes at a time when Bitcoin has reached a new all-time high (ATH), approximately $73,700, showcasing the cryptocurrency’s tremendous growth and resilience. Despite a slight dip to $72,738, marking a 0.03% decrease in the last 24 hours, Bitcoin has experienced an impressive 40.74% increase over the past month, underscoring the bullish sentiment surrounding the digital currency.
KARACHI: Gold prices in Pakistan decreased marginally on Tuesday in line with the decline in the international rate.
The yellow metal was priced at Rs230,100 per tola after shedding Rs100 during the day.
The 10-gram gold was sold at Rs197,274 after a decrease of Rs86, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Monday, gold prices in Pakistan had remained unchanged at Rs230,200 per tola.
Meanwhile, silver rates remained stable at Rs2,600 per tola.
Spot gold fell 0.5% to $2,171.59 per ounce as of 1207 GMT, trading below a record high of $2,194.99 it hit on Friday. U.S. gold futures also dipped 0.5% to $2,177.50.
Spot platinum fell 0.5% to $928.50 per ounce, palladium lost 0.9% to $1,021.75, while silver was little changed at $24.41.
Gold rate in Pakistan today on March 14, 2024 is Rs228,550 per tola for 24-carat of the precious metal, while the price for 10 gram gold is Rs195,945 in the local bullion market.
On Thursday, the price of 1 tola gold increased by Rs250 and 10-gram gold rose by Rs215.
14-March-24
Gold
Silver
per Tola
Rs228,550 (↑ Rs250)
Rs2,600
per 10 grams
Rs195,945 (↑ Rs215)
Rs2,229
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 $9 to settle at $2,188 per ounce (with a premium of $20 in Pakistani market).
Silver 24kt rate in Pakistan on Thursday is Rs2,600 per tola. The price of 10 gram silver is Rs2,229.08.
Gold, silver rates per tola in last 10 sessions:
Dates
24K Gold
24K Silver
13-March-24
Rs228,300
Rs2,600
12-March-24
Rs230,100
Rs2,600
11-March-24
Rs230,200
Rs2,600
9-March-24
Rs230,200
Rs2,600
8-March-24
Rs228,600
Rs2,600
7-March-24
Rs228,150
Rs2,600
6-March-24
Rs225,400
Rs2,600
5-March-24
Rs223,900
Rs2,600
4-March-24
Rs221,200
Rs2,600
2-March-24
Rs220,300
Rs2,600
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.
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.
COSTA MESA, Calif., March 14, 2024 /CNW/ – Gold Flora Corporation, (“Gold Flora” or the “Company”) (NEO: GRAM), a leading vertically-integrated single-state cannabis company today announced it will report financial results for the fourth quarter and full year ended December 31, 2023, on Thursday, March 28, 2024. The Company will host a conference call to discuss the results on March 28, 2024 at 6:00 p.m. Eastern Time.
Gold Flora Corporation Logo (CNW Group/Gold Flora Corporation)
Gold Flora Corporation is a female-led, vertically-integrated cannabis leader that owns and operates a robust portfolio of 10 cannabis brands, which are sold through its 16 retail dispensaries and, through its Stately Distribution business, to retailers throughout California. Its retail operations include Airfield Supply Company, Caliva, Coastal, Calma, King’s Crew, Varda, Deli, and Higher Level.
Gold Flora Corporation operates an indoor cultivation canopy of approximately 107,000 square feet across three facilities in its Desert Hot Springs campus and two San Jose cultivation facilities. The Company can expand further adding approximately 240,000 square feet of canopy on already entitled additional acreage. Importantly this opportunity is unique and can be timed to meet market demand. The current 200,000 square-foot Desert Hot Springs campus also houses the Company’s manufacturing and extraction facilities, as well as Stately Distribution. The centralized location provides for optimal security and logistic benefits and protects the product as it moves though the Company’s overall pipeline.
With hubs throughout the state, the Company distributes many prominent brands, including its own premium lines of Gold Flora, Cruisers, CURRENT, Roll Bleezy, Sword & Stoned, Aviation Cannabis, Jetfuel Cannabis, Caliva, Mirayo by Santana, and Monogram. Third party brands are increasingly contacting the Company in search of reliable input sources and established distribution.
References to information included on, or accessible through, websites and social media platforms do not constitute incorporation herein by reference of the information contained at or available through such websites or social media platforms, and the reader should not consider such information to be part of this press release.
For the latest news, activities, and media coverage, please visit www.goldflora.com.
New Delhi . Gold prices in the domestic bullion market are witnessing a correction today. After reaching a peak, profit-booking has started in gold, due to which the price of this precious metal has fallen by Rs 130 per gram to Rs 250 per 10 grams in most of the bullion markets of the country. Contrary to gold, silver is showing an upward trend today. Due to this bullishness, silver is trading at a level of Rs 77,000 per kg in the Delhi bullion market today.
In the national capital Delhi, 24 carat gold is trading at a level of Rs 66,260 per 10 grams today, while the price of 22 carat gold has been recorded at Rs 60,750 per 10 grams. Similarly, in Mumbai, 24 carat gold is being sold at Rs 66,110 per 10 grams and 22 carat gold at Rs 60,600 per 10 grams. While in Chennai, the retail price of 24 carat gold is Rs 67,930 per 10 grams and the price of 22 carat gold is Rs 61,350 per 10 grams.
Apart from these major cities, in Ahmedabad, 24 carat gold is being sold today at a price of Rs 66,160 per 10 grams and 22 carat gold at a price of Rs 60,650 per 10 grams. Similarly, in Kolkata, 24 carat gold has reached a level of Rs 66,110 per 10 grams and 22 carat gold at Rs 60,600 per 10 grams.
In the Lucknow bullion market, 24 carat gold is trading at a level of Rs 66,260 per 10 grams today and 22 carat gold at a level of Rs 60,600 per 10 grams. At the same time, the price of 24 carat gold in Patna has reached Rs 66,160 per 10 grams, while 22 carat gold is being sold at a level of Rs 60,650 per 10 grams. Similarly, in Jaipur, 24 carat gold is being sold at Rs 66,260 per 10 grams and 22 carat gold at Rs 60,600 per 10 grams.
Like other states of the country, the price of gold has also weakened in the bullion markets of Karnataka, Telangana and Odisha. In the capitals of these three states, Bengaluru, Hyderabad and Bhubaneswar, 24 carat gold is trading at a level of Rs 60,110 per 10 grams today. At the same time, 22 carat gold is being sold at a level of Rs 60,600 per 10 grams in the bullion markets of these three cities.
A person holds gold jewelry at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
Saigon Jewelry Company gold bar price slid 1.8% to VND81 million (US$3,284.34) per tael Wednesday morning from the peak established in the previous day.
Gold ring price also decreased by 1.5% to VND69.2 million per tael. A tael equals 37.5 grams or 1.2 ounces.
Globally, gold prices steadied on Wednesday, after posting its biggest decline in a month in the previous session after a sticky U.S. inflation report boosted bond yields and slightly tempered hopes for a June interest rate cut from the Federal Reserve, Reuters reported.
Spot gold edged 0.1% up to $2,158.26 per ounce while U.S. gold futures fell 0.1% to $2,163.50.
U.S. consumer prices increased solidly in February amid higher costs for gasoline and shelter, suggesting some stickiness in inflation.
Market expectations for the timing of the Fed’s first rate cut were slightly tempered, pricing in a 68% chance of a cut of at least 25 basis points in June, according to LSEG’s interest rate probability app, down from 72% on Tuesday before the data.
Lower rates will boost the appeal of non-yielding bullion.
