Pakistan's rupee dropped to a record low due to the easing of import restrictions, which has increased demand for the dollar.
The Pakistani rupee has reached a historic low of 300.37 against the US dollar in the interbank market due to increased demand and a dollar liquidity crunch caused by dropping exports and remittances, with experts suggesting that the interbank market is trying to catch up with the kerb market.
The depreciating exchange rate of the Pakistani rupee against the US dollar is leading to a potential economic disaster, with increased inflation, higher prices for petroleum and fuel, and a rise in poverty and unemployment.
The Pakistani stock market closes lower due to concerns about the weak rupee and a bleak economic outlook, despite some support from MSCI raising Pakistan's weight in its Frontier Markets Index.
The Pakistani rupee weakened further against the US dollar in the interbank market due to higher demand and uncertainty, while the open market remained stable; however, insiders noted that currency dealers were selling the dollar at higher rates in the open market.
The rupee's decline against the US dollar is being attributed to the powerful influence of the grey market and the International Monetary Fund's involvement in Pakistan's financial system, leading to a loss of control over the exchange rate and economic uncertainties.
The Pakistani rupee has fallen below 300 to a US dollar due to factors such as the rise of the dollar, uncertainty surrounding general elections, and a political/judicial/constitutional crisis, resulting in eroded business confidence, increased inflation, and reduced industrial output.
Gold price is aiming to sustain above $1,920.00 as pressure builds on the US Dollar and Treasury yields, with the upcoming labor market data playing a crucial role in guiding the Federal Reserve's policy action.
Renewed physical demand from emerging markets, such as India and China, could reignite the gold market's bullish uptrend and drive prices higher towards $2,000 an ounce before the end of the year, according to market strategist George Milling-Stanley.
Gold and silver prices rise to three-week and four-week highs respectively, driven by weaker-than-expected U.S. economic data and a decline in the U.S. dollar index.
Gold and silver prices are slightly lower in midday trading due to a correction after this week's gains and a strong rally in the US dollar index, while the busy US data week is highlighted by Friday's employment situation report for August from the Labor Department.
Gold prices remained stable near session lows as the latest data on the U.S. manufacturing sector showed improvement but still indicated contraction for the tenth consecutive month.
The Pakistani rupee is expected to trade within a narrow range against the dollar in the upcoming week following its recent sharp depreciation, although some analysts anticipate continued pressure on the currency due to capital withdrawals, political unrest, and economic uncertainty.
The U.S. dollar declined due to weaknesses in economic growth, leading to a boost in the performance of gold and U.S. equities, while other global assets experienced mixed price movements throughout the week.
Silver and gold prices have slightly declined, with silver down 4% and gold down 0.5%, leading to speculation about the potential for traders to switch back to silver from gold.
Gold prices decline slightly as the dollar remains strong, with investors awaiting further signals on the U.S. Federal Reserve's monetary policy after an expected interest rate pause this month.
Gold and silver prices are lower due to a strong U.S. dollar and rising U.S. Treasury yields, while trader and investor risk appetite is downbeat with downbeat economic data from China and Asian stock markets mostly lower.
Gold prices fell around 1% after Labor Day, with retail investors expecting further declines next week, while market analysts remain bearish, citing the strength of the U.S. dollar as a key factor influencing gold's performance.
The Pakistani rupee has depreciated significantly in the first three weeks of the interim government's tenure, reaching a record low and making it the worst-performing Asian currency this quarter, due to factors such as a change in government and high inflation. The State Bank of Pakistan is implementing measures to address the economic challenges, including reforming the exchange rate and modernizing the banking system.
Summary: The USD is trading down, Crude is trading up, the 30 Year T-Bond is trading lower, the S&P 500 emini ES contract is higher, and Gold is trading higher, indicating a lack of correlation in the market.
The Sindh governor claims that the Pakistani rupee will further decline against the US dollar, with petrol prices expected to fall on October 1 due to the appreciation of the rupee and the government's crackdown on currency smugglers, hoarders, and black marketers.
The Pakistani rupee has gained significantly against the US dollar due to administrative measures taken by the interim government, leading to a possible reduction in petroleum prices in the upcoming review.
Gold and silver prices are slightly down as U.S. Treasury yields rise, the U.S. dollar index remains high, and traders and investors anticipate a potential U.S. government shutdown.
The Pakistani rupee has continued to rise against the US dollar, trading below Rs290, due to a crackdown on the money market, but analysts warn that the gains may only be short-term.
The gold market remains near a six-month low as it tests support above $1,900 an ounce, but is not experiencing major selling pressure despite strong US manufacturing data, with December gold futures currently trading at $1,909.60 an ounce.
The strength of the US dollar and rising bond yields are causing gold prices to fall to their lowest level since March, with some analysts predicting that the bearish momentum could push prices down further to their 2023 lows at $1,810 in the spot market.
Gold prices stabilize near a six-month low as the dollar remains strong and investors await U.S. economic data for insight into the Federal Reserve's interest rate plans.
Gold prices trade near session lows as US GDP data shows the economy grew in line with expectations but consumer spending fell more than anticipated.
The gold market is experiencing some modest technical buying after a drop to a 6.5 month low, despite stable labor market data and the Federal Reserve's aggressive monetary policies.
Gold prices experienced a significant decline this week due to seasonal factors and options contracts expiring, but analysts expect a rebound in the near term as retail investors remain divided and market dynamics shift with the start of the fourth quarter.
Gold futures experienced their second largest monthly decline of the year in September, losing $99.80 or 5.08%, which can be attributed to the Federal Reserve's monetary policy and their delayed reaction to rising inflation.
Traders in Pakistan report a decline in gold buying due to consumers' limited purchasing power and increasing gold theft, as the issuance of daily gold rates by the All Pakistan Gem and Jewellers Association (APGJA) remains suspended for the 18th consecutive day.
Gold and silver prices are falling due to a strong U.S. dollar, rising U.S. Treasury yields, and upbeat risk attitudes, while Asian and European stocks are mixed, and the Bank of Japan is monitoring the depreciation of the yen against the U.S. dollar.
Gold prices decline as the U.S. Congress reaches a short-term deal to avert a government shutdown, leading traders to regain risk appetite and pushing gold to its lowest level since March.
Precious metals prices have been declining recently due to the higher interest rate projections by the Federal Reserve, but the weakness in gold prices may also be influenced by China's internal market dynamics and its impact on global gold prices.
Pakistan's gold market is experiencing a lack of activity and declining sales due to a government crackdown on smuggling and tax evasion, as well as administrative measures in the currency market that caused the appreciation of the rupee. Gold traders are complaining about the lack of cash in the market and customers are postponing buying due to expectations of further decline in gold prices. Official gold rates have not been released since September 13, leaving consumers feeling confused.
