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Gold price drops by Rs200 per tola despite depreciation in rupee

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  • Gold price drops by Rs200 per tola to reach Rs130,550.
  • Bullion rates in Pakistan are around Rs6,000 below cost.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold price in Pakistan dropped by Rs200 per tola in Pakistan despite rupee depreciation — which hit to an all-time low of Rs178.98 against the US dollar on Monday.

According to All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs200 per tola to reach Rs130,550, while the price of 10 grams gold decreased by Rs172 to reach Rs111,925.

A day earlier, the precious commodity closed at Rs130,750 per tola and Rs112,097 per 10 grams.

Cumulatively, the yellow metal had gained Rs1,350 per tola in the domestic market during the week that ended March 12.

Analysts were surprised over a decline in the gold price as past practices suggest that people used to take aggressive positions in gold in inflationary days.

However, they believe that investors — especially the young investors — are now taking aggressive positions in cryptocurrencies to make quick gains.

Speaking to Geo.tv, a gold dealer said that investing in gold is a safe bet against rupee depreciation or devaluation.

“People may also invest directly in the dollar to take a similar advantage, but some investors are more inclined towards the traditional shining asset,” he said.

He, however, said that Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

Accordingly, the gold price for local markets is determined keeping in view its prices in world markets, rupee-dollar exchange rate and its demand and supply in local markets.

In the international market, bullion price dropped by $20 per ounce to settle at $1,966.

Gold rates in Pakistan are around Rs6,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

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May 9 tragedy: Anchors reflect on loss and condemn memorial desecration.

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As the nation commemorates the one-year anniversary of the tragic events of May 9, anchors from various media platforms shared their moving views on the significance of the day and the martyrs’ enduring impact.

“The martyrs of any nation are the crown of that nation,” stated one anchor, evoking the great reverence and respect showered upon those who make the ultimate sacrifice for their country.

Another person confirmed their sentiment, stating that nations’ development and progress are inextricably linked to the blood poured by their martyrs.

Anchors paid respect to the fallen heroes’ heroism, emphasising the deep sacrifices made by those who gave their lives in service to the nation. “Martyrs have sacrificed everything for the sake of the country,” stated one anchor, their comments echoing the gratitude felt by millions across the nation.

Nonetheless, amid the mournful memory, anchors expressed outrage about the vandalism of the martyrs’ memorials on May 9. “On May 9, some miscreants burned the memorials of their martyrs to fulfil the nefarious purposes of unknown people,” shouted one anchor, criticising the brazen act of disrespect.

As anchors reflected on the nefarious goal behind the attack on the country’s installations, the question of motive loomed big. “Who did we please by attacking the country’s installations, and what kind of protest was it?” asked one anchor, emphasising the importance of accountability and justice.

Anchors emphasised the importance of quick and decisive action, calling for all those engaged in the desecration to face justice. “All those involved in such mischief must be brought into the Kfir role,” said an anchor, unwavering in the face of such heinous deeds.

Amid the condemnation, anchors underlined the great debt owed to the martyrs who gave their lives for Pakistan. “Martyrs have sacrificed their lives for this land of Pakistan, which is their favour to us,” acknowledged one anchor, their comments a sad reminder of the debt owed to those who have given everything for their country.

As the country reflects on the events of May 9, anchors emphasise the necessity of remembering and commemorating the martyrs’ sacrifices. “Nations that forget their benefactors are obliterated by the attributes of history,” warned one anchor, emphasising the timeless need to preserve the memory and legacy of those who have made the ultimate sacrifice.

Anchors were together in condemning anyone who would strive to undermine the nation’s unity and strength, taking a firm position against any danger to national integrity.

“Anyone who would assault our national integrity under the pretence of protest is in no way forgivable,” said one anchor, their comments a clear call to unity and vigilance in the face of adversity.”

Finally, as the nation honours and pays tribute to the May 9 martyrs, anchors emphasise their unshakeable commitment to honouring their memory and upholding the principles for which they fought so heroically. “To the extent that army men sacrifice for us, they have no personal gain,” declared one anchor, capturing the attitude of selflessness and sacrifice that marks Pakistan’s martyrs’ legacy.

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Families of army martyrs want justice for the May 9 mayhem.

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As the nation commemorates the sombre anniversary of the May 9 tragedy, the families of the dead martyrs continue to deal with tremendous loss and a sense of injustice.

One year after the heartbreaking events, their anguish is apparent, and their tears attest to the lasting pain of loss.

The relatives of the martyrs expressed their feelings in emotional professions of love and remembrance, their voices filled with emotion. “I am proud that Allah chose my son for martyrdom,” remarked the mother of Captain Taha Hashmi Shaheed, echoing her son’s steadfast dedication and sacrifice.

However, despite their pride, worries about the legacy of those who gave their life for their country persist. “Did the sacrifices of these martyrs go in vain?” said another weeping mother, her pain echoing that of countless others who have lost loved ones.

For the families, the destruction of the memorials created in memory of the dead soldiers on May 9 was an inexcusable act of contempt. “The desecration of the martyrs’ memorials on May 9 was intolerable,” lamented Captain Mohammad Aqib Javed Shaheed’s sister, her grief obvious in her words.

Calling for justice, the families encouraged the government to take immediate and decisive action against those guilty for the tragic events of May 9. “I appeal to the government to take strict action against those responsible for May 9,” Captain Mohammad Aqib Javed Shaheed’s sister pleaded, echoing many others’ feelings.

The families felt great betrayal, and their faith was challenged by the conduct of individuals who desecrated the memory of their slain heroes. “The tragedy that happened on May 9 is highly condemnable,” said Naik Islam Kashif Zuberi Shaheed’s sister, her words tinged with disbelief and outrage.

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Another IHC court orders contempt action against nasty campaign.

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Another letter has emerged from the Islamabad High Court, highlighting a rising trend of aggressive campaigns against the court.

Justice Mohsin Akhtar Kayani has also written to the IHC chief justice, requesting him to file contempt of court proceedings against individuals involved in the alleged smear campaign.

This event follows a similar letter delivered yesterday by Justice Babar Sattar to the chief justice of the Islamabad High Court, suggesting a concerted effort among judges to address what they see as an attack on the judiciary’s integrity and authority.

According to officials in the judiciary, Justice Mohsin Akhtar Kayani emphasised the importance of taking action against anyone guilty for spreading misinformation or engaging in activities that are considered contemptuous of the court.

In response to Justice Sattar’s letter, the Supreme Court issued a significant ruling on Monday regarding the judge’s social media campaign. The court has announced that contempt proceedings will be initiated in response to the alleged hostile campaign against Justice Sattar.

According to reports, Justice Babar Sattar wrote a letter to IHC Chief Justice Aamir Farooq about a social media campaign against him. The court then decided to treat the letter as a contempt of court action.

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