Pakistan

One tola gold price falls by Rs1,300 in Pakistan

Published

2 years ago

Farwa

Gold price settles at Rs141,900 per tola.
It has lost Rs17,700 per tola in last four sessions.
Silver prices remain unchanged.

KARACHI: The price of gold in the domestic market fell by Rs1,300 per tola and Rs1,115 per 10 grams on Friday in line with the performance during the week.

Domestic gold prices settled at Rs141,900 per tola and Rs121,656 per 10 grams owing to the constant appreciation of the Pakistani rupee against the US dollar.

A day earlier, gold prices in the local bullion market plunged by Rs2,100 per tola and Rs1,800 per 10 grams to reach Rs143,200 per tola and Rs122,771 per 10 grams.

Cumulatively, the price of gold plummeted by Rs17,700 per tola in the last four sessions (Monday-Friday).

A significant recovery of the Pakistani rupee against the US dollar during the week dimmed the shine of the yellow metal.

Speaking to Geo.tv, a gold dealer said that the price decline in the currency movement. Moreover, a decline in the international oil prices also triggered the downtrend, as according to the market analysis, both commodities move in the same direction.

“Since the start of the week, investors have been on the sidelines because of the uncertain market situation,” he said, adding that the market is reacting to the tiniest of the news reports.

Another gold dealer had 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 by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

The dealers had already anticipated the market to undergo a correction after the precious commodity scaled to new peaks. The gold hit an all-time high of Rs162,500 per tola on July 28.

It should be noted that the gold price is standing below cost. Gold is cheaper by Rs2,000 per tola compared to its price in Dubai.

The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.

In the international market, bullion prices recorded a meagre gain by $1 per ounce to settle at $1,788 as tensions over Taiwan and lower US yields kept bullion on course for a third straight weekly gain.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,620 per tola and Rs1,388.88 per 10 grams today.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

3 days ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

3 days ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.

Latest News

Off-duty police in Islamabad are prohibited from donning uniforms.

Published

3 days ago

Farwa

The new directives, according to specifics, were sent via wireless by the federal capital police and state that no officer may wear a uniform when reporting for duty or leaving it.

According to the police official, uniforms will only be worn when on duty; otherwise, two policemen will accompany each other during duty hours and will always be required to carry guns.

A different development was the earlier release of an app by the Islamabad Police with the goal of improving crime prevention and public safety.

Launched on the orders of former Interior Minister Sarfraz Akbar Bugti, the recently released ICT-15 app aims to empower the people of the capital city by giving them the ability to actively engage in the battle against crime and protect their areas.

Residents of Islamabad can now easily download and utilize the ICT-15 app because it is easily accessible on the Google Play Store.

Citizens can report a variety of issues with this easy-to-use application, such as incidents, unlawful behavior, complaints against law enforcement, the presence of undocumented people, or any suspicious criminal activity.

The police promise quick reaction times as soon as information is reported using the app, so assistance will be provided as quickly as feasible.