Business

Gold price snaps back in Pakistan

Published

1 year ago

Farwa

Gold price settles at Rs186,500 per tola.
Yellow metal is “overcost” by Rs2,000 per tola in Pakistan.
Silver price rise by Rs30 per tola in local market.

Gold price bounced back on Wednesday as bargain hunters took advantage of recent uncertainty, but the precious metal’s outlook was still clouded by prospects of aggressive rate hikes next week.

According to the data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of the precious metal rose by Rs2,100 per tola and Rs1,801 per 10 grams to settle at Rs186,500 per tola and Rs159,894 per 10 grams, respectively.

The association reported that the price of gold has been “overcost” by Rs2,000 per tola in Pakistan, as compared to prices in Dubai. This means that, at present, the Pakistani gold market is more expensive than the world market.

It should be noted that Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.

Goldsmiths also mentioned that the majority of the buyers in the local market comprise gold investors these days. Earlier, they were parking their savings in the US dollar to avoid the impact of rupee devaluation at a time of high inflation.

Last week, gold prices remained volatile during the week, with the precious commodity undergoing correction during the first three sessions; however, it regained its shine. The price rose by Rs2,000 during the volatile week that ended on January 14.

Goldsmiths believe that the investors started moving to the bullion market following the shortfall of the dollar in the open market. In the black market, illegal traders were selling the dollar for Rs280-290 compared to Rs228 in the interbank market.

Meanwhile, silver prices in the domestic market rose by Rs30 per tola and Rs16.78 per 10 grams to settle at Rs2,100 and Rs1,817.19.

In the international market, the gold reversed course to trade higher on Wednesday as the US dollar pulled back from session highs and expectations of a slower pace of Federal Reserve rate hikes supported prices above the $1,900 threshold. The price settled at Rs1,909 per ounce after an increase of $6.

Business

Pakistan’s gold prices continue to decline.

Published

18 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

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

Published

18 hours 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

18 hours 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.