Business

Gold price rises in Pakistan; silver hits all-time high

Published

1 year ago

Farwa

Gold prices increase in world markets as dollar trims gains.
Trend to take cue on central bank’s monetary stance, inflation.
Silver in local market touches all-time high of Rs2,350 per tola.

Gold prices in Pakistan rose on Monday, tracking global trends and a possible push from a retreating rupee that consequently turns dollar-quoted safe-haven metal pricier, forcing traders to err on the side of caution on the eve of monetary policy meeting.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) rose by Rs1,200 per tola and Rs1,028 per 10 grams to settle at Rs209,500 and Rs164,645 respectively.

Rupee depreciated 0.44% against the dollar in the inter-bank market on Monday. As per the State Bank of Pakistan (SBP), the rupee settled at 285.04, a loss of Rs1.25.

The State Bank of Pakistan is expected to raise the policy rate by 100-200 basis points as inflation is spiralling out of control. Consumer price inflation in Pakistan jumped to a record 35.37% in March from a year earlier.

Gold is often hailed as a hedge against inflation—increasing in value as the purchasing power of the dollar declines.

Pakistan’s monthly inflation blew past forecasts in March and soared to a nearly all-time high level — 35.4% — from a year earlier, with people feeling more pain from some of the fastest rising consumer prices amid straining budgets as cost of living continues to outstrip average incomes.

Last month, the central bank hiked the policy rate by 300 basis points to 20%.

World gold prices bounced back on Monday as the dollar trimmed its initial gains that were driven by bets that OPEC’s surprise output cuts could jack up global energy prices and force central banks to hike interest rates.

Spot gold rose 0.5% to $1,977.43 per ounce by 1206 GMT. U.S. gold futures gained 0.4% to $1,994.50.

Earlier in the session, gold touched a one-week low of $1,949.54.

While gold is traditionally considered a hedge against inflation, increasing the interest rates to rein in rising price pressures dims the appeal of the asset since it pays no interest.

Silver prices in the domestic market rose by Rs80 per tola and Rs68.59 per 10 grams to settle at their all-time highs of Rs2,350 and Rs2,014.47, respectively.

International prices of silver fell 0.3% to $24.01 per ounce, platinum was also down 0.3% to $988.60 while palladium rose 0.7% to $1,470.72.

Business

Pakistan’s gold prices continue to decline.

Published

12 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

12 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

13 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.