Business

Gold loses shine as price falls for second consecutive day

Published

12 months ago

Farwa

The gold rate declined for the second consecutive day in Pakistan on Friday in line with changes in the international market.

Data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the rate of gold (24 carats) fell by Rs6,500 per tola and Rs5,573 per 10 grams to reach Rs230,800 and Rs197,874, respectively.

The yellow metal’s value had reached a record high on May 10 amid increased political uncertainty and violence following Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s arrest.

Meanwhile, the international gold rate decreased by $33 to settle at $2,005 per ounce.

Analysts have said the international rate will continue to fluctuate during May because of uncertainty surrounding the raising of the United States debt ceiling by Congress.

Meanwhile, gold prices have been reaching new highs in Pakistan almost every other day due to a number of factors — economic and political turmoil, high inflation, and currency depreciation. People prefer to buy the yellow metal in such times as a safe investment and a hedge.

The government is yet to sign a staff-level agreement with the International Monetary Fund (IMF) for the release of a crucial economic bailout despite several months of talks, with international agencies warning that Pakistan risks default following the end of the current loan programme.

The country’s foreign exchange reserves are at a critically low level — not enough for even one month’s imports — and the rupee touched a new low of Rs300 against the US dollar on May 11.

Besides this, inflation has reached a record level and is the highest in South Asia while violent protests have been flaring up for days after the PTI chairman’s arrest.

Business

Pakistan’s gold prices continue to decline.

Published

1 day 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

1 day 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

1 day 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.