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Gold barely moves as cagey investors track dollar

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  • Gold price settles at Rs156,000 per tola.
  • Physical demand is high due to wedding season.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold prices were listless on Monday as investors held to the sidelines as they kept a close watch on the rupee-dollar parity.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold edged upwards by Rs100 per tola and Rs84 per 10 grams to settle at Rs156,000 and Rs133,744, respectively.

However, despite gold trading in a tight range, physical demand for the precious metal is high amid the ongoing wedding season.

The precious commodity’s rates in Pakistan are around Rs3,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,680 per tola and Rs1,440.32 per 10 grams.

In the international market, the price of the yellow metal declined by $14 per ounce settling at $1,757.

Gold fell 1% pressured by a firmer US dollar, after Federal Reserve Governor Christopher Waller warned markets that the central bank was not softening its fight against inflation.

Bullion had posted its best weekly gain since March 2020 last week on hopes of slower rate hikes after data showed price pressure cooling in the United States.

Gold’s current price looks dangerously high and it would only take a slight shift in sentiment for the price to come quickly crashing back to $1,700 an ounce.

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The government is about to unleash another gasoline bomb on citizens beaten by inflation

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governmentThe price of petroleum products is anticipated to rise by the Federal Government starting on July 16. The price of gasoline is anticipated to rise by Rs7.67 per litre, the price of high-speed diesel by Rs3.72 per litre, and the price of kerosene by Rs2.73 per litre.

The people have informed me that a proposal to increase the petroleum levy has been created and is pending final clearance from Prime Minister Shehbaz Sharif.

After speaking with the premier, it is expected that the Ministry of Finance will declare the revised petroleum product prices tonight.

Petroleum product prices have recently surged due to rising global oil prices and Pakitsan’s adjustment of the petroleum levy in response to the International Monetary Fund’s (IMF) adamant demands, which forced the country to raise the petroleum development levy in the Finance Bill to Rs70 per litre.

Noteworthy is the fact that on July 1, the authorities also dropped a gasoline bomb.

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Positive Trend at PSX With a 1361-Point Gain for the KSE 100-Index

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In the first few hours of trading, the Pakistan Stock Exchange sees a bullish trend as the KSE 100-Index rises 1361 points, bringing the stock market to over 81,300 points.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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