Business

Gold bounces back in Pakistan as price rises by over 1%

Published

2 years ago

Farwa

Gold resumes its climb, price settles at Rs148,450.
In global market, gold jumps to firm above key $1,700 per ounce level.
Silver prices in domestic market gain Rs60 per tola.

KARACHI: Gold resumed its climb on Tuesday after a knee-jerk retreat tied to the appreciation of the Pakistani rupee and anticipation of the monetary policy announcement, as the dollar slipped in the international market with investors latching on to a slight cooling of consumer prices.

Data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the gold price surged by Rs2,150 per tola and Rs1,843 per 10 grams to settle at Rs148,450 per tola and Rs127,272 per 10 grams, respectively.

Investors are still nervous ahead of the monetary policy announcement on how aggressive the State Bank of Pakistan (SBP) will be.

The rupee’s strength was hurting gold even though the precious metal was regaining shine in the international market. But gold has bounced back with the thinking that the inflation data is higher than expected, but not horrifying.

Investors, who were awaiting September’s inflation data to gauge its likely impact on the SBP’s rate hike plans, are now eyeing the MPC’s decision due on Monday (October 10).

Gold is considered a hedge against inflation and economic uncertainties. However, it is highly sensitive to rising interest rates, which raise the opportunity cost of holding non-interest-bearing bullion.

In the international market, the price of the yellow metal jumped by $38 to firm above the key $1,700 per ounce level on a retreat in the dollar and US Treasury yields as investors expected the Federal Reserve to tone down its pace of monetary tightening. The price settled at $1,704.

Gold 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 gained Rs60 per tola and Rs51.44 to settle at Rs1,620 per tola and Rs1,388.88 per 10 grams.

Business

The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

Published

16 hours ago

Farwa

The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.

Business

Fly Jinnah opens a new route internationally.

Published

16 hours ago

Farwa

Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

Business

Tajir Dost app: traders don’t seem interested in registering

Published

16 hours ago

Farwa

To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”