Business

Gold climbs on third day as rupee pauses its winning streak

Published

1 year ago

Farwa

Gold price settles at Rs197,000 per tola.
Cumulatively, it gains Rs3,800 per tola in last three sessions.
Bargain hunters take advantage of recent losses.

Gold prices extended gains on Tuesday near a one-week peak hit in the last week, buoyed by a weaker rupee, while investors looked forward to economic developments that could influence the market direction.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs500 per tola and Rs429 per 10 grams to settle at Rs197,000 and Rs168,896, respectively.

The Pakistani rupee lost 0.24% against the US dollar in the interbank market settling at 262.51, which boosted the precious commodity’s appeal.

The bargain hunters took advantage of recent losses, but the precious metal’s outlook was still clouded by prospects of further recovery of the rupee against the greenback as optimism regarding the revival of the International Monetary Fund (IMF) programme can boost the currency market’s sentiment.

Cumulatively, the yellow metal gained Rs3,800 per tola during the last three sessions.

Meanwhile, silver prices in the domestic market rose by Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,150 per tola and Rs1,843.27 per 10 grams, respectively.

In the international market, gold price fell by $12 per ounce to settle at $1,832 on a rise in the dollar while investors awaited US economic data to gauge the Federal Reserve’s interest rate strategy.

The dollar index hovered around its highest in six weeks, making dollar-priced gold more expensive for buyers holding other currencies.

“Gold’s primary driver remains the shifting expectations surrounding the Fed’s next policy moves, with perhaps more clues to be found within the upcoming FOMC minutes release,” said Han Tan, chief market analyst at Exinity.

“Should the US economy continue defying the Fed’s rate hikes, that could invite a higher peak for US rates, much to the chagrin of bullion bulls.”

The focus this week will be on the release of the Federal Open Market Committee’s January meeting minutes on Wednesday, followed by US gross domestic product data on Thursday and Friday’s core PCE price index.

Gold prices hit their highest since April 2022 early this month at $1,959.60, but have since lost around $130 after US data showed signs of a resilient economy.

Business

PSX surpasses the historical 71,500-point threshold.

Published

2 days ago

Farwa

Investors celebrated as the PSX finally crossed the historic 71,500 point threshold, signalling a critical turning point in the state of the economy in the country.

The KSE-100 index jumped more than 740 points, soaring to a record high of 71,650 points, demonstrating the tenacity and optimism that pervaded the Pakistani financial market.

This outstanding accomplishment indicates strong growth possibilities for the foreseeable future and demonstrates investors’ faith in the nation’s economic prospects.

The Pakistan Stock Exchange (PSX)’s KSE-100 index saw a minor decline of 60.92 points on Friday, or 0.09 percent, and ended the day at 70,483.66 points.

In the foreign exchange market, the US dollar lost value in relation to the Pakistani rupee at the same time.

Currency dealers claim that on the first day of the workweek, the value of the US dollar dropped by 11 paisas to Rs278.20 in the interbank market, significantly strengthening the rupee.

Business

Outsourcing: Investors from Turkey stop by the airport in Karachi

Published

2 days ago

Farwa

Turkish investors, who are interested in outsourcing Pakistan’s airport industry, sent a high-level team to Karachi Airport.

The domestic arrival and departure lounge at Karachi airport was visited by the Turkish investment group, according to information. The investors were briefed about the workings of the Karachi airport by a delegation of the Civil Aviation Authority, headed by Secretary Aviation Saif Anjum.

An update on the volume of people and business leaving the airport was also provided to Turkish investors. It is anticipated that the delegation would tour the cargo terminal and CAA headquarters today.

The nation’s three main airports, Karachi, Lahore, and Islamabad, were formerly to be outsourced by the federal government.

Interest in outsourcing three of Pakistan’s airports has been expressed by local parties as well as investors from Germany, France, the Netherlands, Qatar, the United Arab Emirates, Malaysia, and Turkiye.

The timeframe for proposal submission for Islamabad International Airport’s outsourcing was extended by the Civil Aviation Authority (CAA) earlier on March 21.

The government’s top objective in the process of outsourcing international airports, according to Prime Minister (PM) Shehbaz Sharif, is openness.

First, he stated that Pakistan is willing to participate in a public-private partnership to outsource a portion of the airport’s commercial activities.

Business

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

Published

5 days 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.