Business

Gold continues to shine, heads for major weekly rise

Published

2 years ago

Farwa

Price settles at Rs153,000 per tola.
Gold price rise by Rs7,300 per tola during week ended Sept 10.
Silver prices in domestic market remain unchanged.

KARACHI: Gold was on course to gain for the week as concerns over the rupee devaluation and rising prices boosted its appeal as a safe haven and an inflation hedge, as prices increased on Saturday as the local currency hovered near an all-time low.

The price of gold has jumped by Rs1,300 per tola and Rs1,115 per 10 grams to Rs153,000 and Rs131,173 in Pakistan on Saturday. Cumulatively, the price of yellow metal surged by Rs7,300 per tola during the week ended September 10.

All Pakistan Sarafa Gems and Jewellers Association (APSGJA) determines local prices based on rupee-dollar parity at the open market — as the association members finance gold imports by buying dollars from the open market — and international rates.

In Pakistan, it seems that the larger the depreciation in the rupee at domestic “open markets” — compared to the interbank markets — the higher the price of gold.

It should be noted that the rupee has depreciated by over 10% in the current fiscal year 2023 (July 1, 2022 to date) to Rs228.18 against the US dollar at the interbank market. In the previous fiscal year (FY22), it dropped by 30% to Rs205.

Pakistan meets its domestic demand for gold through imports, as it does not produce the metal locally. At present, however, the country is importing a very small volume of bullion since the government has imposed tight conditions on imports to save foreign exchange reserves.

In the international market, the price of yellow metal declined by $4 per ounce to settle at $1,717.

Gold rates in Pakistan are around Rs4,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams.

Business

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

Published

13 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

13 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

13 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.”