Business

Gold declines from historic high

Published

12 months ago

Farwa

Rate of gold (24 carats) decreases by Rs2,700 per tola.
Drop comes amid fluctuations in international market.
Sliver prices in domestic market remain unchanged.

Gold price in Pakistan Thursday dropped more than Rs2,000 a day after hitting a historic high, with analysts terming the fluctuations in the international market as the reason behind today’s decline.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) decreased by Rs2,700 per tola and Rs2,314 per 10 grams to reach Rs237,300 and Rs203,447, respectively.

AA Commodities Director Adnan Agar told Geo.tv that although the rate in the international market had increased, the price of the yellow metal witnessed a drop as there were jitters in the market due to the uncertainty surrounding the US debt ceiling.

The drop in gold prices was witnessed as the dollar advanced, while markets assessed US inflation data to gauge the Federal Reserve’s next policy move.

“Near-term debt ceiling talks and US macro data will influence the gold price. Longer term, it could still go higher driven by a weaker dollar and lower real rates,” UBS analyst Giovanni Staunovo said.

In the international market, the rate of gold stood at $2,038 per ounce after an increase of $7.

The precious metal’s price rose to Rs240,000 per tola after it saw a massive increase of Rs9,900 due to the ongoing political turmoil that came after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan.

With the economy already in dire straits, people prefer to buy yellow metal to protect themselves against inflation and currency depreciation.

The weekly inflation hit an all-time high of 48.35% year-on-year (YoY) with prices of chicken and wheat flour increasing during the seven-day period ending May 4.

Meanwhile, it seems that Pakistan may not get a crucial tranche from the International Monetary Fund (IMF) anytime soon, as the country’s loan programme is not on the agenda of the lender’s Executive Board till May 17.

The delay in the revival of the IMF programme negatively impacts the currency market which, in turn, bolsters the demand for gold.

Data shared by the association showed that the sliver rates stood unchanged at Rs3,100 per tola and Rs2,657.7 per 10 grams.

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

12 hours ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

12 hours ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

12 hours ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.