Business

Gold extends losses to third day, price declines by Rs1,000 per tola

Published

1 year ago

Farwa

Gold price settles at Rs146,400 per tola in Pakistan.
Cumulatively, gold has lost Rs4,000 per tola in last three sessions.
Demand for gold picked up pace as wedding season kicks off.

KARACHI: Gold extended losses into a third session on Saturday, closing slightly above the threshold of Rs146,000 per tola, contrary to the price movement in the international market and expectations that economic recovery could sap inflationary pressure, curbing the metal’s appeal as a hedge.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of the precious metal declined by Rs1,00 per tola and Rs858 per 10 grams to settle at Rs146,400 per tola and Rs125,514 per 10 grams, respectively.

Cumulatively, the precious commodity has lost around Rs4,000 per tola in the last three sessions. Meanwhile, it lost Rs950 per tola during the week ending October 22.

Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.

Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.

On the physical side, demand for gold in Pakistan picked up pace this week as some consumers bought into a retreat in domestic prices as the wedding season kicks off.

In the international market, the price of the yellow metal surged by $35 per ounce settling at $1,658 as the dollar weakened amid reports of a potential debate amongst the US Federal Reserve officials about the pace of rate hikes.

Gold is sensitive to rising interest rates, which increase the opportunity cost of holding bullion that does not pay interest.

The precious commodity’s rates in Pakistan are around Rs700 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market declined by Rs10 per tola and Rs8.56 per 10 grams to settle at Rs1,580 per tola and Rs1,354.60 per 10 grams.

Business

Huge investment potential exists in the telecom and IT sectors. Shaza Fatima

Published

21 hours ago

Farwa

According to Shaza Fatima Khawaja, Minister of State for IT and Telecommunication, there are numerous investment prospects in Pakistan’s IT and telecom sectors.

She noted that the current administration is dedicated to fostering foreign investment in the nation, in line with the Prime Minister’s goal.

According to a news release, CEOs Wateen Adil Rashid and Muhammad Shahbaz Khan of Taavun (Pvt) Limited, who paid her a visit on Tuesday, spoke with Minister of State for IT and Telecommunication Shaza Fatima Khawaja.

She declared that the private sector would receive complete support because it is essential to growing our exports.

Regarding youngsters, she stated that they are our greatest asset and that efforts are being made to further their growth.

Sheikh Nahyan bin Mubarak Al Nahyan of the United Arab Emirates was thanked by Shaza Fatima for his particular interest in promoting additional investment in Pakistan’s telecom industry.

Business

WB pledges complete support for changes aimed at stabilizing Pakistan’s economy.

Published

22 hours ago

Farwa

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President of the World Bank Group, Ajay Banga, according to a press release from the ministry of finance here. During the meeting, the minister discussed Pakistan’s progress under the nine-month Standby Arrangement (SBA) program as well as ongoing reforms in priority areas of taxation, energy, and privatization.

According to the statement, the minister also extended an invitation to the president to visit Pakistan, and both parties acknowledged the necessity of a rolling 10-year country framework plan.

The minister also talked on safeguarding Pakistan’s eligibility for concessional funding and future project pipeline during a meeting with Masatsugu Asakawa, President of the Asian Development Bank (ADB).

The chief executive officer of the US International Development Finance Corporation (DFC), Scott Nathan, also met with the minister of finance.

They discussed during the conference how DFC may increase its investments in Pakistan after resolving unresolved conflicts in a cooperative manner.

According to the minister, the government is supporting creative financing strategies to maximize PPP potential and private sector participation.

According to the statement, he gave his word that the government will do everything in its power to assist investment projects by both foreign and local businesses in Pakistan.

Business

The cost of a liter of petroleum increased by much to Rs 8.14.

Published

2 days ago

Farwa

Prices for gasoline and high-speed diesel were raised by the government on Monday by Rs4.53 and Rs8.14, respectively, for the upcoming two weeks.

In relation to this, the ministry of finance released a notice.

Diesel now costs Rs 290.38 per litre, while petrol is now priced at Rs 293.94 per liter following the most recent increase.

Additionally, light diesel cost Rs6.54 more per litre, to Rs174.34. A 6.69% increase in price to Rs193.8 per liter was made for kerosene oil.

The impact of the developing Middle East situation and the expanding global market are the main factors contributing to the transformation.

Before the most recent spike, the price of gasoline and HSD had risen by almost $4 and $4.50 per barrel, respectively, on the global market during the previous two weeks.