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Gold eyes Rs175,000 per tola mark in Pakistan in speedy record-breaking run

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  • Gold price jumps Rs2,200 per tola to settle at Rs174,900.
  • Per tola silver price also surpass Rs2,000 level for the first time.
  • Analyst cites shortage of dollar, global trend as reasons behind price hike.

Gold’s record rally is moving tantalisingly close to the psychologically key Rs175,000 level in Pakistan, powered by investors seeking cover from the political toll, as reflected in rupee weakness, faltering stocks and economic tensions.

According to All Pakistan Sarafa Gems and Jewellers Association, the price of precious commodity jumped by Rs2,200 per tola and Rs1,886 per 10 grams to settle at Rs174,900 and Rs149,948, respectively.

Arif Habib Commodities Managing Director and CEO Ahsan Mehanti identified three reasons which have triggered a record-breaking spree in the local gold market, these include:

  • Unavailability of dollar in Pakistan
  • International phenomenon
  • Difference between interbank and open market exchange rate

The commodities expert explained that due to the unavailability of the greenback and speculation regarding the rupee-dollar parity investors have shifted their focus towards safe-haven assets.

Mehanti further added that the significant difference between exchange rates in interbank and open markets has also added fuel to the rising prices of the yellow metal as it is a common phenomenon that when rates in kerb markets are high gold prices also rise.

The association, however, mentioned that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs4,000 per tola compared to its price in Dubai.

Meanwhile, silver prices also registered gains and rose to an all-time high of Rs2,020 per tola and Rs1,731.82 per 10 grams after an increase of Rs40 and Rs34.29, respectively.

In the international market, gold prices settled at $1,796 after an increase of $3 per ounce.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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Gold prices in Pakistan have risen by Rs 1,200 per tola.

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The price of one tola of 24 carat gold rose by Rs1,200 and reached Rs246,800 on Thursday, compared to its previous sale price of Rs245,600 on the last trading day.

According to the All Sindh Sarafa Jewellers Association, the cost of 10 grammes of 24 karat gold rose by Rs1,029 to reach Rs211,591, compared to the previous price of Rs210,562. Similarly, the price of 10 grammes of 22 carat gold jumped from Rs193,016 to Rs193,959.

The price of silver remained unchanged at Rs2,900 per tola and Rs2,486.28 per ten grammes.

According to the association, the international market price of gold rose by $10, reaching $2,382 from $2,372.

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The federal government has declared wage and pension increments for its employees.

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The Ministry of Finance has formally declared a rise in the remuneration and retirement benefits of personnel working for the federal government, offering substantial economic alleviation.

According to the notification, personnel in grades 1 to 16 will experience a 25% increment in their salaries, while officials in grades 17 to 22 will be granted a 20% rise. The implementation of this modification will commence on July 1, 2024, and will be applicable to the employees’ fundamental remuneration.

In addition, retired federal government employees would receive a 15% rise in their pension payments. This increase is applicable to retirees from both the civilian and military sectors. It is important to mention that employees who retire on or after July 1, 2024, will also qualify for this pension rise.

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The 15% increase in pension will be computed based on the amount of pension received by retired employees after deductions. Nevertheless, the letter specifies that ad hoc aid will not be factored into the calculations for pension and gratuity.

Moreover, this increment will have no effect on the calculation of housing rent allowances for employees.

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