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Gold glitters amid rupee depreciation, gains Rs50 per tola

A customer can be seen outside a gold shop

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A customer can be seen outside a gold shop
A customer can be seen outside a gold shop
  • Gold price settles at Rs128,850 per tola and Rs110,468 per 10 gram.
  • Precious commodity has gained Rs1,350 in last five sessions.
  • Gold rates in Pakistan are around Rs4,000 below cost.

KARACHI: Gold rose on Thursday, boosted by concerns regarding uncertain economic conditions which have sparked a flight from risky commodities towards safer ones.

Gold prices in the local bullion market recorded an increase of Rs50 per tola and Rs43 per 10 grams to settle at Rs128,850 per tola and Rs110,468 per 10 grams.

A day earlier, the yellow metal closed at Rs128,800 per tola and Rs110,425 per 10 grams.

According to the All Sindh Sarafa and Jeweller Association, the precious commodity has gained Rs1,350 in the last five sessions.

Gold is considered one of the safest investments, hence, its price is skyrocketing as investment is pouring in at a rapid pace.

As the dollar continues to strengthen day after day, investors’ confidence in the currency has tumbled and they have diverted their investment to gold.

Local dealers had also said that the return of inflationary days in Pakistan and around the world has once again invited investors’ attention towards the yellow metal as at such a time, safer commodities become attractive.

However, the increase in prices is negatively affecting the local demand.

“We do see some seasonal demand because of the wedding season but overall, lack of purchasing power has disrupted the local demand for gold,” a gold dealer had said.

The price of gold remained gained $7 to settle at $1,935 per ounce in the international market.

It is pertinent to mention that the gold rates in Pakistan are around Rs4,000 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

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Business

In a first for history, PSX crosses the 77,000 milestone.

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At 77,213.31, the benchmark KSE-100 hit an all-time high, up 1,005.15, or 1.32%, from the previous close of 76,208.16.

The government’s readiness to seal an agreement with the International Monetary Fund (IMF) following the budget was cited by analysts as the reason for the upward trend.

Experts anticipate that in an attempt to bolster its position for a fresh bailout agreement with the International Monetary Fund (IMF), the budget for the fiscal year ending in June 2025 would set aggressive fiscal goals.

Budget for Pakistan, 2024–2025
Pakistan’s budget for the fiscal year 2024–25, with a total expenditure of Rs18.877 trillion, was presented on Wednesday by Minister of Finance and Revenue Muhammad Aurangzeb.

The Finance Minister, Muhammad Aurangzeb, outlined the budget highlights. He stated that the GDP growth target for the fiscal year 2024–25 is set at 3.6 percent, while the inflation rate is anticipated to stay at 12 percent.

He stated that while the primary surplus is anticipated to be 1.0 percent of GDP during the review period, the budget deficit to GDP is forecast to be 6.9 percent over the period under review.

According to the minister, tax income collection increased by 38% in the current fiscal year, and the province will receive Rs7,438 billion. The Federal Board of income expects to earn Rs12,970 billion in revenue for the upcoming fiscal year.

In contrast to the federal government’s projected net income of Rs9,119 billion, he stated that the federation’s non-tax revenue projections are set at Rs3,587 billion.

The federal government’s total outlays are projected to be Rs18,877 billion, with interest payments accounting for the remaining Rs9,775 billion.

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Pakistan currently has $14.38 billion in foreign exchange reserves.

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Pakistan’s commercial banks’ reserves, which stood at $5.28 billion at the conclusion of the week ending on June 7, rose by US$174 million, according to a central bank statement.

Reserving US$6.2 million less, the SBP now has US$9.10 billion in reserves. The causes for the decline in the reserves it had were not disclosed by the central bank.

The SBP released a statement that stated, “SBP reserves decreased by US$ 6 million to US$ 9,103.3 million during the week ended on 07-June-2024.”

The State Bank of Pakistan’s (SBP) foreign exchange reserves were reduced by US$ 63 million as a result of repaying external debt, with the reserves standing at US$ 9.093 billion as of earlier on June 6.

The central bank spokesperson said in a statement that as of the week that concluded on May 31, the nation’s total liquid foreign reserves were $14.31 billion.

In terms of net foreign reserves, commercial banks have US$ 5.22 billion of the overall foreign reserves, according to the SBP.

SBP reserves dropped by US$ 63 million to US$ 9,093.7 million during the week that ended on May 24, 2024, according to the announcement.

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Business

In the local market, the price of gold plummets to Rs240,700/tola.

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Gold with a 24-karat purity level has dropped by Rs1200/tola on the local market.

Each tola of 24-karat gold is now selling for Rs240,700, with a further drop of Rs1029 bringing the price of 10 kilos of gold to Rs206,361. These figures are courtesy of the All Sarafa and Jewelers Association.

Meanwhile, after a $2 decline on the global market, one ounce of gold will be valued $2315.

A tola of gold was worth Rs 600 more on Wednesday.

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