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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

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

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The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

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Business

Weekly inflation in Pakistan increased by 0.17 percent.

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The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

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The price of gold has drastically dropped in Pakistan.

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As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.

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