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Gold loses shine as price falls for second consecutive day

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2 years ago

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The gold rate declined for the second consecutive day in Pakistan on Friday in line with changes in the international market.

Data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the rate of gold (24 carats) fell by Rs6,500 per tola and Rs5,573 per 10 grams to reach Rs230,800 and Rs197,874, respectively.

The yellow metal’s value had reached a record high on May 10 amid increased political uncertainty and violence following Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s arrest.

Meanwhile, the international gold rate decreased by $33 to settle at $2,005 per ounce. 

Analysts have said the international rate will continue to fluctuate during May because of uncertainty surrounding the raising of the United States debt ceiling by Congress.

Meanwhile, gold prices have been reaching new highs in Pakistan almost every other day due to a number of factors — economic and political turmoil, high inflation, and currency depreciation. People prefer to buy the yellow metal in such times as a safe investment and a hedge.

The government is yet to sign a staff-level agreement with the International Monetary Fund (IMF) for the release of a crucial economic bailout despite several months of talks, with international agencies warning that Pakistan risks default following the end of the current loan programme.

The country’s foreign exchange reserves are at a critically low level — not enough for even one month’s imports — and the rupee touched a new low of Rs300 against the US dollar on May 11.

Besides this, inflation has reached a record level and is the highest in South Asia while violent protests have been flaring up for days after the PTI chairman’s arrest. 

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SIFC-Assisted OGDCL Commences Gas Production in Uch Every day, OGDCL contributes 5 million SCF to the national grid.

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21 hours ago

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The chronic gas deficit is being addressed by Oil & Gas Development Company Limited, which produces 5 million standard cubic feet of gas each day.

In the Uch region of the Dera Bugti District of Balochistan, Oil & Gas Development Company Limited has started producing gas with the assistance of the Special Investment Facilitation Council.

The company used its technological abilities to drill a well and successfully find gas at a depth of 1,345 meters.

An improvement in the energy industry is the company’s enhanced financial performance, which has resulted in a profit of 41.02 billion rupees.

In order to promote sustainable growth and strengthen national energy security, Oil & Gas Growth Company Limited is still committed to growing production.

Together with the Special Investment Facilitation Council, OGDCL’s strategic initiatives are essential to the energy sector’s future.

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The KSE-100 Index surpasses 102,000 points as the PSX begins the week on a high note.

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2 days ago

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For the first time in recent memory, the benchmark KSE-100 Index broke beyond the 102,000 point level, kicking off the new trading week on a high note for the Pakistan Stock Exchange (PSX).

The index rose 835 points as of the morning session, hitting a new high of 102,192 points with an intraday peak of 102,288 points.

After a strong close to the previous week, when the index closed at 101,357 points, the PSX has continued its recent bullish performance with this upward trajectory.

Growing investor optimism has propelled the market’s rally, which has been supported by improved macroeconomic conditions, declining bond yields, and the ongoing flood of foreign capital into stocks.

The PSX has been strong because of a number of important elements. Since May 2024, the State Bank of Pakistan has lowered interest rates by a total of 700 basis points, which has improved market sentiment.

Mutual funds have invested more than $132 million in Pakistani stocks since January, indicating a move in investor preferences away from bonds and toward stocks.

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NMDA Humanitarian Aid: Damascus Receives 21st Shipment of Aid for Gaza and Lebanon

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5 days ago

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Following a chartered flight from Nur Khan Base yesterday, the 21st shipment of humanitarian aid for war-affected and displaced persons in Gaza and Lebanon has successfully landed in Damascus. The shipment contained 17 tons of relief supplies provided by NDMA.

Pakistan’s ambassador in Damascus, Air Marshal (R) Shahid Akhtar, accepted the aid.

In regards to aiding the war-torn populations of Palestine and Lebanon, the Government of Pakistan is unwavering in its resolve.

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