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Gold price drops by Rs200 per tola despite depreciation in rupee

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  • Gold price drops by Rs200 per tola to reach Rs130,550.
  • Bullion rates in Pakistan are around Rs6,000 below cost.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold price in Pakistan dropped by Rs200 per tola in Pakistan despite rupee depreciation — which hit to an all-time low of Rs178.98 against the US dollar on Monday.

According to All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs200 per tola to reach Rs130,550, while the price of 10 grams gold decreased by Rs172 to reach Rs111,925.

A day earlier, the precious commodity closed at Rs130,750 per tola and Rs112,097 per 10 grams.

Cumulatively, the yellow metal had gained Rs1,350 per tola in the domestic market during the week that ended March 12.

Analysts were surprised over a decline in the gold price as past practices suggest that people used to take aggressive positions in gold in inflationary days.

However, they believe that investors — especially the young investors — are now taking aggressive positions in cryptocurrencies to make quick gains.

Speaking to Geo.tv, a gold dealer said that investing in gold is a safe bet against rupee depreciation or devaluation.

“People may also invest directly in the dollar to take a similar advantage, but some investors are more inclined towards the traditional shining asset,” he said.

He, however, said that Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

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

In the international market, bullion price dropped by $20 per ounce to settle at $1,966.

Gold rates in Pakistan are around Rs6,000 below the cost compared to the 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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Encouraging Hajj Travelers and Umrah Guests: KSA Guarantees Addressing Problems Pakistani Travelers Face

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In Jeddah, Saudi Hajj and Umrah Minister Dr. Tawfiq bin Fawzan al-Rabiah met with Sardar Muhammad Yousaf, Minister for Religious Affairs and Interfaith Harmony.
Facilities for Hajj pilgrims and Umrah tourists, as well as expanding the “road to Makkah” project to other Pakistani towns, were discussed during the meeting.
Sardar Muhammad Yousaf and the Saudi Minister also talked about matters pertaining to pilgrims’ registration for the Hajj.
The Saudi Minister promised that the problems encountered by pilgrims from Pakistan will be addressed first.
He claimed that one of the Saudi government’s top priority is to provide amenities for travelers performing the Hajj and Umrah.
cooperation to pilgrims from Pakistan.

According to him, a number of fresh initiatives have been implemented to guarantee pilgrims the greatest amenities.
According to Dr. Tawfiq Bin Fawzan Al-Rabiah, it is an honor to serve the many pilgrims from Pakistan who visit Saudi Arabia each year.
Sardar Muhammad Yousaf paid tribute to king Salman Bin Abdulaziz and Crown Prince Mohammed Bin Salman for providing excellent facilities to hajj pilgrims.
He also expressed his gratitude for the special attention given by the Saudi Minister of hajj to facilitate Pakistani pilgrims

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Repatriation of Foreigners: Pakistan Gives Illegal Foreigners Just Five Days to Leave

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Afghan citizen card holders and illegal foreigners have five days to depart Pakistan.
The government has set a deadline of this month’s 31st for Afghan citizen card holders and illegal foreigners to depart the country.
The Government has assured that no mistreatment will occur during the process and it has made arrangements for food and health facilities for those returning.
The Government emphasized that Foreign Nationals wishing to remain in Pakistan must fulfill the legal requirements to stay.

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Government Reforms To Strengthen Mining Sector: Opportunities To Be Highlighted At The Pakistan Minerals Forum 2025

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With assistance from the Special Investment Facilitation Council, Pakistan plans to use its enormous mineral riches to increase economic stability.
The country’s mining industry, which has substantial gold and copper reserves, will be the focus of the Pakistan Minerals Investment Forum 2025, which will be held in Islamabad on April 8–9, 2025.
The National Mineral Harmonization Framework and other mining reforms implemented by the government to enhance mining operations and draw in foreign investment will be discussed at the forum. These efforts are expected to increase Exports and strengthen Pakistan’s economy.

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