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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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The year’s longest day and shortest night are both today.

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The nation is experiencing an increase in oppressive heat. The longest day and shortest night of the year are respectively observed on this Friday.

Summer solstice is the name given to this event.

Because of the tilt of the Earth, the Summer Solstice happens twice a year when one of the poles is at its greatest degree towards the sun.

While the winter solstice occurs in December in the Southern Hemisphere, the summer solstice occurs in June in the Northern Hemisphere.

It is the longest day of the year, June 21st.

The shortest night of the year, nevertheless, will occur today.

14 hours will pass during the day and 10 hours during the night, according to the report.

Beginning on July 1, the day will progressively get shorter as June draws to a close.

The event known as equinox occurs on September 22, when day and night have equal lengths.

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Authorities report that during the Hajj, 35 Pakistani pilgrims perished from the intense heat.

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Thirty-five Pakistani pilgrims have died, according to the Ministry of Religious Affairs.

Abdul Wahab Soomro, the DG of the Hajj Mission, claims that nine Pakistanis perished in Mashair, four in Mina, three in Arafat, and two in Muzdalifah.

According to the Hajj DG, six pilgrims from Pakistan died in Medina and twenty died in Makkah.

According to the DG, the extreme 50 degree Celsius heat was the reason for the deaths. According to him, there was no basis for the claim that the pilgrims were neglected.

According to him, the Saudi government was informed of the remains, and the funeral plans were set up in compliance with the families’ desires. According to Soomro, plans had also been made to transfer the bodies to Pakistan.

He claimed that in these kinds of situations, the Saudi and Pakistani governments have always worked together.

Over 1,000 people have died.

According to AFP, more over 1,000 people have died during this year’s Hajj. According to the report, over 50% of them were unregistered worshippers who underwent the sweltering Saudi Arabian journey.

An Arab ambassador gave a breakdown of the 658 Egyptians who died, indicating that 630 were unregistered pilgrims. Of the additional deaths announced on Thursday, 58 came from Egypt.

One of the five pillars of Islam, which all Muslims who have the means to do so must at least once, the annual pilgrimage, has resulted in 1,081 deaths overall, according to reports from about ten different countries.

Official announcements or diplomats working on their countries’ responses have provided the data.

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Kabirwala bloodbath: Man shoots dead mother and three sisters

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In Kabirwala, a person shot and killed his mother and his three sisters before running away. Police said it was being pursued by the search team.

Another incidence included a mentally unstable mother of three who committed herself by plunging into a canal while living in the Basti Dogran Abdul Hakeem area of Kabirwala.

Due to a lack of mental instability, the mother of three children committed suicide. Khursheed Bibi was the name of the woman who killed herself.

On the other hand, Khurshid Bibi’s heirs denied any mental illness as the reason behind his jump into the canal. The body was found in a canal close to Thangi Ada, according to Rescue 1122.

The body was moved for a post-mortem examination to THQ Hospital Kabirwala.

Car fire in Sargodha

Three persons were murdered and another was injured after motorbike riders opened fire on the car in Bhalwal, according to the police.

The accused left the crime scene after the gunshots. They took the injured and the bodies to Bhalwal hospital.

The opponents reportedly opened fire when the automobile came to a stop at the gated gate of Chak No. 5.

The Bhalwal Tehsil Headquarters Hospital received the deceased and injured.

Authorities added that Zaman has been placed under arrest and that the accused will be taken into custody shortly.

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