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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 PML-N Punjab chapter convenes today to discuss organizational issues.

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Former prime minister and leader of the Pakistan Muslim League-Nawaz (PML-N), Nawaz Sharif, has called a meeting of the PML-N Punjab chapter for today (Friday).

The conference was called by PML-N chief Nawaz Sharif, who reportedly gave the president of the party’s Punjab chapter, Rana Sanaullah, a call to call a meeting of the party’s provincial officials.

Nawaz Sharif is now visiting China.

According to sources, Nawaz Sharif’s leadership role and organizational issues inside the PML-N Punjab would be discussed at the meeting. The meeting’s agenda may also include discussions about the possible growth of the federal and Punjabi cabinets.

According to other sources, Nawaz Sharif gave Rana Sanaullah instructions to gather information on political and organizational positions in Punjab as well as to revitalize the party at the local level.

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Punjab Assembly session: Committee on wheat imports is formed by the speaker

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During the caretaker government, three members of a committee were appointed by Punjab Assembly Speaker Malik Muhammad Ahmad Khan to investigate the import of wheat.

Both sides of the wheat procurement controversy engaged in a fierce debate yesterday during the Punjab Assembly session.

A detailed examination into wheat imports during the caretaker government was required by the legislators, who sharply criticized the government’s wheat strategy.

According to the MPAs, the food minister did not develop any policies for obtaining wheat.

Regarding the wheat procurement problem, the opposition is probably going to hold a protest in the house today, Friday.

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Saad Rafiq: Ali Amin Gandapur’s threat to storm Islamabad is a major issue.

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Ali Amin Gandapur, the chief minister of Khyber Pakhtunkhwa, has threatened to storm Islamabad, according to Khawaja Saad Rafique, a former minister and leader of the Pakistan Muslim League-Nawaz (PML-N). This is a very serious situation.

Pakistan Tehreek-e-Insaf’s Khyber Pakhtunkhwa administration has reportedly launched attacks on the federal capital in the past in an attempt to seize Islamabad, according to Saad Rafiq on the social media platform X (previously Twitter).

“However, PTI got nothing and it resulted in creating chaos, hatred and economic destruction,” he continued.

He added, “If the anarchists attack Islamabad to occupy it this time too, it will become impossible for them to return as rulers.”

According to the leader of the PML-N, fascist behavior will no longer be accepted, and the dirty politics of violence, fire, and ransacking will no longer be effective.

The PTI, he said, has to act rationally and refrain from inciting another May 9.

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