Business

Gold price hits new life-high of Rs188,600 per tola in Pakistan

Published

1 year ago

Farwa

Pakistani gold remains pricier than world markets.
Traders see local gold price touching Rs200,000 per tola.
Per tola price of silver remains flat at Rs2,150.

Gold was unstoppable on Wednesday too as it nailed yet another life-high with its safe-haven appeal growing stronger amid rupee depreciation and a dollar dearth.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold soared by Rs900 per tola and Rs772 per 10 grams to reach Rs188,600 and Rs161,694 respectively.

Based on the difference in price compared to the Dubai market, Pakistani gold is pricier than the world markets.

Traders see the gold price touching Rs200,000 per tola due to the rupee devaluation against the US dollar under the current cycle as well as the non-availability of the greenback.

The inflow of $6-8 billion from multilateral and bilateral creditors will burst the gold price bubble in Pakistan, market observers said.

Meanwhile, the price of silver per tola remained flat at Rs2,150. Likewise, the 10-gram silver price was almost unchanged at Rs1,843.27.

Gold prices extended their New Year rally to jump more than 1% and hit their highest since mid-June on Wednesday, helped by a weaker dollar and growing expectations of less aggressive interest rate hikes at upcoming Federal Reserve meetings.

Spot gold rose 1.2% to $1,862.32 per ounce by 1119 GMT, hitting its highest since June 13. US gold futures also gained 1.2% to $1,868.30.

The dollar index, meanwhile, slipped 0.6%, making gold less expensive for overseas investors. There is some optimism in the market ahead of the release of minutes from the Fed’s December meeting later in the day, Kinesis Money external analyst Carlo Alberto De Casa said.

“Majority of investors are betting on a 0.25% rate hike in the next Fed meeting, differently from a few weeks ago, when another 0.50% rate was given as almost sure.”

Pakistan’s inflation figures for December were released on Monday, with markets now pricing in a chance the central bank might hike interest rates by a full 50-100 basis points on January 23.

Although gold is considered a hedge against higher inflation and a safe store of value in times of uncertainty, higher interest rates raise the opportunity cost of holding non-yielding bullion.

Business

PSX surpasses the historical 71,500-point threshold.

Published

3 days ago

Farwa

Investors celebrated as the PSX finally crossed the historic 71,500 point threshold, signalling a critical turning point in the state of the economy in the country.

The KSE-100 index jumped more than 740 points, soaring to a record high of 71,650 points, demonstrating the tenacity and optimism that pervaded the Pakistani financial market.

This outstanding accomplishment indicates strong growth possibilities for the foreseeable future and demonstrates investors’ faith in the nation’s economic prospects.

The Pakistan Stock Exchange (PSX)’s KSE-100 index saw a minor decline of 60.92 points on Friday, or 0.09 percent, and ended the day at 70,483.66 points.

In the foreign exchange market, the US dollar lost value in relation to the Pakistani rupee at the same time.

Currency dealers claim that on the first day of the workweek, the value of the US dollar dropped by 11 paisas to Rs278.20 in the interbank market, significantly strengthening the rupee.

Business

Outsourcing: Investors from Turkey stop by the airport in Karachi

Published

3 days ago

Farwa

Turkish investors, who are interested in outsourcing Pakistan’s airport industry, sent a high-level team to Karachi Airport.

The domestic arrival and departure lounge at Karachi airport was visited by the Turkish investment group, according to information. The investors were briefed about the workings of the Karachi airport by a delegation of the Civil Aviation Authority, headed by Secretary Aviation Saif Anjum.

An update on the volume of people and business leaving the airport was also provided to Turkish investors. It is anticipated that the delegation would tour the cargo terminal and CAA headquarters today.

The nation’s three main airports, Karachi, Lahore, and Islamabad, were formerly to be outsourced by the federal government.

Interest in outsourcing three of Pakistan’s airports has been expressed by local parties as well as investors from Germany, France, the Netherlands, Qatar, the United Arab Emirates, Malaysia, and Turkiye.

The timeframe for proposal submission for Islamabad International Airport’s outsourcing was extended by the Civil Aviation Authority (CAA) earlier on March 21.

The government’s top objective in the process of outsourcing international airports, according to Prime Minister (PM) Shehbaz Sharif, is openness.

First, he stated that Pakistan is willing to participate in a public-private partnership to outsource a portion of the airport’s commercial activities.

Business

The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

Published

6 days ago

Farwa

The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.