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

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  • 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.

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In four months, FBR found Rs 800 billion in fraudulent tax refunds.

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Over the last four months, the Federal Board of Revenue (FBR) has discovered a Rs800 billion tax refund scam.

The Inland Revenue and Customs reforms were considered at a review meeting that Prime Minister Shehbaz Sharif convened. During this time, the board allegedly discovered the Rs800 billion tax refund fraud.

According to the conference, there are 83,579 outstanding tax cases totaling Rs3.2 trillion, of which about 63 cases, or Rs44 billion, have been settled as a consequence of various government measures.

In an effort to speed up the resolution of tax issues, the prime minister also ordered the creation of 100 tribunals.

The gathering also featured the identification of around five million new taxpayers, of whom fifteen thousand retailers have enrolled since April 1, 2024.

View more:More than 46,000 traders have signed up for the Tajir Dost Scheme: FBR.

The prime minister has instructed the tax authorities to promptly include the five billion tax evaders in the tax system and has placed a strong emphasis on working with merchants to improve system efficiency.

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PM Gives FBR Instructions To Speed Up Digitization Work: An investigation revealed a Rs. 800 billion tax refund scam.

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Noting favorable results of FBR’s digitization efforts, Prime Minister Shehbaz Sharif revealed an 800 billion rupee tax refund scam discovered in the last four months.

Shehbaz Sharif stressed improving the tax refund system further while presiding over an important meeting on FBR reforms and digitization in Islamabad.

Regretting the delays in putting various reform programs into action, he emphasized that FBR changes had the potential to increase income.

There is a total of 3.2 trillion rupees worth of ongoing tax cases in various courts and tribunals, according to the briefing given to the conference. With 63 lawsuits worth 44 billion rupees resolved in the last four months, the current government has taken action to resolve these outstanding matters.

The prime minister has directed that efforts be made to attract as many of the 4.9 million potential taxpayers who are wealthy into the tax system as possible without putting undue strain on the impoverished.

Fifty thousand merchants have enrolled so far for the mobile phone retailer registration effort, which began in April.

He also emphasized the necessity for a consolidated approach for continuing reform initiatives and the complete digitization of FBR’s fraud detection and investigation department.

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Mining in Balochistan: Mari Pvt Ltd Secures Exploration License

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Licenses for mineral prospecting in the Chagai District of Balochistan have been obtained by Mari Mining Company Private Limited.

501 square kilometers and 513 square kilometers, respectively, are covered by the licenses that the Directorate General Mines and Minerals Balochistan awarded.

Mari Petroleum Company Limited has formed Mari Mining Company as a subsidiary. Major player in Pakistan’s natural gas sector, Mari Petroleum manages the country’s largest gas deposits in Sindh’s Dakhri Gas Field.

With a success record of 70%, which is much greater than many of its peers both domestically and internationally, Mari Petroleum is a major oil and gas exploration and production business.

Because of the efforts of organizations like the International Monetary Fund, Balochistan, a region rich in minerals and natural resources, is developing quickly.

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