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Gold price in Pakistan falls by more than Rs4,000 per tola

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  • Gold settles at Rs200,000 per tola.
  • Silver falls Rs20 per tola.
  • Bullion registers losses for third session.

Gold prices in Pakistan witnessed a steep decline on Tuesday amid ongoing economic uncertainty in the country and continuous fluctuation in the local currency.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs4,300 per tola and Rs3,686 per 10 grams to settle at Rs200,000 per tola and Rs171,468 per 10 grams, respectively.

This is the third straight decline in the precious commodity’s price — which fell Rs200 per tola on Monday and Rs4,000 per tola on Friday. The yellow metal market was mostly bullish last week.

However, as Pakistan imports gold, the precious commodity might get dearer as the State Bank of Pakistan-held reserves stand at a record low of $3,086.2 million, enough to cover imports of less than one month.

Investors were, however, purchasing only gold bars, not jewellery, which had not only reduced goldsmiths’ profit margins but the labour force was also at the stake of losing jobs, as jewellery makers were moving towards other professions in absence of work.

In the international market, gold rose for a second consecutive session helped by a softer dollar after recent sharp losses, while traders awaited more economic data to gauge its likely influence on US interest rates.

Spot gold was up 0.4% to $1,875.36 per ounce by 0940 GMT, after hitting its lowest level since January 6 on Monday.

Meanwhile, silver prices in the domestic market decreased Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,230 and Rs1,911, respectively.

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A bid of ten billion rupees has been submitted by Blue World Consortium for the privatization of the Pan-India Airport (PIA).

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A bid of 10 billion rupees has been made by the Consortium to privatize Pakistan International Airlines.

There is only one bid from the Blue World Consortium.

The Blue World City Consortium has been the only group to submit documentation.

Through circulation, the Federal Cabinet will approve the reserve price of PIA.

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Business Leaders Are Encouraged To Keep Up With New Regulations Regarding Pakistan’s Textile Exports To Germany

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Despite the fact that Pakistan is a significant exporter of textiles to Germany, business leaders in Pakistan need to remain updated about developing laws. A conference on textiles was organized in Karachi, and German Consul General Dr. Rudiger Lotz underlined this point at the event.

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During his meeting with the Qatar Businessmen Association, the Prime Minister of Pakistan extended an invitation to invest in key sectors.

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Meeting with the Qatar Businessmen Association (QBA) delegation, Prime Minister Muhammad Shehbaz Sharif talked about strengthening economic ties and looking into new cooperation opportunities.

His Excellency Sheikh Faisal Bin Qassim Al-Thani led the QBA delegation, which was made up of prominent businesspeople from Qatar who each represented important economic sectors. During the discussion, prominent members of Qatar’s business sector and important leaders from Pakistan discussed how to improve trade, investment, and economic ties.QBA members in attendance included Sheikh Mansoor bin Jassim Al Thani, Chairman of the Mansoor Jassim Al Thani Group; Mr. Nabil Abu Issa, CEO of Blue Salon; Mr. Khalid Ahmed Al Mannai, Executive Director of Mannai Corporation; Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank; Mr. Yousuf Ebrahim Al-Mahmoud, Director of Sendian Group; and Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank.

By highlighting the many prospects in industries like energy, infrastructure, and finance, the prime minister made Pakistan an alluring place for foreign investment.

All of these delegates showed interest in Pakistan’s economic situation, namely in the future energy, technological, and infrastructure development initiatives under consideration.
Throughout the discussion, both parties looked at possible partnerships that may promote innovation, job creation, and sustainable development in both nations. The QBA members expressed interest in increasing their investments in Pakistan’s infrastructure and energy sectors in a positive response to the Prime Minister’s request. The significance of bilateral cooperation was emphasized in order to support regional economic growth and stability.

The meeting was also attended by Federal Ministers for Commerce Kam Kamal Khan, Finance and Revenue Mohammad Aurangzeb, and Information and Broadcasting Attaullah Tarar, as well as Deputy Prime Minister and Foreign Affairs Senator Mohammad Ishaq Dar and Defense Minister Khawaja Muhammad Asif.

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