Business

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

Published

2 years ago

Farwa

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.

Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

Published

3 days ago

Farwa

Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

Business

Despite economic gains, PSX remains strong.

Published

3 days ago

Farwa

Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

Business

Pakistan resolves to meet benchmarks, and the IMF promises economic help.

Published

3 days ago

Farwa

In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.