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Gold price in Pakistan falls Rs4,000 per tola

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2 years ago

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  • Gold price settles at Rs204,500 per tola.
  • Silver prices decrease by Rs100 per tola.
  • Decline comes in line with int’l market.

Gold prices in Pakistan snapped a multi-session shining streak Saturday, which dealers pinned on a global precious metal market rout because of a hawkish US central bank stance. 

Bullion in the world markets slipped over 2% on Friday to a more than three-week low after stronger-than-expected US employment numbers stoked fears the US Federal Reserve might extend its monetary tightening drive. 

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) decreased by Rs4,000 per tola and Rs3,429 per 10 grams to settle at Rs204,500 and Rs175,326, respectively.

Cumulatively, the gold lost Rs4,500 or 2.15% per tola during the week. It is worth mentioning that the precious commodity hit an all-time high of Rs210,500 on Monday.

The fall follows the non-stop gains the gold made for three consecutive sessions amid depleting forex reserves and a weak rupee which make the precious metal costlier as Pakistan meets all of its bullion demand through imports.

Due to foreign debt payments, the State Bank of Pakistan (SBP)-held reserves fell $592 million to $3,086.2 million during the week ended on January 27, their lowest since February 2014, and are barely enough to provide import cover for 18.5 days (0.61 months).

Spot gold dipped 2.6% to $1,863.66 per ounce by 1:40 p.m. ET (1840 GMT). U.S. gold futures settled down 2.8% to $1,876.6. 

Bullion is down 2.5% so far this week, marking its biggest weekly fall since early October, with prices having fallen nearly $100 in two sessions.

Meanwhile, silver prices in the domestic market decreased by Rs100 per tola and Rs85.74 per 10 grams to settle at Rs2,250 and Rs1,929, respectively.

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SIFC-Assisted OGDCL Commences Gas Production in Uch Every day, OGDCL contributes 5 million SCF to the national grid.

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21 hours ago

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The chronic gas deficit is being addressed by Oil & Gas Development Company Limited, which produces 5 million standard cubic feet of gas each day.

In the Uch region of the Dera Bugti District of Balochistan, Oil & Gas Development Company Limited has started producing gas with the assistance of the Special Investment Facilitation Council.

The company used its technological abilities to drill a well and successfully find gas at a depth of 1,345 meters.

An improvement in the energy industry is the company’s enhanced financial performance, which has resulted in a profit of 41.02 billion rupees.

In order to promote sustainable growth and strengthen national energy security, Oil & Gas Growth Company Limited is still committed to growing production.

Together with the Special Investment Facilitation Council, OGDCL’s strategic initiatives are essential to the energy sector’s future.

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The KSE-100 Index surpasses 102,000 points as the PSX begins the week on a high note.

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2 days ago

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For the first time in recent memory, the benchmark KSE-100 Index broke beyond the 102,000 point level, kicking off the new trading week on a high note for the Pakistan Stock Exchange (PSX).

The index rose 835 points as of the morning session, hitting a new high of 102,192 points with an intraday peak of 102,288 points.

After a strong close to the previous week, when the index closed at 101,357 points, the PSX has continued its recent bullish performance with this upward trajectory.

Growing investor optimism has propelled the market’s rally, which has been supported by improved macroeconomic conditions, declining bond yields, and the ongoing flood of foreign capital into stocks.

The PSX has been strong because of a number of important elements. Since May 2024, the State Bank of Pakistan has lowered interest rates by a total of 700 basis points, which has improved market sentiment.

Mutual funds have invested more than $132 million in Pakistani stocks since January, indicating a move in investor preferences away from bonds and toward stocks.

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NMDA Humanitarian Aid: Damascus Receives 21st Shipment of Aid for Gaza and Lebanon

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5 days ago

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Following a chartered flight from Nur Khan Base yesterday, the 21st shipment of humanitarian aid for war-affected and displaced persons in Gaza and Lebanon has successfully landed in Damascus. The shipment contained 17 tons of relief supplies provided by NDMA.

Pakistan’s ambassador in Damascus, Air Marshal (R) Shahid Akhtar, accepted the aid.

In regards to aiding the war-torn populations of Palestine and Lebanon, the Government of Pakistan is unwavering in its resolve.

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