Business

Gold price plummets by Rs4,300 per tola in Pakistan

Published

2 years ago

Farwa

Gold price settles at Rs134,200 per tola.
Price has declined by Rs9,300 per tola since August 10.
Gold is cheaper by Rs7,500 per tola compared to its price in Dubai.

KARACHI: In line with the international market, the price of gold plunged by a whopping 3.1% in the domestic market amid no demand from consumers.

Data released by the All Sindh Sarafa Jewellers Association (ASSJA) showed that the gold prices in the local market recorded a decrease of Rs4,300 per tola and Rs3,686 per 10 grams to settle at Rs134,200 and Rs115,055.

The price of the precious commodity is declining because of the continuous appreciation of the Pakistan rupee against the US dollar — which has recovered nearly 12% or Rs26 — and fading concerns regarding the deepening economic crisis.

Cumulatively, the precious commodity has lost Rs9,300 per tola since August 10.

The dealers had already anticipated the market to undergo a correction after the precious commodity scaled to new peaks. The gold hit an all-time high of Rs162,500 per tola on July 28.

Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

It should be noted that the gold price is standing below cost. Gold is cheaper by Rs7,500 per tola compared to its price in Dubai.

In the international market, bullion prices slid $27 per ounce to settle at $1,775 as investors turned cautious in the run-up to minutes of the previous US Federal Reserve policy meeting amid hawkish comments from the central bank officials.

Meanwhile, silver prices in the domestic market shed Rs20 per tola and Rs17.14 per 10 grams to settle at Rs1,540 and Rs1,320.30 today.

Business

Tajir Dost app: traders don’t seem interested in registering

Published

49 seconds ago

Farwa

To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”

Business

Donald Lu visits Finance Minister Aurangzeb at the World Bank headquarters.

Published

24 hours ago

Farwa

Wednesday saw Minister for Finance and Revenue Muhammad Aurangzeb meet US Assistant Secretary of State for South and Central Asian Affairs Donald Lu and Principal Deputy Assistant Secretary Elizabeth Horst.

The finance minister briefed US officials on Pakistan’s reform plan at the World Bank. Meeting both delegations decided to improve bilateral ties.

Meeting topics included alternative energy, agriculture, climate, and tech industry. Boosting the Pakistan-US economic partnership was another finance ministry priority.

With US officials, Pakistan’s Finance Minister Muhammad Aurangzeb addressed IT, agriculture, and other business potential.

Pakistan would collaborate with the US International Development Finance Corporation and Exim Bank, according to Muhammad Aurangzeb.

His name is Donald Lu.
Over 30 years of US government service for Lu as a foreign service officer.

What Pakistan calls the “cipher” dispute involves the American official. The Pakistan Tehreek-e-Insaf (PTI) founder claimed that a supposed official letter between Washington and Islamabad proved his ousting as PM was a US conspiracy.

Washington has strongly refuted Khan’s allegations.

The State Department’s top South and Central Asia diplomat is Donald Lu, assistant secretary of state.

Business

Huge investment potential exists in the telecom and IT sectors. Shaza Fatima

Published

2 days ago

Farwa

According to Shaza Fatima Khawaja, Minister of State for IT and Telecommunication, there are numerous investment prospects in Pakistan’s IT and telecom sectors.

She noted that the current administration is dedicated to fostering foreign investment in the nation, in line with the Prime Minister’s goal.

According to a news release, CEOs Wateen Adil Rashid and Muhammad Shahbaz Khan of Taavun (Pvt) Limited, who paid her a visit on Tuesday, spoke with Minister of State for IT and Telecommunication Shaza Fatima Khawaja.

She declared that the private sector would receive complete support because it is essential to growing our exports.

Regarding youngsters, she stated that they are our greatest asset and that efforts are being made to further their growth.

Sheikh Nahyan bin Mubarak Al Nahyan of the United Arab Emirates was thanked by Shaza Fatima for his particular interest in promoting additional investment in Pakistan’s telecom industry.