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Gold price plunges by Rs6,800 per tola in Pakistan

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2 years ago

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  • Gold price settles at Rs143.300 per tola.
  • The correction in gold was overdue for long. 
  • Silver prices domestic market remain unchanged.

KARACHI: Gold price in Pakistan slumped to 4.5% falling below the threshold of Rs150,000 per tola as the rupee clocks its best day in six weeks after reports that Ishaq Dar will return as finance minister.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of the precious metal plunged by Rs6,800 per tola and Rs5,829 per 10 grams to settle at Rs143,300 per tola and Rs122,857 per 10 grams, respectively.

The correction in gold was overdue for a long. Gold has declined by Rs11,800 per tola in the last four sessions. The reports of stability in rupee-dollar parity following news of Dar’s homecoming faded gold’s shine. The rupee’s value going forward would determine gold’s immediate future trajectory.

In the international market, the price of the yellow metal fell by $2 per ounce settling at $1,640 — its lowest level in 2-1/2 years weighed down by a strong dollar and US Treasury yields amid the US Federal Reserve’s hawkish stance on interest.

The dollar index rose to a fresh high in 2002 against its rivals, boosted by a plunge in British sterling, making gold more expensive for other currency holders.

Prices have fallen more than $400, or over 20%, since scaling above the critical $2,000 per ounce level in March as major central banks raised interest rates sharply to tame soaring inflation.

Gold rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 per tola and Rs1,346.02 per 10 grams.

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PSX 100-index reaches an unprecedented peak, exceeding 111,000 points.

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The Pakistan Stock Exchange (PSX) reached the significant milestone of 111,000 points shortly after today’s market opening.

The KSE-100 Index ascended by more than 1,000 points in the initial five minutes of trade, achieving a notable increase of 1,044 points to attain 111,014 points.

The increase indicates heightened investor confidence and a robust market sentiment.

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SIFC Initiates Carbon Market Initiative: Pakistan Pursues Green Investment at COP29

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Pakistan has introduced its inaugural Carbon Market Policy at the 29th Conference of the Parties in Baku to attain climate objectives and encourage green investments.

The policy seeks to enhance investment in the energy, agriculture, and forestry sectors.

Through the initiatives of the Special Investment Facilitation Council, Pakistan has developed a transparent carbon market framework that adheres to international norms.

The policy conforms to international standards and establishes a definite strategic orientation.

Pakistan’s carbon market policy promotes environmental conservation, economic development, and sustainability.
It promotes the use of eco-friendly technologies by enterprises and the reduction of greenhouse gas emissions.

The policy represents a substantial advancement in the worldwide effort to combat climate change. It encourages international investors and organizations to participate in Pakistan’s carbon market.

SIFC aims to mitigate environmental concerns while promoting economic growth via the Global Carbon Market.

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When the benchmark hits 109,881 points, the PSX-100 index sets a new record.

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During the first hour of trading today, the Pakistan Stock Exchange (PSX) made a stunning comeback, moving from negative to positive territory. After losing 1,400 points, the market recovered and gained 800 points.

Setting a new high, the benchmark KSE-100 Index jumped 827 points to a record-breaking 109,881 points. Restored investor confidence was also reflected in the market’s return to its crucial levels of 108,000 and 109,000 points.

Supportive government policies and recent strong economic data are credited by experts with this success, as they have improved market mood.

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