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Gold price remains unchanged in Pakistan

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  • Cumulatively, the yellow metal gained Rs1,350 per tola in the domestic market during the week ended March 12.
  • Local prices of gold usually go down on rupee’s appreciation against US dollar.
  • Firmer tone to economic data and strengthening currency would undermine support for gold.

KARACHI: Gold price remains unchanged in Pakistan amid stability in the international market and rupee appreciation against the US dollar. 

According to rates issued by the All Sindh Sarafa Association, gold prices clocked in at Rs130,750 per tola and Rs112,097 per 10 grams on Saturday.

Cumulatively, the yellow metal gained Rs1,350 per tola in the domestic market during the week that ended March 12.

The association determines local prices based on rupee-dollar parity and international rates. According to the market practice, local prices of gold usually go down on the rupee’s appreciation against the US dollar and rising prices of commodities in the international market.

A firmer tone to economic data and strengthening currency would undermine support for gold, which has benefited in recent times from the plunge in local currency.

Gold rates in Pakistan are around Rs6,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

Gold in global market

In the international market, gold recorded minor gains as a safe-haven appeal for the metal dimmed after Russian President Vladimir Putin said there had been progressing in talks with Ukraine, with the likelihood of a looming US rate hike adding pressure to bullion.

The price of yellow metal slightly rose by $5 to settle at $1,988 per ounce.

“There are certain positive shifts, negotiators on our side tell me,” Putin said in a meeting with his Belarusian counterpart Alexander Lukashenko, but did not provide any details. 

“The Russia-Ukraine crisis will continue to support the prospect for higher precious metal prices,” said Saxo Bank analyst Ole Hansen in a note, as that could mean higher inflation, slowing growth and fewer central bank-rate hikes.

With US inflation ballooning in February, bets that the central bank will raise its benchmark overnight interest rate by at least 25 basis points on March 16, stood at 94%, according to CME’s FedWatch Tool. 

“(For gold) many positive fundamental factors, like inflation and supply chain disruption still remain… but in the short term, we might have priced a good amount of those into the market,” said David Meger, director of metals trading at High Ridge Futures.

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Using the Most Recent Technology. Water Resources Receive 12.2% Of PSDP: Ahsan Iqbal

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In order to solve the problems of food insecurity and water scarcity, Minister of Planning Ahsan Iqbal has underlined the significance of implementing cutting-edge technologies.

He described climate change as Pakistan’s greatest problem when speaking at a conference in Islamabad, stating that the gravity of the situation necessitates that we put aside political diversion.

According to him, despite having the smallest carbon footprint in the world, Pakistan is nonetheless affected by climate catastrophes.

Ahsan Iqbal emphasized the government’s efforts to tackle the various issues facing the nation’s irrigation system, stating that in spite of economic difficulties, 12.2 percent of the PSDP was devoted to water resources in the current fiscal year.

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ECC Convenes in Islamabad: Forum Sanctions Spa Agreement Between PSO and SOCAR Azerbaijan

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Pakistan State Oil and SOCAR Azerbaijan have signed a sale purchase agreement for the delivery of petroleum products, which has been approved by the Cabinet’s Economic Coordination Committee.

The Finance Minister Muhammad Aurangzeb chaired the ECC meeting in Islamabad, where the permission to this effect was granted.

The Ministry of Energy’s Circular Debt Management Plan for FY 2024–2025 was also authorized by the conference. Its goals are to improve financial sustainability and lower liabilities in the power industry.

The committee examined the situation with the increase in prices for chicken and pulses. In order to offer the general public with relief as soon as possible, it expressed worry about the situation and requested that the National Price Monitoring Committee keep an eye on it in cooperation with the Ministry of National Food Security and Research and the Provincial Administration.

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Security forces in Khyber Pakhtunkhwa conducted two operations, resulting in the elimination of six Khwarij.

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Security personnel have eliminated six Khwarij in two distinct operations in Khyber Pakhtunkhwa.

The ISPR reported that the operations were executed in the South Waziristan District of the province.

The inaugural Intelligence-Based Operation was executed by Security Forces in Dosali. During the operation, our forces successfully targeted the Khawarij’s position, resulting in the death of one Kharji, Ahmed Shah alias Intizar.

In a separate instance, the Security Forces detected the movement of a group of Khwarij attempting to sneak via the Pakistan-Afghanistan border in Khamrang.

Our forces successfully engaged and prevented their infiltration attempt. Consequently, five Khwarij were killed and three were injured.

Pakistan has persistently urged the Interim Afghan Government to implement efficient border management on their side of the frontier.

The Interim Afghan Government is anticipated to meet its responsibilities and prohibit the utilization of Afghan territory by Khwarij for the continuation of terrorist activities against Pakistan.

The Security Forces of Pakistan are resolute and dedicated to safeguarding its borders and eradicating the threat of terrorism from the nation.

Prime Minister Shehbaz Sharif commended the Security Forces for their effective operations against Fitna Al-Khawarij.

The Prime Minister stated that the entire nation honors the Pakistan Armed Forces for their professionalism and valor.

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