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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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Senate Session: Senate Proceeds With Debate On Important National Issues

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Today, the Senate reconvened in the Parliament House in Islamabad, with Chairman Sadiq Sanjrani presiding.

The House has persisted in debating matters of national significance.

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TTP and Jamaat-ul-Ahrar battle in Loralai, raising tensions

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The conflict between Jamaat-ul-Ahrar and the Tehrik-i-Taliban Pakistan (TTP) has intensified, with a violent altercation taking place on the evenings of February 15 and 16.

A top Jamaat-ul-Ahrar commander known as Qari Ismail or Ziaur Rahman was critically injured in this battle during a lethal attack in the Lala Pul neighborhood of District Loralai.

The confrontation between rival factions Target Killing and Dharo is part of an ongoing battle, other Jamaat-ul-Ahrar members have verified. Originating from the Khyber area of KP, Qari Ismail has been a well-known leader for the last ten years.

These commanders have killed civilians and law enforcement personnel in terrorist assaults in Punjab and Peshawar. Following the killing of Jamaat-ul-Ahrar leader Omar Khalid Khorasani in August 2022, tensions between the group and the TTP arose.

Notably, disputes have also emerged as a result of the TTP’s central committee, headed by Mohsin Wazir and backed by Muhassud Wali, removing two commanders connected to Jamaat-ul-Ahrar from ministerial positions. Tensions in the Khyber area have escalated to the brink of war as both terrorist organizations compete for dominance.

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Perhaps another significant increase in power prices

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The Central Power Purchasing Agency (CPPA) has appealed to NEPRA to raise the price of energy by Rs7.13 per unit starting next month.

The rise will cost customers who are already suffering from inflation an extra Rs66.77 billion if NEPRA approves the demand.

According to the CPPA’s appeal, electricity distribution firms received 7.93 billion units in January 2024.

On February 23, Nepra will consider the petition. Customers who are on Lifeline KE will not be able to use the updated pricing.

In light of the monthly fuel adjustment (MFA), it is relevant to note that on January 31, the National Electric Power Regulatory Authority (NEPRA) raised the power rate by Rs5.63 per unit.

Following the conclusion of the NEPRA hearing on the Central Power Purchasing Agency’s (CPPA) appeal for a fuel monthly adjustment that will increase the power rate by Rs5.63 per unit for December 2023, the verdict was made public.

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