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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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PMD: Isolated rain is expected, although humid weather is expected to persist.

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The majority of the country is predicted to have hot, muggy weather during the next 24 hours, according to the Pakistan Meteorological Department’s (PMD) prediction.

Nonetheless, isolated locations in Gilgit-Baltistan, Khyber-Pakhtunkhwa, Kashmir, Potohar Region, Islamabad, Punjab, southeastern/upper Sindh, and northeastern Balochistan are likely to see rain, windstorms, or thundershowers.

The upper and central regions of the country are being affected by monsoon currents originating in the Arabian Sea, as per the synoptic scenario. A westerly wave is presently over the upper regions and is expected to impact the central and upper regions starting tonight.

In the past day, there have been rainstorms, thundershowers, and windstorms in Kashmir, northeastern Balochistan, upper Khyber Pakhtunkhwa, Punjab, Islamabad, southeast/lower Sindh, and northeastern Balochistan. Some isolated areas have also seen considerable rainfall. In other regions of the country, the weather was hot and muggy.

With a high of 47 degrees Celsius over the past 24 hours, Sibbi has continued to be the warmest location in the nation.

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In four months, FBR found Rs 800 billion in fraudulent tax refunds.

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Over the last four months, the Federal Board of Revenue (FBR) has discovered a Rs800 billion tax refund scam.

The Inland Revenue and Customs reforms were considered at a review meeting that Prime Minister Shehbaz Sharif convened. During this time, the board allegedly discovered the Rs800 billion tax refund fraud.

According to the conference, there are 83,579 outstanding tax cases totaling Rs3.2 trillion, of which about 63 cases, or Rs44 billion, have been settled as a consequence of various government measures.

In an effort to speed up the resolution of tax issues, the prime minister also ordered the creation of 100 tribunals.

The gathering also featured the identification of around five million new taxpayers, of whom fifteen thousand retailers have enrolled since April 1, 2024.

View more:More than 46,000 traders have signed up for the Tajir Dost Scheme: FBR.

The prime minister has instructed the tax authorities to promptly include the five billion tax evaders in the tax system and has placed a strong emphasis on working with merchants to improve system efficiency.

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LHC requests a federal government response to the increase in fuel costs.

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Regarding the increase in the cost of gasoline and diesel, the Lahore High Court (LHC) has asked the federal government for a statement.

Hearing the application from the Judicial Activism Panel was Justice Shahid Karim of LHC.

During the case hearing, arguments were made by petitioner Azhar Sidddique.

The petitioner’s attorney claimed that the general public was no longer able to obtain gasoline or power. Inflation has been made worse by the increase in gas costs, he continued.

According to the applicant, there was no justification provided by the government for raising the price of petroleum.

The rise in petroleum products was carried out at prices that were in line with the world market, according to the Assistant Advocate General.

The federal government’s approach for fixing gasoline prices was questioned by the court, which also ordered clarification of the process.

The federal government’s response to the court’s request to postpone the case hearing on the rise in petroleum prices was obtained.

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