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Gold price surpasses Rs180,000 per tola, sets new record in Pakistan

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2 years ago

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  • Gold cumulatively gains Rs19,450 per tola since Dec 1.
  • Experts anticipate price of gold may rise to Rs200,000 per tola.
  • Silver price hits all-time high of Rs2,100 per tola.

After a day’s break, gold prices continued to make and break records in Pakistan as per tola price surpassed the Rs180,000 key level for the first time in the history of Pakistan.

The price of gold surged by Rs1,850 per tola and Rs1,586 per 10 grams to settle at an all-time high of Rs180,650 and Rs154,878, respectively, the data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

A day earlier, in a surprise move, the association did not release the gold rates citing uncertainty as a reason behind its decision.

APSGJA President Haji Haroon Rasheed Chand, in a public message, confirmed the bullion rates were stopped because of the “uncertain market situation”.

Gold prices have been rising for the last many days and have cumulatively gained  Rs19,450 or 12.06% per tola since December 1, raising concerns about whether the soaring price is sustainable or constitutes an unsustainable bubble.

Chand, however, blamed speculators for taking gold prices to exorbitant rates. He said that contrary to the claims there is very less demand in the local market.

It should be noted that the APSGJA notifies the gold rates to the market every day after determining the price by keeping in view its rates in world markets, the rupee-dollar exchange rate, and demand and supply in domestic markets.

Analysts believe that the unavailability of the dollar in Pakistan and the widening difference between interbank and open market exchange rates triggered the recent price hike; however, grey markets of the precious commodity have also added fuel to the speculations.

Experts anticipated that the price of gold may rise to Rs200,000 per tola due to the rupee devaluation against the US dollar under the current cycle.

Meanwhile, silver prices also registered gains and rose to an all-time high of Rs2,100 per tola and Rs1,800.41 per 10 grams after an increase of Rs50 and Rs42.87, respectively.

In the international market, gold prices consolidated in a narrow range as cautious investors awaited US economic data releases due later in the day that may influence the Federal Reserve’s interest-rate raising timeline. Prices settled at $1,815 after an increase of $7 per ounce. 

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SIFC-Assisted OGDCL Commences Gas Production in Uch Every day, OGDCL contributes 5 million SCF to the national grid.

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21 hours ago

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The chronic gas deficit is being addressed by Oil & Gas Development Company Limited, which produces 5 million standard cubic feet of gas each day.

In the Uch region of the Dera Bugti District of Balochistan, Oil & Gas Development Company Limited has started producing gas with the assistance of the Special Investment Facilitation Council.

The company used its technological abilities to drill a well and successfully find gas at a depth of 1,345 meters.

An improvement in the energy industry is the company’s enhanced financial performance, which has resulted in a profit of 41.02 billion rupees.

In order to promote sustainable growth and strengthen national energy security, Oil & Gas Growth Company Limited is still committed to growing production.

Together with the Special Investment Facilitation Council, OGDCL’s strategic initiatives are essential to the energy sector’s future.

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The KSE-100 Index surpasses 102,000 points as the PSX begins the week on a high note.

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2 days ago

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For the first time in recent memory, the benchmark KSE-100 Index broke beyond the 102,000 point level, kicking off the new trading week on a high note for the Pakistan Stock Exchange (PSX).

The index rose 835 points as of the morning session, hitting a new high of 102,192 points with an intraday peak of 102,288 points.

After a strong close to the previous week, when the index closed at 101,357 points, the PSX has continued its recent bullish performance with this upward trajectory.

Growing investor optimism has propelled the market’s rally, which has been supported by improved macroeconomic conditions, declining bond yields, and the ongoing flood of foreign capital into stocks.

The PSX has been strong because of a number of important elements. Since May 2024, the State Bank of Pakistan has lowered interest rates by a total of 700 basis points, which has improved market sentiment.

Mutual funds have invested more than $132 million in Pakistani stocks since January, indicating a move in investor preferences away from bonds and toward stocks.

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NMDA Humanitarian Aid: Damascus Receives 21st Shipment of Aid for Gaza and Lebanon

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5 days ago

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Following a chartered flight from Nur Khan Base yesterday, the 21st shipment of humanitarian aid for war-affected and displaced persons in Gaza and Lebanon has successfully landed in Damascus. The shipment contained 17 tons of relief supplies provided by NDMA.

Pakistan’s ambassador in Damascus, Air Marshal (R) Shahid Akhtar, accepted the aid.

In regards to aiding the war-torn populations of Palestine and Lebanon, the Government of Pakistan is unwavering in its resolve.

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