Business

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

Published

1 year ago

Farwa

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.

Business

PSX surpasses the historical 71,500-point threshold.

Published

2 days ago

Farwa

Investors celebrated as the PSX finally crossed the historic 71,500 point threshold, signalling a critical turning point in the state of the economy in the country.

The KSE-100 index jumped more than 740 points, soaring to a record high of 71,650 points, demonstrating the tenacity and optimism that pervaded the Pakistani financial market.

This outstanding accomplishment indicates strong growth possibilities for the foreseeable future and demonstrates investors’ faith in the nation’s economic prospects.

The Pakistan Stock Exchange (PSX)’s KSE-100 index saw a minor decline of 60.92 points on Friday, or 0.09 percent, and ended the day at 70,483.66 points.

In the foreign exchange market, the US dollar lost value in relation to the Pakistani rupee at the same time.

Currency dealers claim that on the first day of the workweek, the value of the US dollar dropped by 11 paisas to Rs278.20 in the interbank market, significantly strengthening the rupee.

Business

Outsourcing: Investors from Turkey stop by the airport in Karachi

Published

2 days ago

Farwa

Turkish investors, who are interested in outsourcing Pakistan’s airport industry, sent a high-level team to Karachi Airport.

The domestic arrival and departure lounge at Karachi airport was visited by the Turkish investment group, according to information. The investors were briefed about the workings of the Karachi airport by a delegation of the Civil Aviation Authority, headed by Secretary Aviation Saif Anjum.

An update on the volume of people and business leaving the airport was also provided to Turkish investors. It is anticipated that the delegation would tour the cargo terminal and CAA headquarters today.

The nation’s three main airports, Karachi, Lahore, and Islamabad, were formerly to be outsourced by the federal government.

Interest in outsourcing three of Pakistan’s airports has been expressed by local parties as well as investors from Germany, France, the Netherlands, Qatar, the United Arab Emirates, Malaysia, and Turkiye.

The timeframe for proposal submission for Islamabad International Airport’s outsourcing was extended by the Civil Aviation Authority (CAA) earlier on March 21.

The government’s top objective in the process of outsourcing international airports, according to Prime Minister (PM) Shehbaz Sharif, is openness.

First, he stated that Pakistan is willing to participate in a public-private partnership to outsource a portion of the airport’s commercial activities.

Business

The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

Published

5 days ago

Farwa

The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.