Business

Gold prices continue to rise amid meltdown fears

Published

1 year ago

Farwa

Price of 10-gram gold rises by Rs943 to Rs174,468 per tola.
Fears of recession send investors to safety of precious metal.
Weaker US dollar helps international gold prices edge bit higher.

Gold prices in Pakistan Thursday increased for the fifth session in a row as political ferment coupled with fears of an imminent meltdown — in case the government fails to revive an International Monetary Fund (IMF) bailout in time — stoked demand for the yellow metal, considered a safe investment.

Data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs1,100 per tola and Rs943 per 10 grams to settle at Rs203,500 and Rs174,468.

As the other markets slide investors generally find refuge in gold to maintain a low-risk profile.

A likely economic contraction looms over Pakistan amid political and economic uncertainties and a holdup in the revival of the International Monetary Fund’s (IMF) loan.

The gold has gained Rs6,000 per tola in the five sessions.

Finance Minister Ishaq Dar said on Thursday that an assurance from “friendly countries” to fund a balance of payment gap was the last hurdle in securing an IMF deal, which will offer a critical lifeline to avert an economic meltdown.

Several countries had made commitments to support Pakistan during previous International Monetary Fund (IMF) reviews, Dar told the country’s upper house of parliament, adding that the IMF was now asking for those commitments.

“At the time of the previous reviews, several friendly countries had made commitments to bilaterally support Pakistan, what IMF is now asking (is) that they should actually complete and materialize those commitments,” he said, adding: That’s the only delay.”

Pakistan is awaiting a bailout package of $1.1 billion from the IMF, which has been delayed since November over issues related to fiscal policy adjustments.

International gold edged higher Thursday, helped by a weaker dollar, but prices held below last session’s 6-week peak as risk sentiment improved after Credit Suisse, the latest focal point of a potential banking crisis, secured funds.

Spot gold rose 0.3% to $1,924.15 per ounce by 1122 GMT, after jumping to its highest since early Feb at $1,937.28 on Wednesday. U.S. gold futures fell 0.1% to $1,928.70.

Credit Suisse, which sparked a rout in European banking stocks on fears of its collapse, recovered 28% after saying it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence.

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

10 hours ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

10 hours ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

10 hours ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.