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Gold pulls back in local market as caution sets in

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  • Gold price settles at Rs154,700 per tola.
  • Local market is expected to trade sideways during the week. 
  • Silver prices in domestic market remained unchanged.

KARACHI: Gold prices slipped in Pakistan as the dollar ticked up in the international market and investors showed caution in the run-up to the announcement of US monetary policy announcement later this week.

The precious metal plunged Rs1,500 per tola and Rs1,286 per 10 grams to settle at Rs154,700 and Rs132,630 respectively, data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

For several sessions, gold has been stuck in a range and is likely going to continue to be in that range in the near term. The market will only break out into a direction after it gets more economic data and sees stability in rupee-dollar parity.

Local market is expected to see some choppy, sideways trade this week. Speaking to Geo.tv AA Commodities Director Adnan Agar said that the prices may decline further in the local market in line with the international prices; however, rupee depreciation will arrest some of the losses.

Moreover, rising geopolitical and economic risks are doing little to entice haven buying, with the US dollar still the asset of choice.

In the international market, the price of yellow metal rose by $13 per ounce; however, it failed to cross the psychological barrier of $1,700. The price settled at $1,662 as investors braced for aggressive interest rate hikes by the US Federal Reserve and other central banks this week in an effort to tame high inflation.

The yellow metal is viewed as a safe-haven investment in the face of inflation woes, but high-interest rates increase

Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 per tola and Rs1,346.02 per 10 grams.

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The government is about to unleash another gasoline bomb on citizens beaten by inflation

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governmentThe price of petroleum products is anticipated to rise by the Federal Government starting on July 16. The price of gasoline is anticipated to rise by Rs7.67 per litre, the price of high-speed diesel by Rs3.72 per litre, and the price of kerosene by Rs2.73 per litre.

The people have informed me that a proposal to increase the petroleum levy has been created and is pending final clearance from Prime Minister Shehbaz Sharif.

After speaking with the premier, it is expected that the Ministry of Finance will declare the revised petroleum product prices tonight.

Petroleum product prices have recently surged due to rising global oil prices and Pakitsan’s adjustment of the petroleum levy in response to the International Monetary Fund’s (IMF) adamant demands, which forced the country to raise the petroleum development levy in the Finance Bill to Rs70 per litre.

Noteworthy is the fact that on July 1, the authorities also dropped a gasoline bomb.

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Positive Trend at PSX With a 1361-Point Gain for the KSE 100-Index

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In the first few hours of trading, the Pakistan Stock Exchange sees a bullish trend as the KSE 100-Index rises 1361 points, bringing the stock market to over 81,300 points.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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