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Gold rate declines in Pakistan as rupee gains ground

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2 years ago

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  • Gold price settles at Rs193,200 per tola.
  • Silver price remains unchanged at Rs2,100 per tola.
  •  In international bullion market, gold price decline by $15 per ounce.

Gold retreated in Pakistan on Friday in line with a decline in the international market and the continuous recovery of the rupee against the US dollar.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) decreased by Rs2,800 per tola and Rs2,400 per 10 grams to settle at Rs193,200 and Rs165,638, respectively.

A day earlier, the precious commodity saw a dead cat bounce or a temporary recovery after a significant decline in some bargain hunting; however, the price retreated during today’s session.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,100 per tola and Rs1,800.41 per 10 grams, respectively.

In the international market, gold hurtled towards a third straight weekly drop on Friday, dampened by the dollar’s advance following fresh hawkish rhetoric from the US Federal Reserve officials. The price settled at $1,824 per ounce after a decline of $15.

Two Fed officials said on Thursday the US central bank likely should have lifted interest rates more than it did early this month.

Taking cues from the comments, the dollar index surged to a six-week high, making bullion less attractive for overseas buyers, while bond yields also climbed. 

The latest remarks, putting a 50-basis-point rate hike and more than just one other increase back on the table, is benefiting the dollar and weighing on precious metals markets, said Quantitative Commodity Research analyst Peter Fertig.

While there is potential for gold to recover, it appears limited and would depend on how much the central banks increase rates, beyond what the markets have priced in, Fertig added.

Higher interest rates increase the opportunity cost of holding zero-yield bullion.

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PSX 100-index reaches an unprecedented peak, exceeding 111,000 points.

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The Pakistan Stock Exchange (PSX) reached the significant milestone of 111,000 points shortly after today’s market opening.

The KSE-100 Index ascended by more than 1,000 points in the initial five minutes of trade, achieving a notable increase of 1,044 points to attain 111,014 points.

The increase indicates heightened investor confidence and a robust market sentiment.

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SIFC Initiates Carbon Market Initiative: Pakistan Pursues Green Investment at COP29

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Pakistan has introduced its inaugural Carbon Market Policy at the 29th Conference of the Parties in Baku to attain climate objectives and encourage green investments.

The policy seeks to enhance investment in the energy, agriculture, and forestry sectors.

Through the initiatives of the Special Investment Facilitation Council, Pakistan has developed a transparent carbon market framework that adheres to international norms.

The policy conforms to international standards and establishes a definite strategic orientation.

Pakistan’s carbon market policy promotes environmental conservation, economic development, and sustainability.
It promotes the use of eco-friendly technologies by enterprises and the reduction of greenhouse gas emissions.

The policy represents a substantial advancement in the worldwide effort to combat climate change. It encourages international investors and organizations to participate in Pakistan’s carbon market.

SIFC aims to mitigate environmental concerns while promoting economic growth via the Global Carbon Market.

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When the benchmark hits 109,881 points, the PSX-100 index sets a new record.

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During the first hour of trading today, the Pakistan Stock Exchange (PSX) made a stunning comeback, moving from negative to positive territory. After losing 1,400 points, the market recovered and gained 800 points.

Setting a new high, the benchmark KSE-100 Index jumped 827 points to a record-breaking 109,881 points. Restored investor confidence was also reflected in the market’s return to its crucial levels of 108,000 and 109,000 points.

Supportive government policies and recent strong economic data are credited by experts with this success, as they have improved market mood.

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