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Gold rate sees minor slide from record high

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The price of gold in Pakistan decreased slightly Friday from an all-time high reached yesterday after the rate declined in the international market.

However, the price of silver increased to a record high.

The price of gold (24 carats) declined by Rs100 per tola and Rs86 per 10 grams to reach Rs218,700 and Rs187,500, respectively, according to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

The price of gold in the international market decreased by $17 to settle at $1,984 per ounce.

The gold rate has been on a steady uptrend in Pakistan, as economic fundamentals weakened, the rupee depreciated and inflation soared to record highs. During such times, people prefer to buy the precious metal to protect themselves against inflation and currency depreciation.

The rupee had fallen to an all-time low of Rs288.43 against the US dollar in the interbank market on April 11. While it has recovered since then, the US dollar continues to trade above Rs280.

On Friday, the rupee gained Re0.08 or 0.03% against the US dollar in the interbank market, data released by the State Bank of Pakistan showed.

Another reason for the increased gold demand is the delay in an agreement with the IMF for a desperately needed economic bailout, without which the country risks default.

The delay in the revival of the IMF programme negatively impacts the currency market which, in turn, bolsters the demand for gold.

Data shared by the association showed that the price of silver rose by Rs30 per tola and Rs25.72 per 10 grams to reach Rs2,600 and Rs2,229.08, respectively. 

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

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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.

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Fly Jinnah opens a new route internationally.

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Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

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Tajir Dost app: traders don’t seem interested in registering

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To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”

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