Business

Gold rates in Pakistan soar as prices gain Rs6,500 per tola

Published

10 months ago

Farwa

Gold price gains Rs6,500 per tola, Rs5,574 per 10 grams.
Prices of silver gain Rs50 in local market.
Yellow metal remains unchanged in int’l market.

KARACHI: Gold prices in Pakistan soared by over Rs6,000 on Friday as the international rates have been increasing in the last three sessions and due to the rupee’s depreciation against the dollar.

According to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs6,500 per tola and Rs5,574 per 10 grams to settle at Rs214,500 and Rs193,900, respectively.

Meanwhile, the price of the yellow metal remained unchanged at $1,959 in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy gold in such times as a safe investment and a hedge.

According to market practice, local prices of gold usually go up on the rupee’s depreciation against the US dollar and declining prices of commodities in the international market.

AA Commodities Director Adnan Agar cited the weakening of the US currency as the reason behind the increase in international prices which led to an increase in the local prices as well.

“The major reason for the increase in the local market is because of the international rates as the dollar against other currencies has been weakened internationally. The dollar and gold go inverse, if the dollar weakens then gold raises,” Agar explained the reason behind the rise in rates.

Moreover, people also tend to buy and sell the precious commodity ahead of the month of Muharram — which marks the beginning of the new Islamic year, eventually increasing the yellow metal’s demand.

Data shared by the association showed the price of silver increased by Rs50 per tola and Rs42.86 per 10 grams to settle at Rs2,650 and Rs2271.94, respectively.

The prices of the bullion have cumulatively gained Rs10,500 in the last two sessions — Thursday and Friday.

Meanwhile, the local currency fell by 0.41% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs277.59 against the dollar.

Business

Pakistan’s gold prices continue to decline.

Published

1 day ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

1 day ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

1 day ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.