Business

Gold reaches historic high of Rs169,650 per tola

Published

1 year ago

Farwa

Silver price surpasses key level of Rs1,900 per tola.
Gold price jumps Rs2,350 per tola.
Expert cites shortage of dollars major reason behind rising prices.

Gold price in Pakistan reached a historic high of Rs169,650 per tola on Monday as investors continued to take refuge in the safe-haven metal on mounting concerns that the country’s economic conditions will deteriorate further.

According to All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the prices of gold surged by Rs2,350 per tola and Rs2,016 per 10 grams to settle at an all-time high of Rs169,650 and Rs145,448, respectively, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

Gold, which has been continuously touching new peaks for the last few days, closed at Rs167,300 per tola after registering a gain of Rs4,000, or 2.49% during the week ended December 10.

Meanwhile, silver prices surpassed the key level of Rs1,900 per tola. The price surged by Rs80 per tola and Rs68.58 per 10 grams to settle at an all-time high level of Rs1,970 and Rs1,688.95.

Speaking to Geo.tv, AA Gold Commodities Director Adnan Agar cited a shortage of dollars as major reason behind rising gold prices in the local market.

“Investors want to invest in the dollar because of the rising difference between the open market and the interbank market rate, which is around Rs20-30; however, despite the significant difference dollar isn’t available and people are concerned about the financial situation in Pakistan and chances of default,” he explained the reason behind sudden shift in investors focus.

He added that because of the speculations that the dollar can reach 350-400 against the rupee; investors are trying to invest in the precious commodity.

“However, due to its [dollar] shortage they have shifted their focus toward gold as the price of the yellow metal is also rising in the international market,” Agar maintained.

Elaborating on the main driving points, he said that amid the current situation people are looking for investment options which are very limited because small investors cannot invest in real estate at the moment because of its high prices.

“Therefore, small and medium investors are investing in gold so that their money is secured as the rupee is continuously depreciating against the dollar,” he stated.

Gold dealers, however, lament that since gold prices were touching new peaks in the country, it had seized to exist as a lucrative business.

Only investors are investing in gold here. Otherwise, artificial jewellery is being used in marriages and other ceremonies.

It should also be noted that gold demand in Pakistan jumped 34% to 13 tonnes during the period of July and September 2022 from a year earlier, Bloomberg reported Wednesday citing data compiled by the World Gold Council.

The data revealed that this was the most amount of gold purchased during a quarter in at least about three years.

In the international market, gold price fell registered a decline of $3 per ounce settling at $1,794.

Business

PSX surpasses the historical 71,500-point threshold.

Published

1 day ago

Farwa

Investors celebrated as the PSX finally crossed the historic 71,500 point threshold, signalling a critical turning point in the state of the economy in the country.

The KSE-100 index jumped more than 740 points, soaring to a record high of 71,650 points, demonstrating the tenacity and optimism that pervaded the Pakistani financial market.

This outstanding accomplishment indicates strong growth possibilities for the foreseeable future and demonstrates investors’ faith in the nation’s economic prospects.

The Pakistan Stock Exchange (PSX)’s KSE-100 index saw a minor decline of 60.92 points on Friday, or 0.09 percent, and ended the day at 70,483.66 points.

In the foreign exchange market, the US dollar lost value in relation to the Pakistani rupee at the same time.

Currency dealers claim that on the first day of the workweek, the value of the US dollar dropped by 11 paisas to Rs278.20 in the interbank market, significantly strengthening the rupee.

Business

Outsourcing: Investors from Turkey stop by the airport in Karachi

Published

1 day ago

Farwa

Turkish investors, who are interested in outsourcing Pakistan’s airport industry, sent a high-level team to Karachi Airport.

The domestic arrival and departure lounge at Karachi airport was visited by the Turkish investment group, according to information. The investors were briefed about the workings of the Karachi airport by a delegation of the Civil Aviation Authority, headed by Secretary Aviation Saif Anjum.

An update on the volume of people and business leaving the airport was also provided to Turkish investors. It is anticipated that the delegation would tour the cargo terminal and CAA headquarters today.

The nation’s three main airports, Karachi, Lahore, and Islamabad, were formerly to be outsourced by the federal government.

Interest in outsourcing three of Pakistan’s airports has been expressed by local parties as well as investors from Germany, France, the Netherlands, Qatar, the United Arab Emirates, Malaysia, and Turkiye.

The timeframe for proposal submission for Islamabad International Airport’s outsourcing was extended by the Civil Aviation Authority (CAA) earlier on March 21.

The government’s top objective in the process of outsourcing international airports, according to Prime Minister (PM) Shehbaz Sharif, is openness.

First, he stated that Pakistan is willing to participate in a public-private partnership to outsource a portion of the airport’s commercial activities.

Business

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

Published

4 days ago

Farwa

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.