Business

Gold regains lost ground in Pakistan

Published

2 years ago

Farwa

Gold price gains Rs2,800 per tola in Pakistan.
Bargain hunters are taking advantage of recent losses.
Silver price rise by Rs30 per tola.

Gold regained lost ground on Saturday, as bargain hunting trickled in after prices dropped a day earlier in response to the continued recovery of the Pakistani 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) increased by Rs2,800 per tola and Rs2,400 per 10 grams to settle at Rs196,000 and Rs168,038, respectively.

The bargain hunters took advantage of recent losses, but the precious metal’s outlook was still clouded by prospects of further recovery of the rupee against the greenback as optimism regarding the revival of the International Monetary Fund (IMF) programme boosted the currency market’s sentiment.

Cumulatively, the precious commodity lost Rs2,400 per tola during the week ended February 18.

Meanwhile, silver prices in the domestic market rose by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,130 per tola and Rs1,826.13 per 10 grams, respectively.

In the international market, gold prices edged higher but were still on track for their third straight weekly dip, weighed down by an overall stronger dollar and bond yields following fresh hawkish rhetoric from US Federal Reserve officials. The price settled at $1,843 per ounce after gaining $19.

The dollar’s advance, paired with the hawkish outlook from members of the Fed, was weighing on the market, said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Fed officials this week said the US central bank likely should have lifted interest rates more than it did early this month, with Fed Governor Michelle Bowman reiterating the 2% inflation goal.

Higher interest rates increase the opportunity cost of holding zero-yield bullion. Prices of the precious metal are down about 7.3% since its nine-month peak earlier this month.

Goldman Sachs said it expected the Fed to raise rates three more times this year by a quarter of a percentage point each.

Traders await next week’s release of the latest FOMC minutes and US GDP data for more clues on the path of rate hikes.

Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

Published

3 days ago

Farwa

Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

Business

Despite economic gains, PSX remains strong.

Published

3 days ago

Farwa

Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

Business

Pakistan resolves to meet benchmarks, and the IMF promises economic help.

Published

3 days ago

Farwa

In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.