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Gold regains shine, price rises over 1% in Pakistan

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  • Per tola gold price settles at Rs197,100.
  • Cumulatively, gold gains Rs3,000 per tola in last two sessions.
  • Silver prices in domestic market remain unchanged.

Gold price in Pakistan regained its shine on Wednesday as the rate rose over 1% in the local bullion market owing to a steep decline in the rupee value.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) surged by Rs2,700 per tola and Rs2,315 per 10 grams to settle at Rs197,100 and Rs168,981, respectively.

Cumulatively, the precious commodity gained Rs3,000 per tola in the last two sessions reversing the prevailing trend recorded last week — when gold lost Rs1,900 per tola.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,080 per tola and Rs1,783.26 per 10 grams, respectively.

Analysts say gold may be an effective way to defend investments against inflation, but only over long periods of time.

Comparatively, over shorter periods of time, the inflation-adjusted price of gold swings wildly, making it not a very strong near-term hedge for inflation.

In the international market, gold gained traction as strong Chinese economic data dented the dollar and drove some bets for better physical demand from the top bullion consumer, but the risk of elevated US interest rates capped gains.

The per ounce price of gold in the international bullion market rose by $27 to settle at $1,837.

“The market is cautiously optimistic for a Chinese economic recovery following strong data which has put the dollar rally into reverse,” independent analyst Ross Norman said, adding that it was, in turn, boosting gold and risk-on assets.

Physical gold demand in the key hub has already picked up this year as COVID-19 restrictions were eased.

“Gold was clearly oversold and we’re seeing good bargain hunting on the lows, having found technical support at the $1,808 level … the market looks poised to firm but cautiously so, with US inflation-linked data being a constant driver,” Norman added.

Although traditionally considered an inflation hedge, higher interest rates to rein in consumer prices dim the appetite for bullion since it pays no interest.

Gold registered its worst month since June 2021 in February after a slew of US data pointed to a resilient economy and a tight labour market, sparking fears that the Federal Reserve would deliver more rate hikes to curb inflation.

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Tourism boom: During Eidul Azha, more than 400,000 people travel to KP

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Over 400,000 people travelled to several beautiful locations in Khyber Pakhtunkhwa between June 17 and June 19, celebrating the recently ended Eidul Azha festivities.

With over 174,000 visitors in one day, Naran Kaghan emerged as the most popular location. Visitors looking for a getaway from the city are still drawn to Naran Kaghan’s calm scenery and charming valleys.

A total of 162,000 visitors to Galiyat took in the city’s rich history at its cultural institutions and historical landmarks. In addition, more than 46,000 people visited Malam Jabba in Swat, and 23,000 people visited Upper Dir to take in its stunning surroundings.

Khyber Pakhtunkhwa is becoming a popular domestic vacation destination due to its unique combination of natural beauty, cultural legacy, and adventure options, as seen by the rise in visitor numbers.

Businesses and local government agencies have been collaborating to make sure tourists have an unforgettable time while appropriately handling the inflow.

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Pakistan currently has $14.41 billion in foreign exchange reserves.

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In a statement, the central bank stated that as of June 14, 2024, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) stood at $9.135 billion, following the increase.

The announcement also stated, “SBP reserves increased by US$ 31 million to US$ 9,134.7 million during the week ended on June 14, 2024.”

The State Bank of Pakistan (SBP) stated that the nation had $14.415 billion in total liquid foreign reserves. Commercial banks own $5.28 billion of the total in net foreign reserves.

It was announced earlier on June 13 that Pakistan’s foreign exchange reserves reached US$14.38 billion, up US$168 million in the first week of June.

Pakistan’s reserves held by commercial banks rose by US$174 million to $5.28 billion for the week that ended on June 7, according to a statement released by the central bank.

The SBP now has US$9.10 billion in reserves, down US$6.2 million from before. The central bank did not provide an explanation for why its reserves fell.

“SBP reserves decreased by US$ 6 million to US$ 9,103.3 million during the week ended on July 7, 2024,” the SBP said in a statement.

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In a first for history, PSX crosses the 77,000 milestone.

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At 77,213.31, the benchmark KSE-100 hit an all-time high, up 1,005.15, or 1.32%, from the previous close of 76,208.16.

The government’s readiness to seal an agreement with the International Monetary Fund (IMF) following the budget was cited by analysts as the reason for the upward trend.

Experts anticipate that in an attempt to bolster its position for a fresh bailout agreement with the International Monetary Fund (IMF), the budget for the fiscal year ending in June 2025 would set aggressive fiscal goals.

Budget for Pakistan, 2024–2025
Pakistan’s budget for the fiscal year 2024–25, with a total expenditure of Rs18.877 trillion, was presented on Wednesday by Minister of Finance and Revenue Muhammad Aurangzeb.

The Finance Minister, Muhammad Aurangzeb, outlined the budget highlights. He stated that the GDP growth target for the fiscal year 2024–25 is set at 3.6 percent, while the inflation rate is anticipated to stay at 12 percent.

He stated that while the primary surplus is anticipated to be 1.0 percent of GDP during the review period, the budget deficit to GDP is forecast to be 6.9 percent over the period under review.

According to the minister, tax income collection increased by 38% in the current fiscal year, and the province will receive Rs7,438 billion. The Federal Board of income expects to earn Rs12,970 billion in revenue for the upcoming fiscal year.

In contrast to the federal government’s projected net income of Rs9,119 billion, he stated that the federation’s non-tax revenue projections are set at Rs3,587 billion.

The federal government’s total outlays are projected to be Rs18,877 billion, with interest payments accounting for the remaining Rs9,775 billion.

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