Business

Gold regains shine, price rises over 1% in Pakistan

Published

1 year ago

Farwa

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.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

22 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

22 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.