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Gold regains some lustre as uncertainty takes toll on rupee

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  • Gold price rises by Rs500 per tola.
  • Per tola rate settles at Rs144,500.
  • Silver prices remain unchanged.

KARACHI: Gold firmed on Thursday as the prospect of aggressive policy tightening by major central banks weighed on the non-interest-bearing metal’s appeal, while investors awaited European Central Bank’s policy announcement.

According to All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market rose by Rs500 per tola to reach Rs144,500, while the price of 10 grams of gold increased by Rs428 to reach Rs123,885.

A day earlier, the precious commodity closed at Rs144,000 per tola and Rs123,457 per 10 grams.

Gold remains as sensitive as ever to international banks rate hikes and as Pakistan remains a small market for gold at the global level therefore the price for local markets is determined keeping in view its prices in world markets, the rupee-dollar exchange rate and its demand and supply in local markets.

In the international market, bullion prices plunged by $26 per ounce to settle at $1,682 — falling below $1,700 due to policy rate concerns.

Gold rates in Pakistan are around Rs2,500 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,580 per tola and Rs1,354.60 per 10 grams today.

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The government is about to unleash another gasoline bomb on citizens beaten by inflation

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governmentThe price of petroleum products is anticipated to rise by the Federal Government starting on July 16. The price of gasoline is anticipated to rise by Rs7.67 per litre, the price of high-speed diesel by Rs3.72 per litre, and the price of kerosene by Rs2.73 per litre.

The people have informed me that a proposal to increase the petroleum levy has been created and is pending final clearance from Prime Minister Shehbaz Sharif.

After speaking with the premier, it is expected that the Ministry of Finance will declare the revised petroleum product prices tonight.

Petroleum product prices have recently surged due to rising global oil prices and Pakitsan’s adjustment of the petroleum levy in response to the International Monetary Fund’s (IMF) adamant demands, which forced the country to raise the petroleum development levy in the Finance Bill to Rs70 per litre.

Noteworthy is the fact that on July 1, the authorities also dropped a gasoline bomb.

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Positive Trend at PSX With a 1361-Point Gain for the KSE 100-Index

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In the first few hours of trading, the Pakistan Stock Exchange sees a bullish trend as the KSE 100-Index rises 1361 points, bringing the stock market to over 81,300 points.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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