Business

Gold registers minimal decline on rupee appreciation

Published

1 year ago

Farwa

Gold prices in Pakistan registered losses following the rupee’s appreciation against the dollar as the supply of the greenback increased the in the local market.

The price of gold (24 carats) decreased by Rs200 per tola and Rs172 per 10 grams to settle at Rs197,500 and Rs169,324, respectively, according to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

Cumulatively, the yellow metal has shed Rs2,500 per tola during the ongoing week — and it has only registered gains once as the movement of Pakistani currency remains volatile.

The precious metal scaled an all-time high of 210,500 per tola on January 30, 2023; however, its price started receding after the situation became virtually better on hopes of revival of the International Monetary Fund (IMF) bailout programme.

Meanwhile, gold price in the international market edged up but was on track for a weekly fall as prospects of further interest rate hikes dented its allure, while traders awaited a US non-farm payrolls report due later in the day.

The price settled at $1,834 per ounce after registering a handsome gain of $15.

Powell showed determination to control stubbornly high inflation, saying that rates would be likely to rise faster and reach higher than previously expected, a scenario that creates a downside for gold, Ricardo Evangelista, senior analyst at ActivTrades, said.

Bullion is known as an inflation hedge, but rising rates increase the opportunity cost of holding the non-yielding asset.

“The yellow metal has strong technical support near $1,810-$1,790 an ounce and we may see a bounce back to $1,875 next week,” said Jigar Trivedi, an analyst with Mumbai-based Reliance Securities.

Investor focus shifts to US non-farm payrolls data due at 1330 GMT for further clues on the Fed’s rate-hike path. The report is expected to show that non-farm payrolls increased by 205,000 in February, according to economists polled by Reuters.

If the data is weak, then gold could benefit and might rise to the $1,850-$1,860 range, said Carlo Alberto De Casa, an external analyst at Kinesis Money.

It should be noted that Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,120 per tola and Rs1,817.55 per 10 grams, respectively.

Business

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

Published

3 hours 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.

Business

Fly Jinnah opens a new route internationally.

Published

3 hours ago

Farwa

Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

Business

Tajir Dost app: traders don’t seem interested in registering

Published

4 hours ago

Farwa

To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”