Gold price plunges by Rs1,400 per tola in Pakistan.
Price settles at Rs195,600 per tola.
Silver prices in the domestic market remain unchanged.
Gold prices slipped nearly 1% on Wednesday, weighed down by a jump in the rupee and hopes of revival of the International Monetary Fund (IMF) programme that could influence the economic scenario.
According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) plunged by Rs1,400 per tola and Rs1,200 per 10 grams to settle at Rs195,600 and Rs167,695, 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 IMF programme can boost the currency market’s sentiment.
Cumulatively, the yellow metal gained Rs3,800 per tola during the last three sessions; however, the precious commodity snapped its winning streak today.
Meanwhile, silver prices in the domestic market remained unchanged at Rs2,150 per tola and Rs1,843.27 per 10 grams, respectively.
In the international market, gold price rose by $8 per ounce to settle at $1,840 as investors held off on big bets ahead of minutes from the US Federal Reserve’s latest policy meeting that could offer more cues on its rate-hike path.
“The market focus is on the Fed minutes which will be released later today but if there’s concerns about higher inflation or more persisting inflation scenarios then we could see gold prices potentially facing some headwinds,” Bank of China International analyst Xiao Fu said.
Minutes of the Fed’s latest meeting are due at 1900 GMT on Wednesday. The Fed raised rates by 25 basis points at its Jan. 31-Feb. 1 meeting, and is expected to raise benchmark rates above 5% by May with a peak seen at 5.347% in July.
Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion.
Gold may retest a support of $1,830 per ounce, a break below which could open the way to $1,816, according to Reuters technical analyst Wang Tao.
Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.
The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.
Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.
Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.
By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.
A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.
The notification said that built-up structural values on residential property will be gradually reduced.
A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.
In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.
Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.
Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.
In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.
In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.
Remittances from Pakistani workers totalled US$3.0 billion in January 2025, representing a 25.2% increase from the previous year.
The cumulative remittances for July through January of FY25 were 20.8 billion dollars, up 31.7 percent from 15.8 billion dollars during the same period in FY24.
In January 2025, the United States of America contributed 298.5 million dollars, the United Kingdom contributed 443.6 million dollars, the United Arab Emirates contributed 621.7 million dollars, and Saudi Arabia contributed 728.3 million dollars.