Business

Gold scales to new peak of Rs164,000 per tola in Pakistan

Published

1 year ago

Farwa

Gold price is climbing high in line with depreciation of rupee.
Precious commodity is expected to maintain uptrend.
Silver prices remain unchanged in local market.

Gold price rose to a fresh record high of Rs164,000 per tola on Monday with investors scurrying for a safe haven after a softening currency and bleak economic data underlined the shaky pace of growth.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed the price of gold surged by Rs700 per tola and Rs601 per 10 grams to settle at Rs164,000 and Rs140,604.

Last week, the yellow metal touched a record high of Rs163,500 per tola in the local market as the stability of the Pakistan rupee against the US dollar shifted investors’ focus towards a safe-haven asset.

Cumulatively, the price of gold surged by Rs3,750, or 2.35%, per tola during the week ended December 3, 2022.

Gold price is climbing high in the local bullion market in line with the prices in the international market and the depreciation of the Pakistani rupee against the US dollar.

The precious commodity is expected to maintain an uptrend as international prices are once again eyeing a $1,800 mark while there is “no hope of stability in local currency” till the country receives funds from friendly countries and clears the ninth review of the International Monetary Fund (IMF).

The association, however, stated that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs2,000 per tola compared to its price in Dubai.

The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.

However, gold dealers lamented that their businesses are suffering because of a lack of purchasing power despite the wedding season.

In the international market, the price of the yellow metal pulled back slightly from a five-month high on Monday as the US dollar recouped some losses, although the metal still held near the key $1,800 level, buoyed by news of top bullion consumer China relaxing its stringent COVID-19 restrictions.

Gold price registered a meagre decline of $4 per ounce settling at $1,794.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,780 per tola and Rs1,526.06 per 10 grams.

Business

Pakistan’s gold prices continue to decline.

Published

2 days ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

2 days ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

2 days ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.