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In a first, one tola gold price surpasses Rs150,000 mark in Pakistan

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  • Price of gold soars Rs2,500 per tola.
  • Yellow metal settles at an all-time high of Rs152,000 per tola.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold price hit an all-time high, surpassing Rs150,000 per tola (11.66 grams) in Pakistan on Wednesday mainly due to a speculative increase in demand and partly due to the depreciating local currency.

The price of gold, considered a safe haven, soared Rs2,500 per tola and Rs2,143 per 10 grams to an all-time high of Rs152,000 and Rs130,315 in the local market, the All Sindh Saraf and Jewellers Association (ASSJA) reported.

With the latest increase of Rs2,500 per tola today, the gold price has surged by a total of Rs7,000 in the last six sessions.

Gold is likely to maintain the uptrend until economic clarity is seen. Analysts are of the view that the worldwide economic slowdown and recession in some economies may spark a new wave of inflation and currency depreciation around the world. 

Keeping these trends in view, investors may continue to take fresh positions in gold.

The association, however, stated that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs3,500 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.

The bullion price is going up for the last many days. Besides, the international currency; the US dollar is strengthening globally. And the local currency (versus the US dollar) has continued to depreciate.

In the international market, bullion prices decreased by $3 per ounce to settle at $1,721 — staying above the key level of $1,700.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,600 per tola and Rs1,371.74 per 10 grams today.

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A bid of ten billion rupees has been submitted by Blue World Consortium for the privatization of the Pan-India Airport (PIA).

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A bid of 10 billion rupees has been made by the Consortium to privatize Pakistan International Airlines.

There is only one bid from the Blue World Consortium.

The Blue World City Consortium has been the only group to submit documentation.

Through circulation, the Federal Cabinet will approve the reserve price of PIA.

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Business Leaders Are Encouraged To Keep Up With New Regulations Regarding Pakistan’s Textile Exports To Germany

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Despite the fact that Pakistan is a significant exporter of textiles to Germany, business leaders in Pakistan need to remain updated about developing laws. A conference on textiles was organized in Karachi, and German Consul General Dr. Rudiger Lotz underlined this point at the event.

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During his meeting with the Qatar Businessmen Association, the Prime Minister of Pakistan extended an invitation to invest in key sectors.

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Meeting with the Qatar Businessmen Association (QBA) delegation, Prime Minister Muhammad Shehbaz Sharif talked about strengthening economic ties and looking into new cooperation opportunities.

His Excellency Sheikh Faisal Bin Qassim Al-Thani led the QBA delegation, which was made up of prominent businesspeople from Qatar who each represented important economic sectors. During the discussion, prominent members of Qatar’s business sector and important leaders from Pakistan discussed how to improve trade, investment, and economic ties.QBA members in attendance included Sheikh Mansoor bin Jassim Al Thani, Chairman of the Mansoor Jassim Al Thani Group; Mr. Nabil Abu Issa, CEO of Blue Salon; Mr. Khalid Ahmed Al Mannai, Executive Director of Mannai Corporation; Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank; Mr. Yousuf Ebrahim Al-Mahmoud, Director of Sendian Group; and Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank.

By highlighting the many prospects in industries like energy, infrastructure, and finance, the prime minister made Pakistan an alluring place for foreign investment.

All of these delegates showed interest in Pakistan’s economic situation, namely in the future energy, technological, and infrastructure development initiatives under consideration.
Throughout the discussion, both parties looked at possible partnerships that may promote innovation, job creation, and sustainable development in both nations. The QBA members expressed interest in increasing their investments in Pakistan’s infrastructure and energy sectors in a positive response to the Prime Minister’s request. The significance of bilateral cooperation was emphasized in order to support regional economic growth and stability.

The meeting was also attended by Federal Ministers for Commerce Kam Kamal Khan, Finance and Revenue Mohammad Aurangzeb, and Information and Broadcasting Attaullah Tarar, as well as Deputy Prime Minister and Foreign Affairs Senator Mohammad Ishaq Dar and Defense Minister Khawaja Muhammad Asif.

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