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One tola gold price falls by Rs1,300 in Pakistan

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  • Gold price settles at Rs141,900 per tola.
  • It has lost Rs17,700 per tola in last four sessions.
  • Silver prices remain unchanged.

KARACHI: The price of gold in the domestic market fell by Rs1,300 per tola and Rs1,115 per 10 grams on Friday in line with the performance during the week.

Domestic gold prices settled at Rs141,900 per tola and Rs121,656 per 10 grams owing to the constant appreciation of the Pakistani rupee against the US dollar.

A day earlier, gold prices in the local bullion market plunged by Rs2,100 per tola and Rs1,800 per 10 grams to reach Rs143,200 per tola and Rs122,771 per 10 grams.

Cumulatively, the price of gold plummeted by Rs17,700 per tola in the last four sessions (Monday-Friday).

A significant recovery of the Pakistani rupee against the US dollar during the week dimmed the shine of the yellow metal.

Speaking to Geo.tv, a gold dealer said that the price decline in the currency movement. Moreover, a decline in the international oil prices also triggered the downtrend, as according to the market analysis, both commodities move in the same direction.

“Since the start of the week, investors have been on the sidelines because of the uncertain market situation,” he said, adding that the market is reacting to the tiniest of the news reports.

Another gold dealer had said that Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

The dealers had already anticipated the market to undergo a correction after the precious commodity scaled to new peaks. The gold hit an all-time high of Rs162,500 per tola on July 28.

It should be noted that the gold price is standing 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.

In the international market, bullion prices recorded a meagre gain by $1 per ounce to settle at $1,788 as tensions over Taiwan and lower US yields kept bullion on course for a third straight weekly gain.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,620 per tola and Rs1,388.88 per 10 grams today.

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Zaidong, the ambassador, said China will fully back Pakistan’s counterterrorism operations.

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Reaffirming on Thursday that China will provide Pakistan with unwavering support in its fight against terrorism is Chinese Ambassador to Pakistan Jiang Zaidong.

In an interview that was broadcast on television, the ambassador promised to cooperate with Pakistan and said that China will protect the interests and safety of the citizens of the two friendly nations.

Zaidong underscored that efforts to undermine the two nations’ bilateral relationship would be thwarted by China’s cooperation with Pakistan.

Also, he emphasized how crucial China-Pakistan relations have become strategically given the changing nature of the world.

In highlighting the transformative impact of the China-Pakistan Economic Corridor (CPEC), the ambassador reaffirmed his nation’s commitment to seeing it through.

In addition to creating thousands of employment, he said, “the CPEC has facilitated significant advancements in power generation and transportation infrastructure with over $25 billion in direct investments and substantial infrastructure development.”

Zaidong stressed the value of sharing ideas and knowledge between Pakistan and China, acknowledging their shared security objectives.

Stressing that both countries have a common future, he envisioned their partnership having a greater social impact.

Concerning the terrorist attack on Chinese nationals [working on the Dasu dam], the ambassador expressed gratitude to the Pakistani people for their condolences and sympathy and commended the government for its prompt action.

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Mild rain in Lahore improves the weather

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Early on Friday, light rain in the province capital Lahore and its surrounding areas improved the weather.

But rain also led to power outages in several areas of Lahore, as multiple feeders of the Lahore Electric Supply Company (LESCO) blew, leaving whole sections of the city without power.

Details show that rain was observed in a number of locations throughout the city, including Model Town, Gulberg, Garden Town, Mall Road, Lakshmi Chowk, Gulshan Ravi, Jail Road, and Sanda.

However, the Met Office has forecasted an additional day of rain for the city during the next 24.

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The government will begin coordinated action against lawbreakers in the Katcha region

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On Friday, Mohsin Naqvi, the interior minister, announced that the government would begin a coordinated operation in the Katcha region to eradicate the miscreants for good.

He stated that collaborative efforts in the Katcha region will make use of contemporary technologies, including drones.

According to Mohsin Naqvi, all security agencies, including the police, should make sure that SOPs are fully implemented in order to protect Chinese nationals living in Pakistan.

He declared that any carelessness in this respect will not be accepted at all while presiding over a meeting to review the National Action Plan’s implementation at NACTA headquarters in Islamabad.

According to Naqvi, failure to follow the SOPs for the safety of foreign nationals will result in severe disciplinary action.

“We have to outfit our departments with cutting-edge technology to eradicate terrorism,” stated the interior minister. He declared that the provinces will receive all the assistance from the federation in this area.

Anti-state forces will be permanently driven out of the Katcha region, according to Naqvi. The interior minister expressed satisfaction with the anti-smuggling operations and stated that all ministries need to make sure that smugglers face stern legal action.

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