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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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Rainfall throughout the night stops flights in Lahore.

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Allama Iqbal International Airport experienced many hours of flight disruption due to the intense rainfall and windstorms that occurred overnight in Lahore, the provincial capital of Punjab.

Aviation sources claim that because of the monsoon weather, the flight operation was unable to operate between 3 and 4 am.

It is possible that the planes will arrive at the airport at 4 am.

Amidst delays in foreign airline flights, three aircraft made landings in Multan and Peshawar.

Riyadh flights arrived in Peshawar Airport, while flights scheduled to land in Lahore in Abu Dhabi and Bahrain ended up landing in Multan Airport.

Seven hours later than scheduled, the Qatar Airways flight from Doha arrived in Lahore.

Because of the bad weather, there are delays in the arrival and departure of numerous international planes.

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Changes to Pakistan’s Test team could be significant for the Bangladesh series.

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Major changes to Pakistan’s team are anticipated ahead of the forthcoming Test series against Bangladesh, sources in Lahore have revealed.

As the team gets ready for the series, meetings with the players are planned for next week.

It is predicted that the Test squad would undergo several changes. The team’s lineup is expected to be strengthened by the likely inclusion of Muhammad Huraira. Key players like Faheem Ashraf, Wasim Jr., Saim Ayub, and Nauman Ali, whose contributions are vital to the team’s success, struggle to get a spot on the squad.

Furthermore, according to sources, Imamul Haq or Sahibzada Farhan are anticipated to be added to the team, subject to additional assessment. Furthermore, following a fitness assessment, Amir Jamal and Hasan Ali’s futures will be determined.

The ultimate selection for the Test team will take place following Red Ball head coach Jason Gillespie’s return to Pakistan. The ultimate squad that will play Bangladesh in the forthcoming Test series will be greatly influenced by his assessments and thoughts.

Pakistan is scheduled to visit New Zealand in March and April of 2025, according to the country’s official cricket schedule, which was released earlier this month.

Throughout their visit, the Pakistan cricket team will play three One Day Internationals (ODIs) and five Twenty20 Internationals (T20Is) in an exciting series.

The T20I series, which starts at Hagley Oval in Christchurch on March 16, will serve as the tour’s opening event.

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PM Meets With KP Lawmakers: Promises Progression and Relief Efforts in Province

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Khyber Pakhtunkhawa lawmakers are given assurances by Prime Minister Shehbaz Sharif regarding the province’s development, namely in the amalgamated districts, with a particular emphasis on the provision of standard health and educational facilities.

Khyber Pakhtunkhwa National and Provincial Assembly members paid a visit to Prime Minister Muhammad Shehbaz Sharif at PM House.

During the meeting, the Prime Minister stated that the PML-N Government has always given priority to the development of the combined districts.

The prime minister promised that the combined Districts would have standard health and educational facilities, and that Danish Schools would be established nearby to offer local pupils an education of the highest caliber possible.

The PM also underlined the importance of promoting solar energy, combating electricity theft, and helping the middle class and impoverished.

He said that in order to boost the agriculture sector’s growth, expand the amount of land under cultivation, and reduce the nation’s reliance on foreign fuel imports, the government was converting agricultural tubewells to solar energy nationwide.

According to PM Shehbaz Sharif, the government recently provided significant reduction from electricity rates for those with low and moderate incomes.

At the event, he also announced the creation of a committee headed by the deputy prime minister, whose goal will be to identify long-term solutions to the issues facing Khyber Pakhtunkhwa’s elected officials.

He argued that in order to preserve the nation from going into default, the current government had to make difficult political choices in order to revitalize the economy.

The parliamentarians gave Prime Minister Shehbaz Sharif high marks for his visionary leadership in transforming Pakistan’s economy.

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