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Why gold prices not released in Pakistan today?

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As people remain curious as to why the All Pakistan Sarafa Gems and Jewellers Association did not release the gold rates on Wednesday, it was learnt that the local bullion market remained closed today.

APSGJA President Haji Haroon Rasheed Chand, in a public message, confirmed the bullion rates were not released on account of Shab-e-Barat (15th Shaban).

Believers across the country observed Shab-e-Barat, also known as the night of blessings and glory, on Tuesday night (tonight) with full religious spirit.

Gold prices have been declining for the last many days and have cumulatively lost Rs9,200 or per tola in the last four days.

It should be noted that the APSGJA notifies the gold rates to the market every day after determining the price by keeping in view its rates in world markets, the rupee-dollar exchange rate, and demand and supply in domestic markets.

The price of gold on Tuesday declined by Rs700 per tola and Rs600 per 10 grams to settle at Rs197,300 and Rs169,153, respectively.

The association last reported that the price of gold has been “under cost” by Rs3,000 per tola in Pakistan, as compared to prices in Dubai. This means that, at present, the Pakistani gold market is less expensive than the world market.

The price of per tola gold plunged below the critical Rs200,000-mark due to the rupee’s appreciation against the US dollar under the current cycle.

Meanwhile, in the international market, gold prices hovered near a one-week low on Wednesday after Federal Reserve Chair Jerome Powell said US interest rates might need to go higher than expected to control sticky inflation.

Spot gold was nearly flat at $1,814.10 per ounce by 1253 GMT, after hitting its lowest since Feb. 28 at $1,809.27. Following Powell’s remarks on Tuesday, prices fell nearly 2%.

US gold futures were down 0.1% to $1,818.70.

Powell reverting to a higher-for-longer stance took the wind out of gold as the markets now expect higher rates, StoneX analyst Rhona O’Connell said.

The Fed will likely need to raise rates more than expected in response to recent strong data and is prepared to move in larger steps if the “totality” of incoming information suggests tougher measures are needed to control inflation, Powell said on the first day of his semi-annual two-day testimony before Congress.

Gold’s appeal tends to dim when rate hike expectations rise because higher rates increase the opportunity cost of holding non-yielding bullion.

Market participants are now mostly expecting a 50 basis-point hike at the Fed’s March 21-22 policy meeting.

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Gold prices in Pakistan see record increase

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Pakistan’s gold prices surged by an astounding Rs3,500 on Saturday. The cost of 24-karat gold increased to Rs220,300 per tola as a result of this increase in gold prices across the nation.

The price of 10 grammes of 24-karat gold increased correspondingly, according to dealers, by a significant Rs3,001, to trade at Rs188,872. In a similar vein, 10 grammes of 22-karat gold experienced an increase in price, trading at Rs173,132.

These oscillations have a strong correlation with shifts in the US dollar’s value, demonstrating the complex interplay between gold prices and exchange rates. This emphasises how local gold prices are impacted by events related to the global economy.

Additionally, the price of 24-karat silver increased by a record Rs30 to trade at Rs2,600. The price of gold increased significantly on a global scale as well, by $36, to $2,103 per ounce.

It’s important to understand that fluctuations in the worldwide market can cause considerable fluctuations in gold rates in Pakistan throughout the day. The gold rates that are offered are obtained from reliable sources, mostly situated in Karachi and Multan.

It is recommended that individuals seek the advice of nearby gold merchants and jewellers for the most precise and current information on gold prices.

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The gold price in Pakistan today

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According to the All Sindh Sarafa Jewellers Association, the price of 10 grammes of 24 karat gold increased by Rs772 to Rs184,928 from Rs184,156, while the price of 10 grammes of 22 carat gold increased to Rs169,517 from Rs168,810.

These oscillations are strongly correlated with shifts in the US dollar’s value, demonstrating the complex interplay between gold prices and exchange rates.

This emphasises how local gold prices are impacted by events related to the global economy.

On the other hand, the cost of 24-karat silver was constant at Rs 2,570. Globally, too, the price of gold increased somewhat by $9 to $2,057 per ounce.

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Pakistan receives a $2 billion loan from China, according to the finance minister

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The $2 billion loan was one year ahead of schedule and became due in March. According to reports, Beijing had informed Islamabad of the decision.

The International Monetary Fund granted Pakistan’s cash-strapped economy a $3 billion standby arrangement last summer, but the country is still battling to recover from the financial crisis.

According to ratings firm Fitch, one of the top concerns confronting the next administration would be obtaining funding from bilateral and multilateral partners due to Pakistan’s precarious foreign situation, as was stated last week.

This event occurs one month after Anwaar-ul-Haq Kakar, the acting prime minister, asked for a $2 billion loan to be rolled over for a year in a letter to his Chinese counterpart.

In his letter, Kakar also expressed gratitude for China’s efforts to lessen Pakistan’s load

of foreign payments.

It is to be noted that Pakistan acquired safe deposits of $4 billion from China to address the balance of payments issue.

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