Business

Why gold prices not released in Pakistan today?

Published

1 year ago

Farwa

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.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

18 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

18 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.