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Gold continues to set new records in Pakistan

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3 years ago

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  • Gold price rises by Rs300 per tola today.
  • Precious commodity gains Rs4,000 in last six sessions.
  • Silver price rises by Rs60 per tola in Pakistan.

KARACHI: Gold has continued to make and break new records since the formation of the new government followed by the ongoing economic crisis. 

It hit a fresh all-time high of Rs136,000 per tola (11.66 grams) in Pakistan on Thursday, providing protection to investors from rupee depreciation. 

According to the All Sindh Sarafa Jewellers Association (ASSJA), the price of gold per tola rose by Rs300. Meanwhile, the price rose by Rs257 per 10 grams to settle at Rs116,598.

With the latest increase of Rs300 per tola today, the gold price has surged by a total of Rs4,000 in the last six sessions (Friday-Thursday).

Gold has emerged as a safe asset in these challenging times of the economic crisis. People were aggressively buying gold to protect their cash from deflation.

The drop in the rupee value — which slumped to an all-time low of Rs191.77 against the US dollar in the interbank market — forced the gold trading body to revise up the bullion price significantly as Pakistan meets the local demand for the precious yellow metal through imports.

Earlier, commenting on the rising prices, a gold dealer had said that the metal remains a safe haven against inflation (rupee depreciation and increase in essential commodity prices) and people invest in gold to avoid the impact of the devaluation of the local currency.

He predicted that the gold price will continue to hover at a high level along with the depreciating rupee as the market sees the local currency crossing the critical 200-mark.

However, despite the wedding season, the demand in the market remains subdued due to a lack of purchasing power.

In the international market, the price of yellow metal recorded a decrease of $6 per ounce to settle at $1,846.

Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market rose significantly by Rs60 per tola and Rs51.44 to settle at Rs1,560 and Rs1,337.44 today.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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20 hours ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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21 hours ago

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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