Business

Gold declines from historic high

Published

2 years ago

Farwa

Rate of gold (24 carats) decreases by Rs2,700 per tola.
Drop comes amid fluctuations in international market.
Sliver prices in domestic market remain unchanged.

Gold price in Pakistan Thursday dropped more than Rs2,000 a day after hitting a historic high, with analysts terming the fluctuations in the international market as the reason behind today’s decline.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) decreased by Rs2,700 per tola and Rs2,314 per 10 grams to reach Rs237,300 and Rs203,447, respectively.

AA Commodities Director Adnan Agar told Geo.tv that although the rate in the international market had increased, the price of the yellow metal witnessed a drop as there were jitters in the market due to the uncertainty surrounding the US debt ceiling.

The drop in gold prices was witnessed as the dollar advanced, while markets assessed US inflation data to gauge the Federal Reserve’s next policy move.

“Near-term debt ceiling talks and US macro data will influence the gold price. Longer term, it could still go higher driven by a weaker dollar and lower real rates,” UBS analyst Giovanni Staunovo said.

In the international market, the rate of gold stood at $2,038 per ounce after an increase of $7.

The precious metal’s price rose to Rs240,000 per tola after it saw a massive increase of Rs9,900 due to the ongoing political turmoil that came after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan.

With the economy already in dire straits, people prefer to buy yellow metal to protect themselves against inflation and currency depreciation.

The weekly inflation hit an all-time high of 48.35% year-on-year (YoY) with prices of chicken and wheat flour increasing during the seven-day period ending May 4.

Meanwhile, it seems that Pakistan may not get a crucial tranche from the International Monetary Fund (IMF) anytime soon, as the country’s loan programme is not on the agenda of the lender’s Executive Board till May 17.

The delay in the revival of the IMF programme negatively impacts the currency market which, in turn, bolsters the demand for gold.

Data shared by the association showed that the sliver rates stood unchanged at Rs3,100 per tola and Rs2,657.7 per 10 grams.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

22 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.