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Gold glitters as price rises by nearly Rs1,000 per tola

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2 years ago

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  • Gold price settles at Rs148,300 per tola.
  • Prices seem to be consolidating.
  • Silver prices remain unchanged.

KARACHI: Gold shined bright on Monday after the price rose by Rs950 per tola as the rupee’s technical correction boosted its safe-haven appeal.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the gold price settled at Rs148,300 per tola. The price rose by Rs814 per 10 grams to settle at Rs127,143.

Cumulatively, the precious commodity gained Rs3,550 per tola during the week that ended October 15.

Gold prices seem to be consolidating. There is a pause in the market ahead of major event risks, with uncertainty regarding the International Monetary Fund (IMF) review due in November coupled with inflation numbers.

The precious commodity is considered an inflation hedge but rising interest rates reduce the non-yielding bullion’s appeal.

Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.

In the international market, the price of yellow metal rose by $13 per ounce helped by a slight pullback in the US dollar and treasury yields, even as fears lingered about more hefty Federal Reserve rate hikes to tame soaring inflation. The price settled at $1,657.

Gold rates in Pakistan are around Rs2,600 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,560 per tola and Rs1,337.44 per 10 grams.

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SIFC Promotes International Honey Trade: Malaysia Becomes an Export Destination for KP 60,000 Honey Farms

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21 hours ago

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The successful arrival of Khyber Pakhtunkhwa’s first batch of SIDR honey in Malaysia is a major turning point for Pakistan’s honey sector.

The special investment facilitation council is helping to raise the profile of Pakistan’s agricultural exports internationally.

The Ministry of Commerce is dedicated to increasing Pakistan’s honey exports internationally, and the Pakistani high commission in Kuala Lumpur has been instrumental in fostering collaborations between Malaysian and Pakistani companies.

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The KSE-100 is getting closer to the 100,000 level thanks to bullish momentum.

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At 98,164.24 points, the benchmark KSE-100 Index is just 1,800 points away from the much-anticipated 100,000 level and is approaching a historic milestone.

Favorable macroeconomic indicators and high investor confidence have propelled the index’s bullish momentum as of 9:47 a.m. today.

The KSE-100 had a significant increase of 469.84 points, or 0.48%, on Friday, closing at 97,798.23 points. Market optimism was indicated by the index’s quick spike to an intraday high of 99,623.03 points.

Analysts have increased their estimates, predicting that by the end of 2025, the KSE-100 might rise to 120,000. Continued improvements in macroeconomic conditions, such as declining bond yields, are anticipated to be the main drivers of this spike since they are bringing more liquidity to the equities market.

Following the drop in bond yields, mutual funds have made about $132 million in investments in Pakistani stocks since January 2024. This influx of funds is considered a favorable indicator of investor sentiment.

The market has also risen as a result of the State Bank of Pakistan’s decision to reduce interest rates by a total of 700 basis points, from 22% in May 2024 to 15% now.

The All-Share Index, which measures the overall market, also showed robust gains. With a net increase of 280.51 points, or 0.44%, it was at 62,376.87 points. Expectations of additional growth in the equity market are being bolstered by this encouraging trend.

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

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5 days 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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