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Gold loses shine, price plunges by Rs4,200 per tola

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2 years ago

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  • Gold price settles at Rs158,300 per tola.
  • Since Monday, gold gained Rs12,000 per tola.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold lost its shine on Friday as the precious commodity receded nearly half of its gain recorded a day earlier as the Pakistani currency snapped its 10-day losing streak.

Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed that the price of gold, considered a safe haven, plunged by Rs4,200 per tola and Rs3,601 per 10 grams to settle at a record high of Rs158,300 and Rs135,717 in the local market.

A day earlier, the gold price jumped by a whopping Rs10,500 per tola and the price hit a historic-high of Rs162,500.

Cumulatively, since the start of the week — Monday — gold has gained Rs12,000 per tola in the local bullion market.

“Gold price is climbing high in the local bullion market in line with the prices in the international market — which has surged by $50 per ounce since Monday — and depreciation of Pakistani rupee against the US dollar,” AA Commodities Director Adnan Agar told Geo.tv a day earlier.

The analyst further said that the precious commodity is expected to maintain an uptrend as international prices are once again eyeing a $1,800 mark while there is “no hope of stability in local currency” till the country receives a loan tranche from the International Monetary Fund (IMF).

The association, however, stated that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs6,500 per tola compared to its price in Dubai.

The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.

ASSJA President Haji Haroon Chand lamented that their businesses are suffering because of a lack of purchasing power; while the government has also imposed fixed taxes on gold dealers which is also adding to the woes of the dealers.

In the international market, bullion prices increased by $12 per ounce to settle at $1,762 supported by a softer dollar and bets that the Federal Reserve may cool the pace of rate hikes as economic risks deepen.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,630 per tola and Rs1,397.46 per 10 grams 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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21 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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21 hours ago

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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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22 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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