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Gold loses traction, price declines by Rs400 per tola

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2 years ago

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  • Gold price settles at Rs161,200 per tola.
  • Globally, gold is headed for biggest monthly gain in more than two years.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold price in Pakistan broke its winning streak as the rate declined by Rs400 per tola after local and international investors braced for a speech by US Federal Reserve Chair Jerome Powell for hints on future interest rate rises.

The price of gold price declined by Rs400 per tola and Rs314 per 10 grams to settle at Rs161,200 and Rs138,203, respectively, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

Cumulatively, gold gained Rs11,200, or 7.5%, per tola during November as constant fluctuations in rupee-dollar parity coupled with festive season demand lifted the precious metal’s appeal.

Initially, gold was showing signs it was possibly stabilising, but investors are still nervous ahead of the US Fed policy announcement on how aggressive the central bank will be.

The rupee’s stability hurt gold even though the precious metal is regaining shine in the international market. However, local investors will not immediately jump back into gold.

Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.

Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets. The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.

In the international market, the price of the yellow metal rose by $4 per ounce settling at $1,760 and was headed for its biggest monthly gain in more than two years.

Globally, gold is set for a 7.8% monthly rise, which would be its best since July 2020, and follows a seven-month losing streak.

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 remained unchanged at Rs1,740 per tola and Rs1,491.76 per 10 grams.

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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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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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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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