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Gold price remains unchanged in Pakistan

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  • Cumulatively, the yellow metal gained Rs1,350 per tola in the domestic market during the week ended March 12.
  • Local prices of gold usually go down on rupee’s appreciation against US dollar.
  • Firmer tone to economic data and strengthening currency would undermine support for gold.

KARACHI: Gold price remains unchanged in Pakistan amid stability in the international market and rupee appreciation against the US dollar. 

According to rates issued by the All Sindh Sarafa Association, gold prices clocked in at Rs130,750 per tola and Rs112,097 per 10 grams on Saturday.

Cumulatively, the yellow metal gained Rs1,350 per tola in the domestic market during the week that ended March 12.

The association determines local prices based on rupee-dollar parity and international rates. According to the market practice, local prices of gold usually go down on the rupee’s appreciation against the US dollar and rising prices of commodities in the international market.

A firmer tone to economic data and strengthening currency would undermine support for gold, which has benefited in recent times from the plunge in local currency.

Gold rates in Pakistan are around Rs6,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

Gold in global market

In the international market, gold recorded minor gains as a safe-haven appeal for the metal dimmed after Russian President Vladimir Putin said there had been progressing in talks with Ukraine, with the likelihood of a looming US rate hike adding pressure to bullion.

The price of yellow metal slightly rose by $5 to settle at $1,988 per ounce.

“There are certain positive shifts, negotiators on our side tell me,” Putin said in a meeting with his Belarusian counterpart Alexander Lukashenko, but did not provide any details. 

“The Russia-Ukraine crisis will continue to support the prospect for higher precious metal prices,” said Saxo Bank analyst Ole Hansen in a note, as that could mean higher inflation, slowing growth and fewer central bank-rate hikes.

With US inflation ballooning in February, bets that the central bank will raise its benchmark overnight interest rate by at least 25 basis points on March 16, stood at 94%, according to CME’s FedWatch Tool. 

“(For gold) many positive fundamental factors, like inflation and supply chain disruption still remain… but in the short term, we might have priced a good amount of those into the market,” said David Meger, director of metals trading at High Ridge Futures.

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As of today, the F-8 Underpass is now open to traffic. Naqvi

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According to Interior Minister Mohsin Naqvi, traffic will begin to flow through the F-8 Exchange Underpass today.

During his inspection visit to the F-8 Exchange Interchange and Serena Interchange Projects in Islamabad, the minister made the statement.

According to him, the F-8 Exchange Chowk Interchange Project is still being worked on nonstop.

Serena Chowk Interchange will be opened in January, according to Mohsin Naqvi, and the construction will be finished in 60 days.

He said any kind of hindrance to the projects should be removed and projects be completed on time at all costs.

He said with the completion of the projects, citizens’ traffic woes will end.
The minister also ordered protection of trees during construction of projects.

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An event for medical training is being held at CMH Peshawar, and Major General Masood is distributing awards.

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Romina Khurshid Alam, the Coordinator of the Prime Minister’s Office, underlined the significance of gender-inclusive climate resilience during her presentation on climate change. This was done in light of the fact that Pakistan is seeing a worsening of the consequences of climate change.

When Alam was having a conversation with a group of people from the Green Tech Hub at NUST and UN-Women, he brought up the idea that women who live in rural regions are particularly vulnerable, but that they are also quite important in the process of creating solutions that are sustainable.

It was discussed by the delegation that the Green Tech Hub, which was formed in October at NUST, should be enlarged in order to foster innovation in the disciplines of climate adaptation and renewable energy. This was done in order to encourage innovation in these domains. For the purpose of bolstering the initiative, Romina Alam has committed to give assistance in the search of collecting funds and collaborations.

The necessity of providing women with the knowledge and tools necessary to create resilience was emphasized by Romina Alam, who also called for climate strategies that are inclusive and take into account the specific issues that women face and the potential that they have to take on leadership roles.

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Climate-related challenges are growing in Pakistan, and the prime minister’s climate aide is advocating for gender-inclusive climate resilience.

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During her presentation on climate change, Prime Minister’s Coordinator Romina Khurshid Alam emphasized the importance of gender-inclusive climate resilience in light of the fact that Pakistan is experiencing a worsening of the effects of climate change.

Alam brought up the fact that women living in rural areas are especially vulnerable, but they are also vital to finding sustainable solutions during a discussion with a team from the Green Tech Hub at NUST and UN-Women.

It was discussed by the delegation that the Green Tech Hub, which was established in October at NUST, should be expanded in order to encourage innovation in the fields of climate adaptation and renewable energy. In order to bolster the project, Romina Alam has committed to providing help in the pursuit of acquiring financing and collaborations.

The necessity of providing women with the knowledge and tools necessary to create resilience was emphasized by Romina Alam, who also called for climate strategies that are inclusive and take into account the specific issues that women face and the potential that they have to take on leadership roles.

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