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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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Iranian President Offers Condolences for Kurram Terrorist Attack

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Masoud Pezeshkian, the president of Iran, has expressed his sorrow for the recent terrorist assault in Pakistan that claimed dozens of lives and denounced the crime.

The Iranian president said that all types of terrorism must be denounced in a statement. In addition to the relatives of the attack victims, he sent his sympathies to the people and government of Pakistan.

“I will stand by its friendly and brotherly country, Pakistan, and will seriously pursue the fight against terrorism to enhance security and stability in the region,” he added.

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It’s unfortunate that political points were scored. Claims Against Saudi Arabia Show a Desperate Attitude: Dar

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According to Senator Mohammad Ishaq Dar, the deputy prime minister and foreign minister, accusing Saudi Arabia of gaining political points is a sign of a desperate attitude.

In response to the PTI founder’s spouse’s remarks on Saudi Arabia, the Deputy Prime Minister stated, “Pakistan and Saudi Arabia are close friends and brothers.”

According to Dar, Saudi Arabia’s path of growth and prosperity is something they greatly admire. The nation of Pakistan takes pride in its strong ties with Saudi Arabia, which has supported it no matter what.

He said it is unfortunate and shows a desperate attitude to “implice Saudi Arabia for petty political point scoring.”

In order to prevent any political forces from jeopardizing Pakistan’s foreign policy, the deputy prime minister of their political objectives.”

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Examining Drug Mafia: Balochistani Smuggling Operation Started

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Two drug dealers were detained and an international narcotics deal was thwarted in Balochistan by government institutions.

A significant amount of crystal ice was taken from the individuals who were arrested.

The 70 kg of illegal goods that were found are valued about $1 million on the global market.

The arrested person’s cell phone also yielded contact information for the international drug gangs from Afghanistan and Britain.

The Pakistan Security Forces are dedicated to making the nation drug-free.

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