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Gold rangebound in Pakistan as focus shifts to economic data

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  • Gold price settles at Rs177,500 per tola in Pakistan.
  • Price of gold rises by Rs4,800 per tola during week ended Dec 24.
  • Silver price plunge by Rs80 per tola to settle at Rs2,020.

Gold prices in Pakistan witnessed a meagre rise on Saturday in holiday-thinned trading, as market participants awaited economic data for further direction.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold registered a slight increase of Rs200 per tola and Rs172 per 10 grams to settle at Rs177,500 and Rs152,178.

A day earlier, gold recorded its first major drop of Rs3,350 per tola to Rs177,300 in Pakistan, breaking a 12-day-long streak of crazy gains almost every day.

Cumulative, the price of precious commodity gained Rs4,800, or 2.77%, per tola during the week ended December 24.

Pakistan has seen days recently when the bullion recorded a reduction in its price in international markets, but local pricing bodies kept ballooning the commodity price in the country amid high demand and low supply scenario for the metal.

It should be noted that the APSGJA notifies the gold rates to the market every day after determining the price by keeping in view its rates in world markets, the rupee-dollar exchange rate, and demand and supply in domestic markets.

Gold prices have been rising for the last many days and have cumulatively gained Rs16,300 or 10% per tola since December 1, raising concerns about whether the soaring price is sustainable or constitutes an unsustainable bubble.

Analysts believe that the unavailability of the dollar in Pakistan and the widening difference between interbank and open market exchange rates triggered the recent price hike; however, grey markets of the precious commodity have also added fuel to the speculations.

Meanwhile, silver prices plunged by Rs80 per tola and Rs68.59 per 10 grams to settle at Rs2,020 per tola and Rs1,731.82 per 10 grams, respectively.

In the international market, gold prices hemmed into a tight range in thin trading, as cautious traders awaited economic data due later in the day to gauge the Federal Reserve’s rate hike stance. Prices settled at $1,798 after a meagre rise of $1 per ounce. 

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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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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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