Business

Gold rates in Pakistan record major increase as rupee depreciates

Published

1 year ago

Farwa

Yellow metal gains Rs6,200 per tola.
Prices of silver remain unchanged in local market.
Gold rates increase by $10 internationally.

KARACHI: Gold prices in Pakistan ticked up on Tuesday in line with the depreciation of the rupee against the US dollar and an increase in the international rates of the bullion.

According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs6,200 per tola and Rs5,316 per 10 grams to settle at Rs221,000 and Rs189,472, respectively.

Meanwhile, the price of the yellow metal gained $10 to settle at $1,967 in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy gold in such times as a safe investment and a hedge.

According to market practice, local prices of gold usually go up on the rupee’s depreciation against the US dollar and declining prices of commodities in the international market.

Moreover, people also tend to buy and sell the precious commodity ahead of the month of Muharram — which marks the beginning of the new Islamic year, eventually increasing the yellow metal’s demand.

Data shared by the association showed the price of silver remained unchanged at Rs2,650 per tola and Rs2,271.94 per 10 grams.

A day earlier, the prices of the yellow metal increased by Rs1,600 per tola and Rs1,371 per 10 grams, respectively.

Meanwhile, the local currency fell by 1.34% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs283.04 against the dollar.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.