Business

Gold scales to new peak of Rs164,000 per tola in Pakistan

Published

2 years ago

Farwa

Gold price is climbing high in line with depreciation of rupee.
Precious commodity is expected to maintain uptrend.
Silver prices remain unchanged in local market.

Gold price rose to a fresh record high of Rs164,000 per tola on Monday with investors scurrying for a safe haven after a softening currency and bleak economic data underlined the shaky pace of growth.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed the price of gold surged by Rs700 per tola and Rs601 per 10 grams to settle at Rs164,000 and Rs140,604.

Last week, the yellow metal touched a record high of Rs163,500 per tola in the local market as the stability of the Pakistan rupee against the US dollar shifted investors’ focus towards a safe-haven asset.

Cumulatively, the price of gold surged by Rs3,750, or 2.35%, per tola during the week ended December 3, 2022.

Gold price is climbing high in the local bullion market in line with the prices in the international market and the depreciation of the Pakistani rupee against the US dollar.

The precious commodity is expected to maintain an uptrend as international prices are once again eyeing a $1,800 mark while there is “no hope of stability in local currency” till the country receives funds from friendly countries and clears the ninth review of the International Monetary Fund (IMF).

The association, however, stated that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs2,000 per tola compared to its price in Dubai.

The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.

However, gold dealers lamented that their businesses are suffering because of a lack of purchasing power despite the wedding season.

In the international market, the price of the yellow metal pulled back slightly from a five-month high on Monday as the US dollar recouped some losses, although the metal still held near the key $1,800 level, buoyed by news of top bullion consumer China relaxing its stringent COVID-19 restrictions.

Gold price registered a meagre decline of $4 per ounce settling at $1,794.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,780 per tola and Rs1,526.06 per 10 grams.

Business

Minister of Finance Reaffirms Unwavering Support for APM Terminals Group in Effort to Strengthen Bilateral Cooperation

Published

18 hours ago

Farwa

Senator Muhammad Aurangzeb, Pakistan’s Minister of Finance, has promised the APM Terminals Group his full support in creating an environment that is both business-friendly and conducive to investment.

In Islamabad, he met with a group of APM terminals who had come to hear him speak. Keith Svendsen, CEO of APM Terminals, was in charge of the group.

Muhammad Aurangzeb, a senator from Pakistan, expressed his approval of APM Terminals’ investment plans.

Following last month’s signing of a memorandum of agreement to strengthen bilateral cooperation, the meeting’s emphasis was on the actions taken to date.

Business

Pakistan’s gold prices are declining.

Published

2 days ago

Farwa

Ten grams of 24 carat gold also had a price decrease of Rs. 1,115, from Rs. 239,026 to Rs. 237,911, while ten kilos of 22 carat gold saw a rise in price from Rs. 219,107 to Rs. 218.085.

The cost of ten grams of silver and one tola of silver stayed at Rs. 2,829.21 and Rs. 3,300, respectively.

As stated by the Association, the price of gold fell $13 to $2,670 on the global market.

On Monday, November 11, 24-karat gold prices fell to 3,771 Saudi Riyals (SAR) per tola in Saudi Arabia.

The price of 24-kar gold is SAR 10,067 per ounce, while 10 grams of the metal are being sold for SAR 3,237 in the kingdom, according to forex.pk.

Note: Since the prices were updated at 10:15 am on November 11, 2024, there may be some discrepancies in this post due to the dynamic nature of the gold market globally, especially in Saudi Arabia.

As the markets anticipate the Federal Reserve to take a cautious stance under U.S. President-elect Donald Trump’s administration, gold prices fell for a second session on Monday due to a stronger dollar and heightened risk appetite.

As of 09:27 GMT, spot gold was down 0.6% to $2,666.48 an ounce. The price of US gold futures dropped 0.8% to $2,673.20.

“A stronger U.S. dollar, rising Treasury yields, and increased risk appetite in financial markets are the main reasons why gold prices have declined — a trend that has gained momentum since Donald Trump’s victory in last week’s presidential election,” said Ricardo Evangelista, senior analyst at ActivTrades.

Business

Prices for cooking oil and ghee have increased in Pakistan.

Published

2 days ago

Farwa

Details show that although the price of ghee increased to Rs 550, the price of cooking oil increased by Rs 30 to Rs 560.

The market vendors said that the cost of Karachi-branded ghee had increased by an astounding Rs 120 over the past month, to Rs 500.

The Sensitive Price Indicator (SPI), which measures weekly inflation, increased by 0.28 percent for all consumer categories during the week ending October 17, according to a report released by the Pakistan Bureau of Statistics (PBS) on October 18.

In the aforementioned group, the SPI for the week under review was 319.79 points, compared to 318.91 points the previous week, according to the PBS statistics.

In the week under examination, the SPI for the combined consumption group increased by 15.02 percent compared to the same week last year.

51 important goods for all expenditure groups and 17 urban centers are covered by the weekly SPI with base year 2015–16 = 100.

Additionally, the SPI for the lowest consumption category, which is up to Rs 17,732, increased by 0.27 percent from 312.91 points last week to 313.74 points.