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Gold, silver peak to fresh all-time high in Pakistan

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2 years ago

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  • Gold price settles at an all-time high of Rs164,150 per tola.
  • Silver price clocks in at Rs1,860 per tola.
  • Gold is cheaper by Rs3,000 per tola compared to its price in Dubai.

Gold and silver touched new peaks in Pakistan on Wednesday as the rupee rout against the US dollar entered the third day in the interbank market.

The price of gold rose by Rs250 per tola and Rs214 per 10 grams to settle at an all-time high of Rs164,150 and Rs140,732, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

Meanwhile, silver prices in the domestic market surged by Rs80 per tola and Rs68.59 per 10 grams to settle at Rs1,860 and Rs1,594.65.

Gold and silver price is climbing high in the local bullion market with investors scurrying for a safe haven after a softening currency and bleak economic data underlined the shaky pace of growth.

On December 5, the yellow metal touched a record high of Rs164,000 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.

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).

However, gold dealers lament that since gold prices were touching new peaks in the country, it had seized to exist as a lucrative business in the country.

Only investors are investing in gold here. Otherwise, artificial jewellery is being used in marriages and other ceremonies

The association mentioned that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs3,000 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.

In the international market, the price of the yellow metal pulled back slightly and remained in a tight range as investors eyed next week’s US Federal Reserve meeting for confirmation on its interest rate hike trajectory.

Gold price registered a meagre decline of $1 per ounce settling at $1,774.

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Business

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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Business

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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