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Gold loses shine, price plunges by Rs4,200 per tola

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2 years ago

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  • Gold price settles at Rs158,300 per tola.
  • Since Monday, gold gained Rs12,000 per tola.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold lost its shine on Friday as the precious commodity receded nearly half of its gain recorded a day earlier as the Pakistani currency snapped its 10-day losing streak.

Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed that the price of gold, considered a safe haven, plunged by Rs4,200 per tola and Rs3,601 per 10 grams to settle at a record high of Rs158,300 and Rs135,717 in the local market.

A day earlier, the gold price jumped by a whopping Rs10,500 per tola and the price hit a historic-high of Rs162,500.

Cumulatively, since the start of the week — Monday — gold has gained Rs12,000 per tola in the local bullion market.

“Gold price is climbing high in the local bullion market in line with the prices in the international market — which has surged by $50 per ounce since Monday — and depreciation of Pakistani rupee against the US dollar,” AA Commodities Director Adnan Agar told Geo.tv a day earlier.

The analyst further said that 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 a loan tranche from 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 Rs6,500 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.

ASSJA President Haji Haroon Chand lamented that their businesses are suffering because of a lack of purchasing power; while the government has also imposed fixed taxes on gold dealers which is also adding to the woes of the dealers.

In the international market, bullion prices increased by $12 per ounce to settle at $1,762 supported by a softer dollar and bets that the Federal Reserve may cool the pace of rate hikes as economic risks deepen.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,630 per tola and Rs1,397.46 per 10 grams today.

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SIFC Promotes International Honey Trade: Malaysia Becomes an Export Destination for KP 60,000 Honey Farms

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The successful arrival of Khyber Pakhtunkhwa’s first batch of SIDR honey in Malaysia is a major turning point for Pakistan’s honey sector.

The special investment facilitation council is helping to raise the profile of Pakistan’s agricultural exports internationally.

The Ministry of Commerce is dedicated to increasing Pakistan’s honey exports internationally, and the Pakistani high commission in Kuala Lumpur has been instrumental in fostering collaborations between Malaysian and Pakistani companies.

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The KSE-100 is getting closer to the 100,000 level thanks to bullish momentum.

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At 98,164.24 points, the benchmark KSE-100 Index is just 1,800 points away from the much-anticipated 100,000 level and is approaching a historic milestone.

Favorable macroeconomic indicators and high investor confidence have propelled the index’s bullish momentum as of 9:47 a.m. today.

The KSE-100 had a significant increase of 469.84 points, or 0.48%, on Friday, closing at 97,798.23 points. Market optimism was indicated by the index’s quick spike to an intraday high of 99,623.03 points.

Analysts have increased their estimates, predicting that by the end of 2025, the KSE-100 might rise to 120,000. Continued improvements in macroeconomic conditions, such as declining bond yields, are anticipated to be the main drivers of this spike since they are bringing more liquidity to the equities market.

Following the drop in bond yields, mutual funds have made about $132 million in investments in Pakistani stocks since January 2024. This influx of funds is considered a favorable indicator of investor sentiment.

The market has also risen as a result of the State Bank of Pakistan’s decision to reduce interest rates by a total of 700 basis points, from 22% in May 2024 to 15% now.

The All-Share Index, which measures the overall market, also showed robust gains. With a net increase of 280.51 points, or 0.44%, it was at 62,376.87 points. Expectations of additional growth in the equity market are being bolstered by this encouraging trend.

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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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4 days ago

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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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