Business

Gold registers minimal decline on rupee appreciation

Published

2 years ago

Farwa

Gold prices in Pakistan registered losses following the rupee’s appreciation against the dollar as the supply of the greenback increased the in the local market.

The price of gold (24 carats) decreased by Rs200 per tola and Rs172 per 10 grams to settle at Rs197,500 and Rs169,324, respectively, according to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

Cumulatively, the yellow metal has shed Rs2,500 per tola during the ongoing week — and it has only registered gains once as the movement of Pakistani currency remains volatile.

The precious metal scaled an all-time high of 210,500 per tola on January 30, 2023; however, its price started receding after the situation became virtually better on hopes of revival of the International Monetary Fund (IMF) bailout programme.

Meanwhile, gold price in the international market edged up but was on track for a weekly fall as prospects of further interest rate hikes dented its allure, while traders awaited a US non-farm payrolls report due later in the day.

The price settled at $1,834 per ounce after registering a handsome gain of $15.

Powell showed determination to control stubbornly high inflation, saying that rates would be likely to rise faster and reach higher than previously expected, a scenario that creates a downside for gold, Ricardo Evangelista, senior analyst at ActivTrades, said.

Bullion is known as an inflation hedge, but rising rates increase the opportunity cost of holding the non-yielding asset.

“The yellow metal has strong technical support near $1,810-$1,790 an ounce and we may see a bounce back to $1,875 next week,” said Jigar Trivedi, an analyst with Mumbai-based Reliance Securities.

Investor focus shifts to US non-farm payrolls data due at 1330 GMT for further clues on the Fed’s rate-hike path. The report is expected to show that non-farm payrolls increased by 205,000 in February, according to economists polled by Reuters.

If the data is weak, then gold could benefit and might rise to the $1,850-$1,860 range, said Carlo Alberto De Casa, an external analyst at Kinesis Money.

It should be noted that Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,120 per tola and Rs1,817.55 per 10 grams, respectively.

Business

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

Published

3 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

2 weeks 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.