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Gold price extends gains to sixth day in Pakistan

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  • Gold price settles at Rs204,200 per tola.
  • It gained Rs6,700 per tola in six sessions.
  • Silver price remains unchanged at Rs2,150 per tola.

Gold prices were higher for a sixth straight session on Friday, scaling over Rs204,000 as deepening political tensions triggered a fresh wave of concerns regarding a prolonged economic crisis.

Data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs700 per tola and Rs600 per 10 grams to settle at Rs204,200 and Rs175,068.

Gold barely responded to the appreciation of the Pakistani rupee against the US dollar, and moved in a narrow range staying above the key threshold of Rs200,000 per tola.

Cumulatively, the precious commodity has gained Rs6,700 per tola in the six sessions (Saturday-Friday).

As the other markets slide investors generally find refuge in gold to maintain a low-risk profile.

A likely economic contraction looms over Pakistan amid political and economic uncertainties and a holdup in the revival of the International Monetary Fund’s (IMF) loan.

The association said prices in the local market remained lower by Rs4,000 per tola as compared with the rates in Dubai’s gold market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,150 per tola and Rs1,843.27 per 10 grams, respectively.

In the international market, gold prices rose on Friday, seeing their biggest weekly gain since mid-November as a global banking crisis sent investors flocking to the safe haven metal. The per-ounce price settled at $1,936 after an increase of $10.

Gold this week benefited from safe-haven trading and dollar weakness, said Ricardo Evangelista, senior analyst at ActivTrades, adding the decision in Europe to raise rates weighed negatively on the dollar, contributing to gold’s strength.

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

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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.

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

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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.

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

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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.

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