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Gold prices majorly increase in Pakistan as week begins

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  • Price of gold (24 carats) settles at Rs229,900.
  • Int’l price of yellow metal reaches $1,891 per ounce.
  • Price of silver remains unchanged. 

KARACHI: Gold prices in Pakistan started the week on a positive note as they surged in line with the rupee’s depreciation against the dollar and gain in international rates. 

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs3,100 per tola and Rs2,658 per 10 grams to settle at Rs229,900 and Rs197,102, respectively.

Meanwhile, the price of the yellow metal saw a minute increase in the bullion as it gained $2 to settle at $1,891 per ounce in the international market today.

AA Commodities Director Adnan Agar told Geo.tv that the gold rates in the local market are continuously increasing due to the weaker rupee against the greenback. 

“The decrease in international rates is not impacting the domestic prices as the dollar continues to become stronger. The international rates fell below the 1900 mark but there has been a bounce back today,” he added. 

Agar said that if the rupee continues to decline and the international prices also fall then this will not impact the local rates of bullion. “The prices might become stable. However, if the international rates increase and the rupee continues its weak trend then the gold rates might jump even more,” said Agar. 

In the last six sessions, the rates of the precious commodity gained Rs8,100 per tola in the local market.

Data shared by the association showed the price of silver remained unchanged at Rs2,800 per tola and Rs2,400.54 per 10 grams, respectively.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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