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Gold prices in Pakistan witness steep decline

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  • Per tola gold prices fall by Rs6,300 to Rs232,800.
  • 10 grammes of gold is being sold at Rs199,588.
  • In int’l market, yellow metal falls by $9 to settle at $1,931 per ounce.

KARACHI: Gold prices in Pakistan continued to decline for the second consecutive day as the rupee shed 1.46 against the US dollar in the interbank trading on Tuesday.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic price of the precious metal (24 karat) lost Rs6,300 per tola and Rs5,402 per 10 grammes to settle at Rs232,800 and Rs199588, respectively.

Meanwhile, the price of the yellow metal fell by $9 to settle at $1,931 per ounce in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation.

Data shared by the association showed the price of silver 24 karat dipped by Rs100 per tola and Rs85.74 per 10 grammes to settle at Rs2,800 and 2400.5, respectively.

It is pertinent to mention here that the local unit witnessed a devaluation of Rs1.46 against the greenback in the interbank trading and closed at Rs307.10 against the previous day’s closing of Rs305.64.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs320.8 and Rs324, respectively.

A day earlier, the per tola price of 24 karat gold decreased by Rs700 and was sold at Rs239,100. Similarly, the price of 10 grams of 24-karat gold also fell by Rs600 to Rs204,990, according to the All Sindh Sarafa Jewellers Association.

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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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