Cumulatively, it gains Rs3,800 per tola in last three sessions.
Bargain hunters take advantage of recent losses.
Gold prices extended gains on Tuesday near a one-week peak hit in the last week, buoyed by a weaker rupee, while investors looked forward to economic developments that could influence the market direction.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs500 per tola and Rs429 per 10 grams to settle at Rs197,000 and Rs168,896, respectively.
The Pakistani rupee lost 0.24% against the US dollar in the interbank market settling at 262.51, which boosted the precious commodity’s appeal.
The bargain hunters took advantage of recent losses, but the precious metal’s outlook was still clouded by prospects of further recovery of the rupee against the greenback as optimism regarding the revival of the International Monetary Fund (IMF) programme can boost the currency market’s sentiment.
Cumulatively, the yellow metal gained Rs3,800 per tola during the last three sessions.
Meanwhile, silver prices in the domestic market rose by Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,150 per tola and Rs1,843.27 per 10 grams, respectively.
In the international market, gold price fell by $12 per ounce to settle at $1,832 on a rise in the dollar while investors awaited US economic data to gauge the Federal Reserve’s interest rate strategy.
The dollar index hovered around its highest in six weeks, making dollar-priced gold more expensive for buyers holding other currencies.
“Gold’s primary driver remains the shifting expectations surrounding the Fed’s next policy moves, with perhaps more clues to be found within the upcoming FOMC minutes release,” said Han Tan, chief market analyst at Exinity.
“Should the US economy continue defying the Fed’s rate hikes, that could invite a higher peak for US rates, much to the chagrin of bullion bulls.”
The focus this week will be on the release of the Federal Open Market Committee’s January meeting minutes on Wednesday, followed by US gross domestic product data on Thursday and Friday’s core PCE price index.
Gold prices hit their highest since April 2022 early this month at $1,959.60, but have since lost around $130 after US data showed signs of a resilient economy.
A 10-member Task Force has been formed by the government to digitize the Federal Board of Revenue (FBR) in partnership with the Special Investment Facilitation Council (SIFC).
Improving FBR’s systems and completely digitizing its operations are part of the Task Force’s mandate. Policy interventions, data automation, software installation, and collaboration with provincial revenue authorities are among the main goals.
Together with developing a track-and-trace system through integrated automation, the task force will also establish an Automated Supply Chain System for distributors and wholesalers.
Pakistan Revenue Automation Limited would become a stand-alone IT bureau for planning and data preparation.
In order to create a unified national tax strategy, the project seeks to maximize revenue collection, increase transparency, and simplify Pakistan’s tax system while encouraging cooperation between the federal and provincial tax authorities.
The benchmark 100 Index was up 777 points, finishing at 90,970 points, as the Pakistan Stock Exchange (PSX) maintained its striking upward trend for the sixth day in a row.
Strong market momentum and investor optimism were highlighted by the index’s 850-point spike earlier in the day, which briefly reached a record-breaking 91,050 points.
As trading activity hits previously unheard-of heights, the historic milestone represents increased investor optimism and represents a tremendous accomplishment for the PSX. Experts foresee continuous momentum if favorable conditions continue, attributing the ongoing advance to optimistic economic indicators and investor zeal.
The dates of the 2024 International Conference on Sustainable Agriculture are set for October 29 and 30 in Karachi.
Supported by the Green Pakistan Initiative, which has achieved great strides in the last year, the conference is organized by the Pakistan Media Development Foundation, Exhibitor TV, and Ripple Concept.
Focusing on enhancing agricultural productivity using contemporary technology, the conference supports the Special Investment Facilitation Council’s (SIFC) prioritizing of agriculture.
Experts will talk about sustainable techniques and organic farming, and there will be a plenary discussion on the Land Information and Management System.
In order to facilitate connections between professionals and stakeholders, the event will also feature exhibitions that promote contemporary methods and technologies.
Sindh and Balochistan’s agriculture departments will display their accomplishments in provincial pavilions. Participants will also include sponsors Saudi-Pak Investment Company, National Bank of Pakistan, and Bank of Punjab.