Business

Gold dazzles in Pakistan as price increases by Rs4,000

Published

2 years ago

Farwa

Gold price falls by Rs3,429 per 10 grams.
Prices of silver gain Rs50 in local market.
Yellow metal also increases internationally.

KARACHI: Gold prices in Pakistan made major gains on Thursday ahead of the month of Muharram which marks the beginning of the new Islamic year.

According to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs4,000 per tola and Rs3,429 per 10 grams to settle at Rs200,000 and Rs178,326, respectively.

Meanwhile, the price of the yellow metal also jumped in the international market today as it gained $13 to settle at $1,959 per ounce.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy gold in such times as a safe investment and a hedge.

As the month of Muharram is set to arrive, people tend to buy and sell the precious commodity, increasing its demand.

Data shared by the association showed the price of silver increased by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,600 and Rs2229.08, respectively.

A day earlier, the price of the bullion fell by Rs500 per tola and Rs429 per 10 grams.

Meanwhile, the local currency gained minimally by 0.37% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs276.46 against the dollar.

Business

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

14 hours ago

Farwa

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Business

With inflation slowing, the SBP is anticipated to lower the policy rate for the eighth time in a row.

Published

14 hours ago

Farwa

Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.

The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.

According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.

Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.

In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.

12PC POLICY RATE

In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.

The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.

The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.

Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.