Business

Gold loses shine as price drops by over Rs4,000 per tola

Published

2 years ago

Farwa

Gold loses shine as price drops by over Rs4,000 per tola

Business Desk

|July 11, 2023

Gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. — Reuters

Gold price falls by Rs4,500 per tola.
Prices of silver remain unchanged in local market.
Yellow metal gains $7 in international market.

KARACHI: The prices of gold in Pakistan saw a major drop on Tuesday despite an increase in the prices in the international market.

According to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) lost Rs4,500 per tola and Rs3,858 per 10 grams to settle at Rs204,500 and Rs175,326, respectively.

Meanwhile, the price of the yellow metal made a nominal increase by gaining $7 to settle at $1,925 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. People prefer to buy this precious commodity in such times as a safe investment and a hedge.

Data shared by the association showed the price of silver remained the same for the second session this week at Rs2,480 per tola and Rs2,26.20 per 10 grams.

A day earlier, the price of the bullion increased by Rs800 per tola and Rs686 per 10 grams.

Meanwhile, the local currency gained minimally by 0.44% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs278.57 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

15 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.