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

February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

Published

6 hours ago

Farwa

KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

1 day ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

1 day ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.