Connect with us

Business

Gold loses shine, price plunges by Rs4,200 per tola

Published

3 years ago

on

  • Gold price settles at Rs158,300 per tola.
  • Since Monday, gold gained Rs12,000 per tola.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold lost its shine on Friday as the precious commodity receded nearly half of its gain recorded a day earlier as the Pakistani currency snapped its 10-day losing streak.

Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed that the price of gold, considered a safe haven, plunged by Rs4,200 per tola and Rs3,601 per 10 grams to settle at a record high of Rs158,300 and Rs135,717 in the local market.

A day earlier, the gold price jumped by a whopping Rs10,500 per tola and the price hit a historic-high of Rs162,500.

Cumulatively, since the start of the week — Monday — gold has gained Rs12,000 per tola in the local bullion market.

“Gold price is climbing high in the local bullion market in line with the prices in the international market — which has surged by $50 per ounce since Monday — and depreciation of Pakistani rupee against the US dollar,” AA Commodities Director Adnan Agar told Geo.tv a day earlier.

The analyst further said that the precious commodity is expected to maintain an uptrend as international prices are once again eyeing a $1,800 mark while there is “no hope of stability in local currency” till the country receives a loan tranche from the International Monetary Fund (IMF).

The association, however, stated that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs6,500 per tola compared to its price in Dubai.

The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.

ASSJA President Haji Haroon Chand lamented that their businesses are suffering because of a lack of purchasing power; while the government has also imposed fixed taxes on gold dealers which is also adding to the woes of the dealers.

In the international market, bullion prices increased by $12 per ounce to settle at $1,762 supported by a softer dollar and bets that the Federal Reserve may cool the pace of rate hikes as economic risks deepen.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,630 per tola and Rs1,397.46 per 10 grams today.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

Published

2 days ago

on

By

Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

Continue Reading

Business

As the MPC meeting draws closer, stocks rise.

Published

2 days ago

on

By

On the final working day of trading, the Pakistan Stock Exchange (PSX) maintained its optimistic trend.

After rising more than 900 points, the benchmark KSE-100 index stabilized around 114,684 points.

The forthcoming Monetary Policy Committee (MPC) meeting on March 10 is allegedly connected to the bullish trend.

Recall that the KSE-100 index gained over 1,400 points on Thursday before closing at 113,713 points.

The greenback, on the other hand, dropped Rs0.07, from Rs279.82 to Rs279.75.

Continue Reading

Business

FBR to Enhance Revenues: Enacts Significant Reforms, Attains Record Revenue Collection

Published

4 days ago

on

By

The Federal Board of Revenue has effectively executed significant reforms in the past year, enhancing tax administration, compliance, and digital transformation under the leadership of Prime Minister Shehbaz Sharif.
The FBR implemented AI-driven risk identification algorithms to improve tax audits and introduced a customer relationship management dashboard for real-time compliance monitoring.
Moreover, AI-driven Customs Intelligence and digital invoicing systems have transformed tax collection and customs operations.
The implementation of faceless customs assessment has markedly diminished clearance waits, optimizing international trade.
The unified sales tax return has streamlined the tax filing procedure, while the continuous advancement of a tier-3 data center seeks to enhance data security and AI-driven surveillance.
To enhance transparency, the FBR digitized its litigation management system for faster dispute resolution.

Continue Reading

Trending