Connect with us

Latest News

Gold price drops by Rs200 per tola despite depreciation in rupee

Published

on

  • Gold price drops by Rs200 per tola to reach Rs130,550.
  • Bullion rates in Pakistan are around Rs6,000 below cost.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold price in Pakistan dropped by Rs200 per tola in Pakistan despite rupee depreciation — which hit to an all-time low of Rs178.98 against the US dollar on Monday.

According to All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs200 per tola to reach Rs130,550, while the price of 10 grams gold decreased by Rs172 to reach Rs111,925.

A day earlier, the precious commodity closed at Rs130,750 per tola and Rs112,097 per 10 grams.

Cumulatively, the yellow metal had gained Rs1,350 per tola in the domestic market during the week that ended March 12.

Analysts were surprised over a decline in the gold price as past practices suggest that people used to take aggressive positions in gold in inflationary days.

However, they believe that investors — especially the young investors — are now taking aggressive positions in cryptocurrencies to make quick gains.

Speaking to Geo.tv, a gold dealer said that investing in gold is a safe bet against rupee depreciation or devaluation.

“People may also invest directly in the dollar to take a similar advantage, but some investors are more inclined towards the traditional shining asset,” he said.

He, however, said that Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

Accordingly, the gold price for local markets is determined keeping in view its prices in world markets, rupee-dollar exchange rate and its demand and supply in local markets.

In the international market, bullion price dropped by $20 per ounce to settle at $1,966.

Gold rates in Pakistan are around Rs6,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

Latest News

As of today, the F-8 Underpass is now open to traffic. Naqvi

Published

on

By

According to Interior Minister Mohsin Naqvi, traffic will begin to flow through the F-8 Exchange Underpass today.

During his inspection visit to the F-8 Exchange Interchange and Serena Interchange Projects in Islamabad, the minister made the statement.

According to him, the F-8 Exchange Chowk Interchange Project is still being worked on nonstop.

Serena Chowk Interchange will be opened in January, according to Mohsin Naqvi, and the construction will be finished in 60 days.

He said any kind of hindrance to the projects should be removed and projects be completed on time at all costs.

He said with the completion of the projects, citizens’ traffic woes will end.
The minister also ordered protection of trees during construction of projects.

Continue Reading

Latest News

An event for medical training is being held at CMH Peshawar, and Major General Masood is distributing awards.

Published

on

By

Romina Khurshid Alam, the Coordinator of the Prime Minister’s Office, underlined the significance of gender-inclusive climate resilience during her presentation on climate change. This was done in light of the fact that Pakistan is seeing a worsening of the consequences of climate change.

When Alam was having a conversation with a group of people from the Green Tech Hub at NUST and UN-Women, he brought up the idea that women who live in rural regions are particularly vulnerable, but that they are also quite important in the process of creating solutions that are sustainable.

It was discussed by the delegation that the Green Tech Hub, which was formed in October at NUST, should be enlarged in order to foster innovation in the disciplines of climate adaptation and renewable energy. This was done in order to encourage innovation in these domains. For the purpose of bolstering the initiative, Romina Alam has committed to give assistance in the search of collecting funds and collaborations.

The necessity of providing women with the knowledge and tools necessary to create resilience was emphasized by Romina Alam, who also called for climate strategies that are inclusive and take into account the specific issues that women face and the potential that they have to take on leadership roles.

Continue Reading

Latest News

Climate-related challenges are growing in Pakistan, and the prime minister’s climate aide is advocating for gender-inclusive climate resilience.

Published

on

By

During her presentation on climate change, Prime Minister’s Coordinator Romina Khurshid Alam emphasized the importance of gender-inclusive climate resilience in light of the fact that Pakistan is experiencing a worsening of the effects of climate change.

Alam brought up the fact that women living in rural areas are especially vulnerable, but they are also vital to finding sustainable solutions during a discussion with a team from the Green Tech Hub at NUST and UN-Women.

It was discussed by the delegation that the Green Tech Hub, which was established in October at NUST, should be expanded in order to encourage innovation in the fields of climate adaptation and renewable energy. In order to bolster the project, Romina Alam has committed to providing help in the pursuit of acquiring financing and collaborations.

The necessity of providing women with the knowledge and tools necessary to create resilience was emphasized by Romina Alam, who also called for climate strategies that are inclusive and take into account the specific issues that women face and the potential that they have to take on leadership roles.

Continue Reading

Trending