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Gold price drops by Rs200 per tola despite depreciation in rupee

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  • 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.

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Drive Against Price Hike: Punjab CM Directs Chief Secretary To Personally Monitor Drive

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Maryam Nawaz, the chief minister of Punjab, has instructed the chief secretary to personally oversee the province’s campaign against price increases and hoarding.
In order to minimise hoarding, she chaired a conference in Lahore and requested that the Government Rate List be publicly displayed in every shop and that the supply and demand of essential commodities be closely monitored.
According to Maryam Nawaz, throughout Holy Ramadan, the supply and prices of fruits and vegetables will also be closely monitored, and price increases would face severe legal action.

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Unverified Polio Case Report: Health Minister Establishes Committee to Look Into Issue

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Punjab Health Minister Khawaja Imran Nazir visited Mandi Bahauddin to address concerns over a reported Polio Case involving 8-Year-Old Mah Noor from Malikwal.

The Minister attested to Mahnoor’s good health and regular gait. All children, including Mah Noor, have received vaccinations, the minister underlined.

A health committee has been established to look into the issue further, the minister told the public.

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KP condemns the Haqqania bombing and calls on the KP government to prosecute those responsible.

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The suicide attack at Darul Uloom Haqqania has been widely denounced by the people of Khyber Pakhtunkhwa. They claimed that when Security Forces take action against the Khawarij faction, they not only attack mosques and seminaries but also use them as safe havens.
The public has demanded that the state step up its efforts to combat the Khawarij, highlighting the fact that their violence still poses a serious threat to the general public, especially academics. They have stated their steadfast support for Security Forces in their fight against this danger.
They claim that the Khawarij assault schools, seminaries, and mosques in an effort to deny Pakistan’s youth an education and take advantage of women and children as human shields. While explosions in public places have killed innocent civilians, including women, children, and the elderly, they have also desecrated the sanctity of mosques and turned them into terrorist hotspots.
They have called on the government to punish those accountable for this catastrophe severely and to put in place strong safeguards against future occurrences of this kind.

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