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Gold price falls by Rs250 in Pakistan

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3 years ago

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  • Per tola gold price settles at Rs130,000.
  • Cumulatively, gold lost Rs750 per tola during the week.
  • Silver prices in domestic market remained unchanged.

KARACHI: The price of gold in Pakistan decreased by Rs250 per tola and Rs214 per 10 grams to settle at Rs130,000 per tola and Rs111,454 per 10 grams, respectively.

A day earlier, the precious commodity closed at Rs130,250 per tola and Rs111,668 per 10 grams.

Cumulatively, the safe-haven asset lost Rs750 or 0.57% per tola during the week ended March 19. Meanwhile, in the international market gold extended losses recording a decline of $11 per ounce to settle at $1,921.

Globally, gold was on track for its biggest weekly drop in nearly four months on Friday, after the demand for the safe-haven metal was hit by hopes of progress in peace talks between Russia and Ukraine as well as the fallout from a US interest rate hike.

The dollar jumped against its rivals, making bullion more expensive for overseas buyers.

“We have seen the invasion-driven momentum and speculative fury (for gold) massively cool off over the past 10 days,” said David Jones, chief market strategist at Capital.com.

Bullion is down 2.8% this week as optimism over the peace talks lifted sentiment in wider financial markets, denting demand for safe-haven assets.

“If there is a ceasefire or some sort of a deal, gold could drop fairly quickly,” said Edward Meir, an analyst with ED&F Man Capital Markets.

Earlier this week, the Federal Reserve raised its benchmark overnight interest rate by a quarter of a percentage point and forecast an aggressive plan to push borrowing costs to restrictive levels next year. read more

Higher interest rates tend to raise the opportunity cost of holding non-interest paying gold.

Gold rates in Pakistan are around Rs5,500 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,500 and Rs1,286 today.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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