Business

Gold price in Pakistan witnesses decline amid drop in international rate

Published

2 years ago

Farwa

Gold price declines amid approaching cyclone Biparjoy.
Per tola gold settles at Rs219,000, rupee registers minor gain.
Price of yellow metal losses $13 per ounce in international market.

The gold price in Pakistan on Wednesday fell by Rs2,500 per tola in line with the drop in the international rates as well as the approaching cyclone Biparjoy which has led to the market being deserted.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) fell by Rs2,500 per tola and Rs2,143 per 10 grams to settle at Rs219,000 and Rs187,757, respectively.

The price of the yellow metal lost $13 to settle at $1,948 per ounce in the international market today.

Cumulatively, the prices of the precious commodity fell by Rs8,250 in the last three sessions.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy yellow metal in such times as a safe investment and a hedge.

The market saw a major decline due to several reasons including the international rates, depreciation of the dollar against the rupee, Biparjoy and the current weather which has restricted the buyers from going out.

Data shared by the association showed the price of silver dropped by Rs100 to settle at Rs2,550 per tola and Rs2,186.21 per 10 grams.

Meanwhile, the local currency gained Rs0.79 or 0.28% against the greenback and closed at Rs287.18 in the interbank market today.

Business

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

Published

12 hours 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

12 hours 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.