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Gold price plummets by Rs4,300 per tola in Pakistan

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2 years ago

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  • Gold price settles at Rs134,200 per tola.
  • Price has declined by Rs9,300 per tola since August 10.
  • Gold is cheaper by Rs7,500 per tola compared to its price in Dubai.

KARACHI: In line with the international market, the price of gold plunged by a whopping 3.1% in the domestic market amid no demand from consumers.

Data released by the All Sindh Sarafa Jewellers Association (ASSJA) showed that the gold prices in the local market recorded a decrease of Rs4,300 per tola and Rs3,686 per 10 grams to settle at Rs134,200 and Rs115,055.

The price of the precious commodity is declining because of the continuous appreciation of the Pakistan rupee against the US dollar — which has recovered nearly 12% or Rs26 — and fading concerns regarding the deepening economic crisis.

Cumulatively, the precious commodity has lost Rs9,300 per tola since August 10.

The dealers had already anticipated the market to undergo a correction after the precious commodity scaled to new peaks. The gold hit an all-time high of Rs162,500 per tola on July 28.

Pakistan is 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 by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

It should be noted that the gold price is standing below cost. Gold is cheaper by Rs7,500 per tola compared to its price in Dubai.

In the international market, bullion prices slid $27 per ounce to settle at $1,775 as investors turned cautious in the run-up to minutes of the previous US Federal Reserve policy meeting amid hawkish comments from the central bank officials.

Meanwhile, silver prices in the domestic market shed Rs20 per tola and Rs17.14 per 10 grams to settle at Rs1,540 and Rs1,320.30 today.

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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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6 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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Business

The inflation rate in Pakistan dropped to its lowest level.

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6 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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