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Gold price remains unchanged in Pakistan

Published

3 years ago

Farwa

Cumulatively, the yellow metal gained Rs1,350 per tola in the domestic market during the week ended March 12.
Local prices of gold usually go down on rupee’s appreciation against US dollar.
Firmer tone to economic data and strengthening currency would undermine support for gold.

KARACHI: Gold price remains unchanged in Pakistan amid stability in the international market and rupee appreciation against the US dollar.

According to rates issued by the All Sindh Sarafa Association, gold prices clocked in at Rs130,750 per tola and Rs112,097 per 10 grams on Saturday.

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

The association determines local prices based on rupee-dollar parity and international rates. According to the market practice, local prices of gold usually go down on the rupee’s appreciation against the US dollar and rising prices of commodities in the international market.

A firmer tone to economic data and strengthening currency would undermine support for gold, which has benefited in recent times from the plunge in local currency.

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.

Gold in global market

In the international market, gold recorded minor gains as a safe-haven appeal for the metal dimmed after Russian President Vladimir Putin said there had been progressing in talks with Ukraine, with the likelihood of a looming US rate hike adding pressure to bullion.

The price of yellow metal slightly rose by $5 to settle at $1,988 per ounce.

“There are certain positive shifts, negotiators on our side tell me,” Putin said in a meeting with his Belarusian counterpart Alexander Lukashenko, but did not provide any details.

“The Russia-Ukraine crisis will continue to support the prospect for higher precious metal prices,” said Saxo Bank analyst Ole Hansen in a note, as that could mean higher inflation, slowing growth and fewer central bank-rate hikes.

With US inflation ballooning in February, bets that the central bank will raise its benchmark overnight interest rate by at least 25 basis points on March 16, stood at 94%, according to CME’s FedWatch Tool.

“(For gold) many positive fundamental factors, like inflation and supply chain disruption still remain… but in the short term, we might have priced a good amount of those into the market,” said David Meger, director of metals trading at High Ridge Futures.

Latest News

The BCCI has confirmed that Pakistan’s name will be on India’s jersey during the Champions Trophy.

Published

39 minutes ago

Farwa

On Wednesday, the BCCI confirmed that Pakistan’s name would be put on India’s shirt.

According to Indian media, India’s shirt would incorporate the Champions Trophy emblem, which has been approved by the ICC. The Indian team will adhere to the International Cricket Council’s mega-event criteria.

The BCCI has underlined that the Indian squad will respect the ICC’s norms.

It is worth noting that the Champions Trophy begins on February 19.

The Pakistan Cricket Board (PCB) urged the ICC to severely enforce the BCCI’s policies.

Entertainment

Ahad Raza Mir and Dananeer Mobeen’s tight relationship has sparked rumours!

Published

43 minutes ago

Farwa

Ahad Raza Mir and Dananeer Mobeen, co-stars of the famous drama series ‘Meem Se Mohabbat,’ have piqued the public’s interest with their blossoming off-screen chemistry.

The drama has received accolades for its upbeat atmosphere, interesting storyline, and outstanding supporting cast.

Ahad’s mother made a special gesture.

Ahad’s mother, Samra Raza Mir, recently made a sincere gesture for Dananeer, which fuelled the rumours. She made Dananeer’s favourite ‘Dumba Karahi’ using her mother’s secret recipe.

Dananeer

Dananeer expressed her delight on social media, posting a picture of the dish and thanking the person for their considerate gesture.

Ahad’s family has been actively involved in his career and projects, with his father, Asif Raza Mir, also playing a role in ‘Meem Se Mohabbat.’ The family’s close bond with Dananeer also clear, as they previously celebrated her graduation together.

Fan Reactions

Since his divorce, Ahad Raza Mir has lived a low-key personal life. Fans, on the other hand, have been eager to speculate about a possible romance between the two co-stars, citing their developing friendship and family participation as evidence of a budding relationship.

Here’s what the fans said:

“Is Had’s mother cooking for Dananeer?” This is becoming intriguing!”

“They look so good together in the drama; maybe there’s something more?”
“Ahad deserves happiness after everything, and Dananeer seems like a sweet person.”

While the speculations are mainly based on fan observations, the bond between Ahad Raza Mir and Dananeer Mobeen continues to pique their followers’ interest.

Latest News

Speaker Sardar Ayaz Sadiq chairs the session.

Published

47 minutes ago

Farwa

The National Assembly has resumed its session in the Parliament House, chaired by Speaker Sardar Ayaz Sadiq.

Speaking on the floor of the House, Parliamentary Secretary Dr Darshan stated that the government has approved two projects for Bani Gala and the surrounding districts in the current fiscal year.

He stated that the initiatives to build a sewerage system in Bani Gala will cost 46.881 million rupees. He stated that suitable safety equipment are being provided to sanitation personnel in the ICT sewerage division to preserve their lives.