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Gold price rises by Rs200 per tola in Pakistan

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  • Gold price settles at Rs142,200.
  • 10 gram gold rate settles at Rs121,914.
  • Silver prices in domestic market remained unchanged.

KARACHI: Despite the appreciation of the Pakistani rupee against the US dollar, the gold price in Pakistan extended gains on Friday.

The price of the precious commodity rose by Rs200 per tola and Rs172 per 10 grams to settle at Rs142,200 and Rs121,914, respectively.

A day earlier, the precious commodity closed at Rs142,000 per tola and Rs121,742 per 10 grams.

Moreover, the demand for gold is slightly picking up pace due to the ongoing wedding season.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 per tola and Rs1,303.15 per 10 grams today.

Gold steadies in international market

In the international market, gold prices steadied but were set for a fourth straight weekly drop, as the US dollar resumed its rally. At the same time, the focus shifted to US non-farm payroll print that could influence expectations of interest rate hikes.

US gold futures firmed at $1,739.90. The dollar was set for its second consecutive week of gains, making bullion less attractive for overseas buyers.

“A strong payrolls number and another strong CPI number (next week) will merely serve to drive the dollar higher and gold lower.” Still, weaker readings could signal a policy shift and reset expectations around the September Fed meeting, said Michael Hewson, chief market analyst at CMC Markets UK.

On the technical front, gold’s break below the $1,760 level could signal a further slide to $1,720, and potentially the 2021 lows near $1,680, Hewson added.

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Dar sets off for Saudi Arabia to participate in OIC’s historic conference.

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Thursday departure for Saudi Arabia for the Extraordinary Session of the Organisation of Islamic Cooperation (OIC) Council of Foreign Ministers was Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar.

The extraordinary session is scheduled against the backdrop of worsening Palestinian situation brought on by Israeli aggression against Palestinians, the consequent humanitarian crisis, and illegal and immoral recommendations of relocation of Palestinians from their ancestral homeland, a DPM’s office news release said.

The deputy prime minister will restate at the conference Pakistan’s continuous support of the Palestinian people and their noble cause.

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People Purchase Food Items at Discounted Prices during Ramadan at Sahulat Bazaars

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For the holy month of Ramadan, Punjabis have begun swarming to Ramzan Sahulat Bazaars to purchase necessary food items and other necessities.
Under the guidance of Punjab Chief Minister Maryam Nawaz and with the help of the Punjab Sahulat Bazaar Authority, 36 bazaars have been established across Punjab to offer people cheap, reasonably priced food and other necessities.
Ten Ramzan Bazaars can be found in Lahore, eight in Rawalpindi, three in each of Jhelum, Faisalabad, and Nankana Sahib, and several others in other cities. There is a rigors system in place to regulate prices.
The Punjab government has also started a Ramzan Negheban Pakage for low-income, worthy families, worth 30 billion rupees. Through the Bank of Punjab, 3 million families will get at least 10,000 rupees at their doorstep as part of the programme.

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Released After Saudi Authorities Arrest an Innocent Family

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The innocent family who was detained in Saudi Arabia has been released, while nine members of an international drug gang have been arrested for framing them by exchanging their bag tags at the Lahore airport.
Due to the Anti-Narcotics Force Team’s assistance in their release on special instructions from Interior Minister Mohsin Naqvi, all five members of the innocent family have returned home.
After the Kingdom of Saudi Arabia officials received evidence from the anti-narcotics force, the innocent family who had been detained by Saudi authorities was released.
Following their discharge from the drug case, Interior Minister Mohsin Naqvi paid the family a visit at their home. Major General Abdul Maeed, the Director General of the Anti-Narcotics Force, accompanied him.
Later, when he and the Innocent Family spoke to the media, he said

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