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Gold price rises by Rs200 per tola in Pakistan

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2 years ago

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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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President and PM Reaffirm Commitment Against Terrorism on the Tenth Anniversary of the APS Attack

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6 days ago

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On the tenth anniversary of the attack on the Army Public School in Peshawar, Prime Minister Muhammad Shehbaz Sharif and President Asif Ali Zardari reiterated Pakistan’s determination to eradicate extremism and terrorism.

They emphasised the cowardice and brutality of the terrorists who targeted innocent pupils and instructors in the horrific incident on December 16 in their united statement.

The leaders pledged to keep working towards securing a peaceful future for Pakistan and honoured the sacrifices made by the country in the continuous war against terrorism.

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Information Minister Updates Media Pakistan and Saudi Arabia Reach New Bilateral Partnership Milestones: Tarar

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2 weeks ago

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According to Ataullah Tarar, Minister of Information and Broadcasting, Prime Minister Shehbaz Sharif’s recent trip to Saudi Arabia has been praised as a huge success, with both countries reaching new relationship milestones.

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Army, Navy, and Air Force Cadets Start 5-Month Training As PMA Strengthens Defense Through Joint Training

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Cadets from the Army, Navy, and Air Force are now receiving joint training at the Pakistan Military Academy (PMA).

Instilling discipline, leadership, and professional skills in its cadets, PMA promotes adherence to military standards and high principles.

The beginning of the thrilling journey for the future leaders of the three branches of the armed services was marked with a warm greeting from PMA.

Starting on December 1, the training will go for five months. After graduating, cadets in the air force and navy will continue their education at their respective academies.

In order to support both national development and defense, PMA has been instrumental in forming the country’s future leaders.

For any fight to be successful, the Army, Navy, and Air Force must work together seamlessly.

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