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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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Pakistan will begin a full-scale military campaign in Balochistan to combat terrorism.

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The National Action Plan (NAP) Apex Committee, chaired by Prime Minister Shehbaz Sharif, announced the initiation of a comprehensive military operation in Balochistan to combat terrorism and eradicate militant organizations in the area.

The communiqué released post-meeting underscored the necessity to reactivate the National Counter-Terrorism Authority (Nacta) and to construct both a national and provincial intelligence fusion center. It was also resolved to establish centers for the identification and mitigation of emerging security threats.

In accordance with federal government directions for counter-terrorism, the committee sanctioned the establishment of district-level coordination committees under the oversight of province Apex Committees. This is a crucial measure to optimize anti-terrorism initiatives nationwide.

Officials were informed on the revitalized counter-terrorism initiative in Pakistan, emphasizing the problems presented by terrorism, religious extremism, and the dissemination of disinformation in the area. The meeting delineated the tactics implemented by various institutions to address these risks.

Prime Minister Shehbaz emphasized the necessity of political consensus and the cultivation of a constructive national narrative, asserting that political stability is crucial for fulfilling the objectives of national security and comprehensive stability.

The session was attended by the Army Chief, federal ministers, top officials, Chief Ministers from all provinces, the Prime Minister of Azad Jammu and Kashmir, and the Chief Minister of Gilgit-Baltistan.

– Chief of Army Staff pledges ‘action’ against obstructive entities –

Gen Munir emphasized the shared responsibility of all Pakistanis in combating terrorism, highlighting that the war against terror requires efforts from both military personnel and citizens.

“Each Pakistani is a combatant in the struggle against terrorism.” General Munir, addressing the apex committee meeting on the National Action Plan, remarked, “Some are in uniform, and some are not,” emphasizing the necessity for national unity in combating terrorism.

“He emphasized the necessity of a collective effort to combat the menace of terrorism.”

The army chief emphasized the significance of the Constitution, deeming it essential for all residents. He emphasized that the Constitution established a collective obligation to guarantee both internal and exterior security. The Constitution mandates our obligation for both internal and external security. “Anyone who impedes security will encounter repercussions,” he declared.

In response to national security issues, Gen Munir cautioned that anybody obstructing the endeavors of security personnel will face repercussions. “Anyone who obstructs our work will encounter repercussions,” he emphasized.

Gen Munir observed that the Pakistan Army and law enforcement authorities are addressing deficiencies in governance via the everyday sacrifices made by martyrs.

Prime Minister Shehbaz praised Chief of Army Staff General Syed Asim Munir and the government for their comprehensive efforts to restore the nation’s economy.

During his address to the Apex Committee on the National Action Plan (NAP), Prime Minister Shehbaz stated, “The nation’s economy is nearing stability.” The nation’s advancement depends on a strong economy.

He emphasized the necessity of collaborative endeavors to guide the nation towards prosperity.

The premier stated: “We must implement sustainable measures to guide the nation towards development and economic stability.”

PM Shehbaz acknowledged the provinces’ cooperation, stating: “The provinces have provided complete support to the federal government regarding the success of the International Monetary Fund (IMF) programme.”

The State Bank of Pakistan’s (SBP) policy rate has decreased from 22 percent to 15 percent. The information technology sector has experienced significant growth. The remittances are nearing stability.

The premier emphasized the significance of investment in the country, stating: “Foreign investors are encouraged by observing local investors making investments.”

He remarked, “The provinces and the central government will guarantee that this will be the conclusive program with the international lender.”

– Prime Minister Shehbaz commends Chief of Army Staff Munir’s endeavors in promoting the nation’s economy –

Prime Minister Shehbaz stated, “The billions of rupees will be deposited in the national treasury, ultimately benefiting the country as a whole.”

“Everyone has offered me an olive branch for the purpose of the nation’s advancement,” he declared.

Regarding political adversaries, Prime Minister Shehbaz stated: “Anyone wishing to organize protests may do so, but only after the conclusion of significant events and occasions.” A decision must be taken regarding whether to organize the protests or to consider guiding the nation towards prosperity.

He emphasized the urgent necessity to eradicate the threat of terrorism to facilitate the nation’s advancement.

“We must exert comprehensive efforts to enhance the tax base.” The PM remarked, “We required the assistance of the Kingdom of Saudi Arabia (KSA) and China to ensure the completion of the IMF program.”

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A vehicle accident in Nankana Sahib claimed one life and injured two.

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On Wednesday, an overspeeding-related traffic collision in Nankana Sahib claimed one life and injured two more.
Details indicate that a motorcycle and rickshaw crashed at Shah Kot Road close to Chak No-5, instantly killing one man and seriously wounding two more.

After being notified, police and emergency personnel arrived on the scene and took the injured and deceased to the hospital.

Pakistan is one of the riskiest nations due to the high frequency of traffic accidents. Pakistan has one of the worst rates of deadly traffic accidents in the world, which are attributed to terrible roads, poorly maintained cars, and careless driving.

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Condemnation of the Karachi Attack. Pakistan Firmly Denounces Atrocious Terrorist Assault: FO

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Pakistan vehemently denounces the atrocious terrorist assault at Karachi Airport yesterday night, resulting in the fatalities of two Chinese engineers and injuries to another.

The Foreign Office, in a statement issued in Islamabad, expressed profound condolences and sympathy to the families of the victims, both Chinese and Pakistani, and offered prayers for the prompt recovery of the injured.

The reprehensible act of terrorism constitutes an assault not just on Pakistan but also on the longstanding alliance between Pakistan and China.

The statement affirmed our determination to hold accountable those culpable for this barbaric assault, including the Majeed Brigade.

Pakistan’s security and law enforcement agencies will do every effort to apprehend the criminals and their accomplices. This heinous conduct will not remain unpunished.

The Ministry of Foreign Affairs is maintaining regular communication with the Chinese Embassy for coordination and facilitation. Pakistan and China are close allies and steadfast partners, connected by mutual respect and a shared future.

Pakistan reiterates its steadfast commitment to the safety and security of Chinese nationals, projects, and institutions within its borders, and would persist in collaborating with our Chinese counterparts to combat terrorism.

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