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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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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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President and Prime Minister Offer Condolences for Lives Lost in Multan Tanker Explosion

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Following an LPG-supply truck explosion in Multan that claimed five lives and injured numerous more, President Asif Ali Zardari and Prime Minister Shehbaz Sharif have offered their condolences.

The President prayed for the deceased souls and expressed sympathy to the families in a statement.

The prime minister offered up prayers for the departed and asked the grieving family to have patience.

He hoped for the injured people’s quick recovery as well.

Prime Minister Shehbaz ordered the investigation of the truck explosion’s cause and the implementation of preventative steps to ensure that similar occurrences do not occur in the future.

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The National Minority Commission Act 2024 is approved by the federal cabinet.

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On Tuesday, the National Minority Commission Act 2024 was adopted by the federal cabinet.

An eight-point agenda was discussed at a federal cabinet meeting in Islamabad, which was presided over by Prime Minister Shehbaz Sharif.

There were presentations of the Rightsizing Committee’s recommendations regarding federal institutions. There was also discussion about combining the Narcotics Division with the Ministry of Interior and putting the Aviation Division under the Ministry of Defense.

Decisions made by the preceding Economic Coordination Committee (ECC) meeting were approved by the government.

Speaking at the gathering, Prime Minister Shehbaz Sharif urged proactive measures to tackle the issues facing the education system.

“This will be a major national service,” he said, urging the Education Minister to work closely with the provinces to promote education.

The prime minister noted that the bulk of Pakistan’s 22.8 million unschooled children are girls.

The prime minister called the restart of PIA flights to Europe a significant accomplishment. In order to simplify travel for Pakistani passengers, he expressed optimism that flights to Britain would also restart.

Shehbaz Sharif announced the opening of a new crossing point at Panjgur on the Pakistan-Iran border, claiming it will encourage lawful trade and aid in the fight against smuggling. He praised Iran for helping to open the new crossing point.

The prime minister was pleased to see Kurram’s situation return to normal. According to him, the region was receiving food supplies and medications. “I am confident that all parties involved will work together to maintain peace,” he said.

According to the prime minister, the security forces are still fighting terrorists. In Balochistan, he claimed, 27 terrorists were killed in an intelligence-based operation.

He paid homage to security personnel’s sacrifices, saying they would live on in memory. He pledged to eradicate Fitna al Khwarij completely and emphasized that peace would be restored in the nation, just as it had been in 2018 under Nawaz Sharif’s leadership.

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