Business

Gold price rises in Pakistan; silver hits all-time high

Published

2 years ago

Farwa

Gold prices increase in world markets as dollar trims gains.
Trend to take cue on central bank’s monetary stance, inflation.
Silver in local market touches all-time high of Rs2,350 per tola.

Gold prices in Pakistan rose on Monday, tracking global trends and a possible push from a retreating rupee that consequently turns dollar-quoted safe-haven metal pricier, forcing traders to err on the side of caution on the eve of monetary policy meeting.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) rose by Rs1,200 per tola and Rs1,028 per 10 grams to settle at Rs209,500 and Rs164,645 respectively.

Rupee depreciated 0.44% against the dollar in the inter-bank market on Monday. As per the State Bank of Pakistan (SBP), the rupee settled at 285.04, a loss of Rs1.25.

The State Bank of Pakistan is expected to raise the policy rate by 100-200 basis points as inflation is spiralling out of control. Consumer price inflation in Pakistan jumped to a record 35.37% in March from a year earlier.

Gold is often hailed as a hedge against inflation—increasing in value as the purchasing power of the dollar declines.

Pakistan’s monthly inflation blew past forecasts in March and soared to a nearly all-time high level — 35.4% — from a year earlier, with people feeling more pain from some of the fastest rising consumer prices amid straining budgets as cost of living continues to outstrip average incomes.

Last month, the central bank hiked the policy rate by 300 basis points to 20%.

World gold prices bounced back on Monday as the dollar trimmed its initial gains that were driven by bets that OPEC’s surprise output cuts could jack up global energy prices and force central banks to hike interest rates.

Spot gold rose 0.5% to $1,977.43 per ounce by 1206 GMT. U.S. gold futures gained 0.4% to $1,994.50.

Earlier in the session, gold touched a one-week low of $1,949.54.

While gold is traditionally considered a hedge against inflation, increasing the interest rates to rein in rising price pressures dims the appeal of the asset since it pays no interest.

Silver prices in the domestic market rose by Rs80 per tola and Rs68.59 per 10 grams to settle at their all-time highs of Rs2,350 and Rs2,014.47, respectively.

International prices of silver fell 0.3% to $24.01 per ounce, platinum was also down 0.3% to $988.60 while palladium rose 0.7% to $1,470.72.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

5 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.