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Gold price surpasses Rs180,000 per tola, sets new record in Pakistan

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2 years ago

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  • Gold cumulatively gains Rs19,450 per tola since Dec 1.
  • Experts anticipate price of gold may rise to Rs200,000 per tola.
  • Silver price hits all-time high of Rs2,100 per tola.

After a day’s break, gold prices continued to make and break records in Pakistan as per tola price surpassed the Rs180,000 key level for the first time in the history of Pakistan.

The price of gold surged by Rs1,850 per tola and Rs1,586 per 10 grams to settle at an all-time high of Rs180,650 and Rs154,878, respectively, the data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

A day earlier, in a surprise move, the association did not release the gold rates citing uncertainty as a reason behind its decision.

APSGJA President Haji Haroon Rasheed Chand, in a public message, confirmed the bullion rates were stopped because of the “uncertain market situation”.

Gold prices have been rising for the last many days and have cumulatively gained  Rs19,450 or 12.06% per tola since December 1, raising concerns about whether the soaring price is sustainable or constitutes an unsustainable bubble.

Chand, however, blamed speculators for taking gold prices to exorbitant rates. He said that contrary to the claims there is very less demand in the local market.

It should be noted that the APSGJA notifies the gold rates to the market every day after determining the price by keeping in view its rates in world markets, the rupee-dollar exchange rate, and demand and supply in domestic markets.

Analysts believe that the unavailability of the dollar in Pakistan and the widening difference between interbank and open market exchange rates triggered the recent price hike; however, grey markets of the precious commodity have also added fuel to the speculations.

Experts anticipated that the price of gold may rise to Rs200,000 per tola due to the rupee devaluation against the US dollar under the current cycle.

Meanwhile, silver prices also registered gains and rose to an all-time high of Rs2,100 per tola and Rs1,800.41 per 10 grams after an increase of Rs50 and Rs42.87, respectively.

In the international market, gold prices consolidated in a narrow range as cautious investors awaited US economic data releases due later in the day that may influence the Federal Reserve’s interest-rate raising timeline. Prices settled at $1,815 after an increase of $7 per ounce. 

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

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6 days ago

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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.

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

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1 week ago

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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.

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Business

The inflation rate in Pakistan dropped to its lowest level.

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1 week ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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