Business

Gold prices in Pakistan continue upward trend

Published

2 years ago

Farwa

Per tola gold rises by Rs5,400, 10 grams by 4,630 on Wednesday.
Yellow metal gains $6 to settle at $1,973 in international market.
Local currency falls by Re0.36 against dollar in interbank.

Gold prices in Pakistan continued to rise on Wednesday as per tola price jumped to Rs226,400 amid a rise in international rates.

According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs5,400 per tola and Rs4,630 per 10 grams to settle at Rs226,400 and Rs194,102, respectively.

Meanwhile, the price of the yellow metal gained $6 to settle at $1,973 in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy gold in such times as a safe investment and a hedge.

According to market practice, local prices of gold usually go up on the rupee’s depreciation against the US dollar and declining prices of commodities in the international market.

Moreover, people also tend to buy and sell the precious commodity ahead of the month of Muharram — which marks the beginning of the new Islamic year, eventually increasing the yellow metal’s demand.

Data shared by the association showed the price of silver rose by Rs250 per tola to settle at Rs2,900 and Rs2486.28 per 10 grams.

A day earlier, the prices of the yellow metal increased by Rs6,200 per tola and Rs5,336 per 10 grams, respectively.

Meanwhile, the local currency fell by Re0.36 or -0.23% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs283.80 against the dollar.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

51 minutes ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

58 minutes ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.