Business

Gold prices in Pakistan witness steep decline

Published

2 years ago

Farwa

Per tola gold prices fall by Rs6,300 to Rs232,800.
10 grammes of gold is being sold at Rs199,588.
In int’l market, yellow metal falls by $9 to settle at $1,931 per ounce.

KARACHI: Gold prices in Pakistan continued to decline for the second consecutive day as the rupee shed 1.46 against the US dollar in the interbank trading on Tuesday.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic price of the precious metal (24 karat) lost Rs6,300 per tola and Rs5,402 per 10 grammes to settle at Rs232,800 and Rs199588, respectively.

Meanwhile, the price of the yellow metal fell by $9 to settle at $1,931 per ounce in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation.

Data shared by the association showed the price of silver 24 karat dipped by Rs100 per tola and Rs85.74 per 10 grammes to settle at Rs2,800 and 2400.5, respectively.

It is pertinent to mention here that the local unit witnessed a devaluation of Rs1.46 against the greenback in the interbank trading and closed at Rs307.10 against the previous day’s closing of Rs305.64.

Interbank closing #ExchangeRate for todayhttps://t.co/FINffr34QO #SBPExchangeRate pic.twitter.com/lqTVJy7m1k
— SBP (@StateBank_Pak) September 5, 2023

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs320.8 and Rs324, respectively.

A day earlier, the per tola price of 24 karat gold decreased by Rs700 and was sold at Rs239,100. Similarly, the price of 10 grams of 24-karat gold also fell by Rs600 to Rs204,990, according to the All Sindh Sarafa Jewellers Association.

Business

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

8 hours ago

Farwa

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Business

With inflation slowing, the SBP is anticipated to lower the policy rate for the eighth time in a row.

Published

9 hours ago

Farwa

Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.

The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.

According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.

Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.

In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.

12PC POLICY RATE

In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.

The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.

The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.

Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.