Business

Gold prices in Pakistan witness steep decline

Published

1 year 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

February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

Published

1 day ago

Farwa

KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

Business

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

Published

2 days 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

2 days 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.