Business

Gold prices majorly increase in Pakistan as week begins

Published

2 years ago

Farwa

Price of gold (24 carats) settles at Rs229,900.
Int’l price of yellow metal reaches $1,891 per ounce.
Price of silver remains unchanged.

KARACHI: Gold prices in Pakistan started the week on a positive note as they surged in line with the rupee’s depreciation against the dollar and gain in international rates.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs3,100 per tola and Rs2,658 per 10 grams to settle at Rs229,900 and Rs197,102, respectively.

Meanwhile, the price of the yellow metal saw a minute increase in the bullion as it gained $2 to settle at $1,891 per ounce in the international market today.

AA Commodities Director Adnan Agar told Geo.tv that the gold rates in the local market are continuously increasing due to the weaker rupee against the greenback.

“The decrease in international rates is not impacting the domestic prices as the dollar continues to become stronger. The international rates fell below the 1900 mark but there has been a bounce back today,” he added.

Agar said that if the rupee continues to decline and the international prices also fall then this will not impact the local rates of bullion. “The prices might become stable. However, if the international rates increase and the rupee continues its weak trend then the gold rates might jump even more,” said Agar.

In the last six sessions, the rates of the precious commodity gained Rs8,100 per tola in the local market.

Data shared by the association showed the price of silver remained unchanged at Rs2,800 per tola and Rs2,400.54 per 10 grams, respectively.

Business

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

Published

33 minutes 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.

Business

Bulls in the stock market are still going strong.

Published

35 minutes ago

Farwa

As the bullish trend persisted on the Pakistan Stock Exchange (PSX) on Monday, the KSE-100 index soared beyond the 115,000 level.

The PSX continued its upward trend from the weekend, and the KSE-100 index gained 600 points, reaching 115,048 points in early trading.

The index closed at 114,398 points on Friday, up 685 points.

Business

Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

Published

3 days ago

Farwa

Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.