Connect with us

Business

Gold rangebound in Pakistan as focus shifts to economic data

Published

2 years ago

on

  • Gold price settles at Rs177,500 per tola in Pakistan.
  • Price of gold rises by Rs4,800 per tola during week ended Dec 24.
  • Silver price plunge by Rs80 per tola to settle at Rs2,020.

Gold prices in Pakistan witnessed a meagre rise on Saturday in holiday-thinned trading, as market participants awaited economic data for further direction.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold registered a slight increase of Rs200 per tola and Rs172 per 10 grams to settle at Rs177,500 and Rs152,178.

A day earlier, gold recorded its first major drop of Rs3,350 per tola to Rs177,300 in Pakistan, breaking a 12-day-long streak of crazy gains almost every day.

Cumulative, the price of precious commodity gained Rs4,800, or 2.77%, per tola during the week ended December 24.

Pakistan has seen days recently when the bullion recorded a reduction in its price in international markets, but local pricing bodies kept ballooning the commodity price in the country amid high demand and low supply scenario for the metal.

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.

Gold prices have been rising for the last many days and have cumulatively gained Rs16,300 or 10% per tola since December 1, raising concerns about whether the soaring price is sustainable or constitutes an unsustainable bubble.

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.

Meanwhile, silver prices plunged by Rs80 per tola and Rs68.59 per 10 grams to settle at Rs2,020 per tola and Rs1,731.82 per 10 grams, respectively.

In the international market, gold prices hemmed into a tight range in thin trading, as cautious traders awaited economic data due later in the day to gauge the Federal Reserve’s rate hike stance. Prices settled at $1,798 after a meagre rise of $1 per ounce. 

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

A bid of ten billion rupees has been submitted by Blue World Consortium for the privatization of the Pan-India Airport (PIA).

Published

20 hours ago

on

By

A bid of 10 billion rupees has been made by the Consortium to privatize Pakistan International Airlines.

There is only one bid from the Blue World Consortium.

The Blue World City Consortium has been the only group to submit documentation.

Through circulation, the Federal Cabinet will approve the reserve price of PIA.

Continue Reading

Business

Business Leaders Are Encouraged To Keep Up With New Regulations Regarding Pakistan’s Textile Exports To Germany

Published

22 hours ago

on

By

Despite the fact that Pakistan is a significant exporter of textiles to Germany, business leaders in Pakistan need to remain updated about developing laws. A conference on textiles was organized in Karachi, and German Consul General Dr. Rudiger Lotz underlined this point at the event.

Continue Reading

Business

During his meeting with the Qatar Businessmen Association, the Prime Minister of Pakistan extended an invitation to invest in key sectors.

Published

22 hours ago

on

By

Meeting with the Qatar Businessmen Association (QBA) delegation, Prime Minister Muhammad Shehbaz Sharif talked about strengthening economic ties and looking into new cooperation opportunities.

His Excellency Sheikh Faisal Bin Qassim Al-Thani led the QBA delegation, which was made up of prominent businesspeople from Qatar who each represented important economic sectors. During the discussion, prominent members of Qatar’s business sector and important leaders from Pakistan discussed how to improve trade, investment, and economic ties.QBA members in attendance included Sheikh Mansoor bin Jassim Al Thani, Chairman of the Mansoor Jassim Al Thani Group; Mr. Nabil Abu Issa, CEO of Blue Salon; Mr. Khalid Ahmed Al Mannai, Executive Director of Mannai Corporation; Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank; Mr. Yousuf Ebrahim Al-Mahmoud, Director of Sendian Group; and Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank.

By highlighting the many prospects in industries like energy, infrastructure, and finance, the prime minister made Pakistan an alluring place for foreign investment.

All of these delegates showed interest in Pakistan’s economic situation, namely in the future energy, technological, and infrastructure development initiatives under consideration.
Throughout the discussion, both parties looked at possible partnerships that may promote innovation, job creation, and sustainable development in both nations. The QBA members expressed interest in increasing their investments in Pakistan’s infrastructure and energy sectors in a positive response to the Prime Minister’s request. The significance of bilateral cooperation was emphasized in order to support regional economic growth and stability.

The meeting was also attended by Federal Ministers for Commerce Kam Kamal Khan, Finance and Revenue Mohammad Aurangzeb, and Information and Broadcasting Attaullah Tarar, as well as Deputy Prime Minister and Foreign Affairs Senator Mohammad Ishaq Dar and Defense Minister Khawaja Muhammad Asif.

Continue Reading

Trending