Price of gold soars by Rs2,500 per tola to hit Rs217,000.
Gold is often hailed as a hedge against inflation.
Silver price remains stable at Rs2,450 per tola.
Gold price surged to an all-time high in Pakistan and jumped past Rs215,00 per tola after the rupee fell to a new low against the US dollar in the interbank market.
The surge was in line with the rupee movement — which plunged to an all-time low of Rs287.85 against the US dollar in the interbank market — and an uptrend in the global markets.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) soared by Rs2,500 per tola and Rs2,142 per 10 grams to settle at Rs217,000 and Rs186,042.
Gold is often hailed as a hedge against inflation—increasing in value as the purchasing power of the dollar declines.
Pakistan’s monthly inflation blew past forecasts in March and soared to a nearly all-time high level — 35.4% — from a year earlier, with people feeling more pain from some of the fastest rising consumer prices amid straining budgets as cost of living continues to outstrip average incomes.
Cumulatively, the precious commodity gained Rs8,700 per tola during the three sessions (Monday-Wednesday).
Investors’ attention shifted towards the precious commodity during the week as the economic tensions continue to rise amid the International Monetary Fund (IMF) reviewing external financing commitments from friendly countries before it releases bailout funds.
The delay in the revival of the programme negatively impacted the currency market which in turn is bolstering demand for gold.
Gold price moves in line with the rupee-dollar parity as the country meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country.
Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.
Moreover, a hike in seasonal demand added fuel to the rising prices in the local bullion market.
The association also mentioned that the price of gold is Rs10,000 per tola “undercost” in Pakistan, as compared to the Dubai market, showing that the Pakistani gold market was currently cheaper than the global.
Meanwhile, silver prices in the domestic market remained stable at Rs2,450 per tola and Rs2,100.48 per 10 grams. In the international market, gold price gained $41 per ounce to settle at $2,023.
A 10-member Task Force has been formed by the government to digitize the Federal Board of Revenue (FBR) in partnership with the Special Investment Facilitation Council (SIFC).
Improving FBR’s systems and completely digitizing its operations are part of the Task Force’s mandate. Policy interventions, data automation, software installation, and collaboration with provincial revenue authorities are among the main goals.
Together with developing a track-and-trace system through integrated automation, the task force will also establish an Automated Supply Chain System for distributors and wholesalers.
Pakistan Revenue Automation Limited would become a stand-alone IT bureau for planning and data preparation.
In order to create a unified national tax strategy, the project seeks to maximize revenue collection, increase transparency, and simplify Pakistan’s tax system while encouraging cooperation between the federal and provincial tax authorities.
The benchmark 100 Index was up 777 points, finishing at 90,970 points, as the Pakistan Stock Exchange (PSX) maintained its striking upward trend for the sixth day in a row.
Strong market momentum and investor optimism were highlighted by the index’s 850-point spike earlier in the day, which briefly reached a record-breaking 91,050 points.
As trading activity hits previously unheard-of heights, the historic milestone represents increased investor optimism and represents a tremendous accomplishment for the PSX. Experts foresee continuous momentum if favorable conditions continue, attributing the ongoing advance to optimistic economic indicators and investor zeal.
The dates of the 2024 International Conference on Sustainable Agriculture are set for October 29 and 30 in Karachi.
Supported by the Green Pakistan Initiative, which has achieved great strides in the last year, the conference is organized by the Pakistan Media Development Foundation, Exhibitor TV, and Ripple Concept.
Focusing on enhancing agricultural productivity using contemporary technology, the conference supports the Special Investment Facilitation Council’s (SIFC) prioritizing of agriculture.
Experts will talk about sustainable techniques and organic farming, and there will be a plenary discussion on the Land Information and Management System.
In order to facilitate connections between professionals and stakeholders, the event will also feature exhibitions that promote contemporary methods and technologies.
Sindh and Balochistan’s agriculture departments will display their accomplishments in provincial pavilions. Participants will also include sponsors Saudi-Pak Investment Company, National Bank of Pakistan, and Bank of Punjab.