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Gold rates in Pakistan soar as prices gain Rs6,500 per tola

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  • Gold price gains Rs6,500 per tola, Rs5,574 per 10 grams. 
  • Prices of silver gain Rs50 in local market.
  • Yellow metal remains unchanged in int’l market. 

KARACHI: Gold prices in Pakistan soared by over Rs6,000 on Friday as the international rates have been increasing in the last three sessions and due to the rupee’s depreciation against the dollar.  

According to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) gained Rs6,500 per tola and Rs5,574 per 10 grams to settle at Rs214,500 and Rs193,900, respectively.

Meanwhile, the price of the yellow metal remained unchanged at $1,959 in the international market today. 

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy gold in such times as a safe investment and a hedge.

According to market practice, local prices of gold usually go up on the rupee’s depreciation against the US dollar and declining prices of commodities in the international market. 

AA Commodities Director Adnan Agar cited the weakening of the US currency as the reason behind the increase in international prices which led to an increase in the local prices as well. 

“The major reason for the increase in the local market is because of the international rates as the dollar against other currencies has been weakened internationally. The dollar and gold go inverse, if the dollar weakens then gold raises,” Agar explained the reason behind the rise in rates. 

Moreover, people also tend to buy and sell the precious commodity ahead of the month of Muharram — which marks the beginning of the new Islamic year, eventually increasing the yellow metal’s demand. 

Data shared by the association showed the price of silver increased by Rs50 per tola and Rs42.86 per 10 grams to settle at Rs2,650 and Rs2271.94, respectively.

The prices of the bullion have cumulatively gained Rs10,500 in the last two sessions — Thursday and Friday. 

Meanwhile, the local currency fell by 0.41% against the greenback in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).

The rupee closed at Rs277.59 against the dollar. 

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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