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

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1 year ago

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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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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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