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Gold slips below Rs200,000 per tola in Pakistan as rates released after a month’s hiatus

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  • Gold rate decreases by Rs15,500 per tola to settle at Rs199,500.
  • Rate of gold was last released on September 12, before crackdown.
  • Silver rate decreased by Rs50 per tola and Rs42.87 per 10 grams.

All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) Tuesday released the bullion rates after around a month’s break, with the price of the precious commodity falling by more than Rs15,000 per tola.

According to data released by the APSGJA, the price of gold (24 carats) decreased by Rs15,500 per tola and Rs13,546 per 10 grams to settle at Rs199,500 and Rs171,039, respectively.

The last time that bullion rates were issued was September 12, when the price of the yellow metal stood at Rs215,000 per tola. 

But due to uncertain economic conditions, speculations were on the rise. The government then stepped in and launched a crackdown against the speculators, resulting in the suspension of the bullion rates.

As no uniform rates were being issued during these 28 days, gold traders have been quoting prices of the yellow metal at whim.

Meanwhile, the price of the yellow metal saw a major decrease as it went down by $55 to settle at $1,891 per ounce in the international market.

Data shared by the association showed the price of silver decreased by Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,500 and Rs2.143.34, respectively.

The uncertain state of the gold market — when the rates were not being released — had revealed fractures within the jeweller community, with reports of internal division and grouping coming to the fore.

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With its second-largest surge ever, PSX approaches 114,000 points.

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Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

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In interbank trade, the Pakistani rupee beats the US dollar.

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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