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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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1 year ago

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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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Business

Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

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2 days ago

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Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

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Business

As the MPC meeting draws closer, stocks rise.

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2 days ago

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On the final working day of trading, the Pakistan Stock Exchange (PSX) maintained its optimistic trend.

After rising more than 900 points, the benchmark KSE-100 index stabilized around 114,684 points.

The forthcoming Monetary Policy Committee (MPC) meeting on March 10 is allegedly connected to the bullish trend.

Recall that the KSE-100 index gained over 1,400 points on Thursday before closing at 113,713 points.

The greenback, on the other hand, dropped Rs0.07, from Rs279.82 to Rs279.75.

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Business

FBR to Enhance Revenues: Enacts Significant Reforms, Attains Record Revenue Collection

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4 days ago

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The Federal Board of Revenue has effectively executed significant reforms in the past year, enhancing tax administration, compliance, and digital transformation under the leadership of Prime Minister Shehbaz Sharif.
The FBR implemented AI-driven risk identification algorithms to improve tax audits and introduced a customer relationship management dashboard for real-time compliance monitoring.
Moreover, AI-driven Customs Intelligence and digital invoicing systems have transformed tax collection and customs operations.
The implementation of faceless customs assessment has markedly diminished clearance waits, optimizing international trade.
The unified sales tax return has streamlined the tax filing procedure, while the continuous advancement of a tier-3 data center seeks to enhance data security and AI-driven surveillance.
To enhance transparency, the FBR digitized its litigation management system for faster dispute resolution.

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