Business

Gold snaps gaining spree, price declines by Rs2,500 per tola

Published

2 years ago

Farwa

Price settles at Rs147,900 per tola.
Gold is fast approaching key lows.
Silver prices remain unchanged.

KARACHI: Gold snapped its four-day gaining spree as price declined by 1.7% per tola in Pakistan in line with the dominant trend in the international market since the last few days.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price rose by Rs2,500 per tola and Rs2,144 per 10 grams to settle at Rs147,900 and Rs126,800.

Gold is fast approaching key lows as the strengthening rupee and higher interest rates reduce the non-yielding bullion’s appeal.

Pakistan 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.

In the international market, the price of yellow metal clawed back and slightly increased by $2 per ounce to settle at $1,637.

Globally, gold prices rose from a three-week trough due to a pullback in the US dollar, although higher Treasury yields and prospects of another big rate hike by the Federal Reserve kept investors on edge.

Gold rates in Pakistan are around Rs3,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,590 per tola and Rs1,363.16 per 10 grams.

Business

E&P Companies Will Invest $5 Billion in Pakistan’s Petroleum Industry

Published

9 hours ago

Farwa

Over the next three years, local and foreign companies involved in Pakistan’s oil and gas exploration and production sector have shown a strong desire to invest more than $5 billion in the nation’s energy sector.

Recent changes to the Petroleum Policy and the implementation of an exclusive tight gas policy, which provide better incentives and a more investor-friendly regulatory framework, are credited with the increase in investor confidence.

These strategic changes are expected to boost domestic energy production, open up new avenues for growth, and draw large amounts of both domestic and foreign investment.

Business

With inflation slowing, the SBP is anticipated to lower the policy rate for the eighth time in a row.

Published

10 hours ago

Farwa

Businesspeople anticipate another reduction in the policy rate when the State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) releases the updated rate.

The interest rate for the upcoming two months will be announced by the central bank. It is still unclear if the rate will stay the same or be lowered to reflect stakeholder expectations.

According to experts, the policy rate will be lowered in order to further boost the nation’s economic sector.

Interest rates may be lowered for the seventh time in a row if the inflation rate declines significantly more than anticipated.

In its last six sessions, the MPC had cut the policy rate by 10 percent. In January 2025, it decreased the rate by one percent to 12pc.

12PC POLICY RATE

In January, the State Bank of Pakistan (SBP) announced cut in key policy rate by 100 basis points (bps) to 12 percent from 13pc in line with expectations of the business community.

The policy rate, which had been at 22 percent since June 2024, was slashed by 1,000 basis points to 12 percent.

The SBP governor said the decision was taken with careful consideration. “Although inflation is expected to decline next month (February), core inflation remains a pressing concern,” he stated.

Ahmed highlighted strong remittance inflows and robust export growth as key factors supporting the current account.