Business

Gold surpasses previous high, breaches Rs225,000-mark for first time

Published

1 year ago

Farwa

The increase in international gold rates, coupled with Pakistan’s ongoing economic turmoil, led to the precious metal’s value reaching a fresh high in the country Thursday.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) surged by Rs2,600 per tola and Rs2,229 per 10 grams to reach Rs225,300 and Rs193,158, respectively.

The price of gold in the international market rose by $29 to settle at $2,044 per ounce.

The gold rate has been on a steady uptrend in Pakistan, as economic fundamentals weakened, the rupee depreciated and inflation soared to record highs. During such times, people prefer to buy the yellow metal to protect themselves against inflation and currency depreciation.

The rupee had fallen to an all-time low of Rs288.43 against the US dollar in the interbank market on April 11. While it has recovered since then, the US dollar continues to trade above Rs280.

On Thursday, the rupee gained Re0.06 to close at Rs283.82 per dollar in the interbank market.

Meanwhile, inflation in April clocked in at 36.4% year-on-year — a record high — which means Pakistan has the fastest rising prices in Asia, beating even Sri Lanka where inflation was measured at 35.3% in the previous month.

Another reason for the increased gold demand is the delay in an agreement with the International Monetary Fund (IMF) for a desperately needed economic bailout, without which the country risks default.

The delay in the revival of the IMF programme negatively impacts the currency market which, in turn, bolsters the demand for gold.

The association also mentioned that the price of gold is Rs2,500 per tola “undercost” in Pakistan, as compared to the Dubai market, showing that the Pakistani gold market was currently cheaper than the global.

Data shared by the association showed that silver also rose to a new high in the country. The rate of silver increased by Rs120 per tola and Rs102.88 per 10 grams to settle at Rs2,870 and Rs2,460.56, respectively.

Business

Malir Industrial Park is introduced by SIFC.

Published

12 hours ago

Farwa

The establishment of “industrial parks” by the Pakistan Economic Zone Development and Management Company and the Special Investment Facilitation Council aims to attract investors and stimulate the economy.

First up is the Malir Industrial Park, which gives companies access to important trade and transportation channels. This park will be different from heavy industry parks in that it will concentrate on small industries and diverse industrial offices. Among Karachi’s industrial zones, it would be noteworthy for providing security and necessary infrastructure.

In order to lower unemployment, the initiative intends to generate more than 200,000 jobs in the first five years. To increase the advantages of the program, the Korangi Association of Trade and Industry will become a member of the Malir Industrial Park Advisory Council.

The park will have easy access to Karachi Port and Jinnah International Airport due to its strategic location at the convergence of key highways, such as the National Highway and Malir Motorway. This would guarantee effective access to both domestic and foreign markets.

Business

The Saudi crown prince and PM Sharif promise to increase trade and investment relations.

Published

13 hours ago

Farwa

He emphasised how closely Saudi Vision 2030 matches Pakistan’s main strategic goals, strengthening the basis for both countries’ development.

In terms of trade, investment, and economic development, both leaders reaffirmed their dedication to strengthening bilateral cooperation.

A recent visit by a high-level Saudi delegation headed by the Saudi Investment Minister, during which a number of Memorandums of Understanding (MoUs) were signed to strengthen the economic partnership, was mentioned by Prime Minister Sharif.

Along with talking about the economy, the two leaders acknowledged the serious damage caused by Israel’s continuous aggression in the area and voiced their profound worry about it.

Peace in Gaza is linked to global progress: PM

In his earlier speech to the 8th Future Investment Initiative (FII), Prime Minister Shehbaz emphasised the catastrophic situation in Gaza and stressed that the world would find it difficult to meet its developmental goals unless there was an immediate end to the violence.

Shehbaz, the Saudi prime minister

With the topic “Infinite Horizons: Investing Today, Shaping Tomorrow,” the FII brought together prominent individuals to discuss investments in important fields such as robots, artificial intelligence, education, energy, finance, healthcare, and sustainability.

Pakistan’s worries over the worsening situation in Gaza were highlighted by PM Sharif’s direct remarks, which also highlighted the necessity of international cooperation in fostering peace.

Business

Task Force for FBR Digitization Established: Automated Supply Chain System Design

Published

2 days ago

Farwa

A 10-member Task Force has been formed by the government to digitize the Federal Board of Revenue (FBR) in partnership with the Special Investment Facilitation Council (SIFC).

Improving FBR’s systems and completely digitizing its operations are part of the Task Force’s mandate. Policy interventions, data automation, software installation, and collaboration with provincial revenue authorities are among the main goals.

Together with developing a track-and-trace system through integrated automation, the task force will also establish an Automated Supply Chain System for distributors and wholesalers.

Pakistan Revenue Automation Limited would become a stand-alone IT bureau for planning and data preparation.

In order to create a unified national tax strategy, the project seeks to maximize revenue collection, increase transparency, and simplify Pakistan’s tax system while encouraging cooperation between the federal and provincial tax authorities.