Business

Gold price nosedives by Rs5,100 per tola in Pakistan

Published

2 years ago

Farwa

Gold price settles at Rs140,500 per tola.
Precious commodity loses value as rupee gains ground.
Silver prices also decline in local market.

KARACHI: Gold prices dropped over 3% to a near two-and-a-half-month low on Tuesday as investors scrambled for cash to cover losses in other asset classes mainly driven by an appreciation of the rupee against the US dollar after the International Monetary Fund (IMF) approved the revival of Pakistan’s bailout programme.

In data released by the All Sindh Sarafa Association, the gold price plummeted by Rs5,100 per tola and Rs4,372 per 10 grams to settle at Rs140,500 per tola and Rs120,456 per 10 grams on Tuesday.

Bullion has on occasion moved in tandem with equities recently, especially as sharp sell-offs in wider markets force investors to sell precious metals to meet margin calls and cover their losses.

Gold, considered a safe store of value during political and financial uncertainty, has been facing tough competition from another safe haven, the dollar, in which it is priced.

A stronger dollar makes gold expensive for holders of other currencies and while the greenback lost ground in the local market it has been strengthening against other currencies for the last many days.

The All Sindh Sarafa Association determines local prices based on rupee-dollar parity and international rates. According to market practice, local prices of gold usually go down on the rupee’s appreciation against the US dollar and rising prices of commodities in the international market.

In the international market, the price of the yellow metal gained $5 per ounce to settle at $1,733. Price remained subdued on expectations of more interest rate hikes by the US Federal Reserve.

It should be noted that the gold price stands below cost and is cheaper by Rs4,000 per tola compared to Dubai.

Meanwhile, silver prices in the domestic market receded by Rs10 per tola and Rs8.57 per 10 grams to settle at Rs1,520 per tola and Rs1,303.15 per 10 grams today.

Business

Pakistan’s gold prices continue to decline.

Published

9 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

9 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

9 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.