Business

Gold loses traction, price declines by Rs400 per tola

Published

1 year ago

Farwa

Gold price settles at Rs161,200 per tola.
Globally, gold is headed for biggest monthly gain in more than two years.
Silver prices in domestic market remain unchanged.

KARACHI: Gold price in Pakistan broke its winning streak as the rate declined by Rs400 per tola after local and international investors braced for a speech by US Federal Reserve Chair Jerome Powell for hints on future interest rate rises.

The price of gold price declined by Rs400 per tola and Rs314 per 10 grams to settle at Rs161,200 and Rs138,203, respectively, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

Cumulatively, gold gained Rs11,200, or 7.5%, per tola during November as constant fluctuations in rupee-dollar parity coupled with festive season demand lifted the precious metal’s appeal.

Initially, gold was showing signs it was possibly stabilising, but investors are still nervous ahead of the US Fed policy announcement on how aggressive the central bank will be.

The rupee’s stability hurt gold even though the precious metal is regaining shine in the international market. However, local investors will not immediately jump back into gold.

Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.

Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets. The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.

In the international market, the price of the yellow metal rose by $4 per ounce settling at $1,760 and was headed for its biggest monthly gain in more than two years.

Globally, gold is set for a 7.8% monthly rise, which would be its best since July 2020, and follows a seven-month losing streak.

Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,740 per tola and Rs1,491.76 per 10 grams.

Business

Pakistan’s gold prices continue to decline.

Published

2 days 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

2 days 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

2 days 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.