Business

Gold price in Pakistan falls Rs4,000 per tola

Published

1 year ago

Farwa

Gold price settles at Rs204,500 per tola.
Silver prices decrease by Rs100 per tola.
Decline comes in line with int’l market.

Gold prices in Pakistan snapped a multi-session shining streak Saturday, which dealers pinned on a global precious metal market rout because of a hawkish US central bank stance.

Bullion in the world markets slipped over 2% on Friday to a more than three-week low after stronger-than-expected US employment numbers stoked fears the US Federal Reserve might extend its monetary tightening drive.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) decreased by Rs4,000 per tola and Rs3,429 per 10 grams to settle at Rs204,500 and Rs175,326, respectively.

Cumulatively, the gold lost Rs4,500 or 2.15% per tola during the week. It is worth mentioning that the precious commodity hit an all-time high of Rs210,500 on Monday.

The fall follows the non-stop gains the gold made for three consecutive sessions amid depleting forex reserves and a weak rupee which make the precious metal costlier as Pakistan meets all of its bullion demand through imports.

Due to foreign debt payments, the State Bank of Pakistan (SBP)-held reserves fell $592 million to $3,086.2 million during the week ended on January 27, their lowest since February 2014, and are barely enough to provide import cover for 18.5 days (0.61 months).

Spot gold dipped 2.6% to $1,863.66 per ounce by 1:40 p.m. ET (1840 GMT). U.S. gold futures settled down 2.8% to $1,876.6.

Bullion is down 2.5% so far this week, marking its biggest weekly fall since early October, with prices having fallen nearly $100 in two sessions.

Meanwhile, silver prices in the domestic market decreased by Rs100 per tola and Rs85.74 per 10 grams to settle at Rs2,250 and Rs1,929, respectively.

Business

Pakistan’s gold prices continue to decline.

Published

1 day 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

1 day 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

1 day 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.