Business

Gold retreats once again in Pakistan, per tola price declines by Rs1,000

Published

1 year ago

Farwa

Gold prices fell on Friday as the rupee ticked higher, while traders continued to position themselves for further rate hikes from the State Bank of Pakistan (SBP) — as the precious commodity is highly sensitive to rising interest rates.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) declined by Rs1,000 per tola and Rs857 per 10 grams to settle at Rs195,100 and Rs167,267, respectively.

Investors expect the State Bank of Pakistan (SBP) to raise interest rates as early as this week in an off-cycle review as the South Asian nation faces pressure to mend its finances amid a $1 billion loan tranche it is seeking from the International Monetary Fund (IMF).

While gold is considered an inflation hedge but is highly sensitive to rising interest rates, which increase the opportunity cost of holding the non-yielding bullion.

Moreover, the local currency extended its winning streak for the third day as it gained 0.36% against the US dollar to close below the psychological level of 260 after a hiatus of 20 days in the interbank market — which faded the appeal for the precious commodity.

Meanwhile, silver prices in the domestic market fell by Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,100 and Rs1,800.41, respectively.

In the international market, gold prices headed for another weekly fall on Friday, holding near last session’s two-month lows as prospects of more interest rate hikes by the US Federal Reserve dimmed bullion’s appeal amid a slew of strong economic data.

The price registered a meagre decline of $8 per ounce to settle at $1,818.

Bullion has lost about 7% since the beginning of February, having posted significant declines in the previous two out of three weeks and is down about 1% this week.

Gold is trying to find support around the $1,820 level, but prices could drift still lower towards $1,776 on strong personal consumption expenditure data, said Ole Hansen, head of the commodity strategy at Saxo Bank.

“The market is looking to stabilise after the long overdue correction, which has now been unfolding for the past three weeks.”

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

2 days ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

2 days ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

2 days ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.