Business

Gold regains shine, price rises over 1% in Pakistan

Published

1 year ago

Farwa

Per tola gold price settles at Rs197,100.
Cumulatively, gold gains Rs3,000 per tola in last two sessions.
Silver prices in domestic market remain unchanged.

Gold price in Pakistan regained its shine on Wednesday as the rate rose over 1% in the local bullion market owing to a steep decline in the rupee value.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) surged by Rs2,700 per tola and Rs2,315 per 10 grams to settle at Rs197,100 and Rs168,981, respectively.

Cumulatively, the precious commodity gained Rs3,000 per tola in the last two sessions reversing the prevailing trend recorded last week — when gold lost Rs1,900 per tola.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,080 per tola and Rs1,783.26 per 10 grams, respectively.

Analysts say gold may be an effective way to defend investments against inflation, but only over long periods of time.

Comparatively, over shorter periods of time, the inflation-adjusted price of gold swings wildly, making it not a very strong near-term hedge for inflation.

In the international market, gold gained traction as strong Chinese economic data dented the dollar and drove some bets for better physical demand from the top bullion consumer, but the risk of elevated US interest rates capped gains.

The per ounce price of gold in the international bullion market rose by $27 to settle at $1,837.

“The market is cautiously optimistic for a Chinese economic recovery following strong data which has put the dollar rally into reverse,” independent analyst Ross Norman said, adding that it was, in turn, boosting gold and risk-on assets.

Physical gold demand in the key hub has already picked up this year as COVID-19 restrictions were eased.

“Gold was clearly oversold and we’re seeing good bargain hunting on the lows, having found technical support at the $1,808 level … the market looks poised to firm but cautiously so, with US inflation-linked data being a constant driver,” Norman added.

Although traditionally considered an inflation hedge, higher interest rates to rein in consumer prices dim the appetite for bullion since it pays no interest.

Gold registered its worst month since June 2021 in February after a slew of US data pointed to a resilient economy and a tight labour market, sparking fears that the Federal Reserve would deliver more rate hikes to curb inflation.

Business

Pakistan’s gold prices continue to decline.

Published

12 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

12 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

12 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.