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Gold climbs on third day as rupee pauses its winning streak

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  • Gold price settles at Rs197,000 per tola.
  • Cumulatively, it gains Rs3,800 per tola in last three sessions.
  • Bargain hunters take advantage of recent losses.

Gold prices extended gains on Tuesday near a one-week peak hit in the last week, buoyed by a weaker rupee, while investors looked forward to economic developments that could influence the market direction.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs500 per tola and Rs429 per 10 grams to settle at Rs197,000 and Rs168,896, respectively.

The Pakistani rupee lost 0.24% against the US dollar in the interbank market settling at 262.51, which boosted the precious commodity’s appeal.

The bargain hunters took advantage of recent losses, but the precious metal’s outlook was still clouded by prospects of further recovery of the rupee against the greenback as optimism regarding the revival of the International Monetary Fund (IMF) programme can boost the currency market’s sentiment.

Cumulatively, the yellow metal gained Rs3,800 per tola during the last three sessions.

Meanwhile, silver prices in the domestic market rose by Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,150 per tola and Rs1,843.27 per 10 grams, respectively.

In the international market, gold price fell by $12 per ounce to settle at $1,832 on a rise in the dollar while investors awaited US economic data to gauge the Federal Reserve’s interest rate strategy.

The dollar index hovered around its highest in six weeks, making dollar-priced gold more expensive for buyers holding other currencies. 

“Gold’s primary driver remains the shifting expectations surrounding the Fed’s next policy moves, with perhaps more clues to be found within the upcoming FOMC minutes release,” said Han Tan, chief market analyst at Exinity.

“Should the US economy continue defying the Fed’s rate hikes, that could invite a higher peak for US rates, much to the chagrin of bullion bulls.”

The focus this week will be on the release of the Federal Open Market Committee’s January meeting minutes on Wednesday, followed by US gross domestic product data on Thursday and Friday’s core PCE price index.

Gold prices hit their highest since April 2022 early this month at $1,959.60, but have since lost around $130 after US data showed signs of a resilient economy.

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February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

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KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

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The NORINCO Group is invited by CM Sindh to explore opportunities.

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Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

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A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

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In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.

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