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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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The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

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The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.

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Fly Jinnah opens a new route internationally.

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Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

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Tajir Dost app: traders don’t seem interested in registering

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To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”

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