Business

Gold continues to glitter in Pakistan, price surges to fresh high of Rs167,300 per tola

Published

2 years ago

Farwa

Cumulatively, gold price jumps by Rs4,000 per tola during the week.
Silver prices remain unchanged at an all-time high level.
People are taking refuge in safe-haven metal on rising economic concerns.

Gold price continued an upward trend on Saturday to hit a fresh all-time high in the country as the instability of the rupee contributed to pushing the prices of precious metal up significantly.

The prices of gold rose by Rs200 per tola and Rs171 per 10 grams to settle at an all-time high of Rs167,300 and Rs143,432, respectively, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

A day earlier, the gold price settled at a record high of Rs167,100 per tola as people took refuge in the safe-haven metal on mounting concerns that the nation’s economic conditions will deteriorate further.

Cumulatively, the yellow metal gained Rs4,000, or 2.49%, per tola during the week ended December 10.

Meanwhile, silver prices remained unchanged at an all-time high level of Rs1,890 per tola and Rs1,620.37 per 10 grams.

The gold rally is more striking because the precious metal generally tracks global prices, which have come under pressure this year due to the US Federal Reserve’s aggressive tightening measures.

In the international market, gold price fell below the key psychological level of $1,800 per ounce after a decline of $3 per ounce settling at $1,797.

Gold dealers, however, lament that since gold prices were touching new peaks in the country, it had seized to exist as a lucrative business in the country.

Only investors are investing in gold here. Otherwise, artificial jewellery is being used in marriages and other ceremonies.

It should also be noted that gold demand in Pakistan jumped 34% to 13 tonnes during the period of July and September 2022 from a year earlier, Bloomberg reported Wednesday citing data compiled by the World Gold Council.

The data revealed that this was the most amount of gold purchased during a quarter in at least about three years.

Business

PEL Ships Transformers to Start US Exports

Published

18 hours ago

Bilal

Through stable and efficient trade regulations, the Special Investment Facilitation Council has helped promote Pakistani industrial exports internationally.

With the first shipment of transformers departing Pakistan for the United States on March 13, 2025, Pak Electron Limited formally started exporting its goods to the United States.

PEL wants to increase its worldwide visibility and investigate new overseas prospects. Under its power and appliances segment, the company produces high-quality goods like transformers and home appliances.

Additionally, PEL has alliances with major global corporations including General Electric, Mitsubishi, and Hitachi.

Business

The FBR has extended the deadline for sales tax returns until March 27.

Published

18 hours ago

Bilal

The Federal Board of Revenue (FBR) extended the deadline for submitting Sales Tax and Federal Excise reports to March 27, 2025, to assist taxpayers.

The FBR has issued an official notification concerning the prolongation, as per reports.

The initial deadline for submitting Sales Tax and Federal Excise reports for the February 2025 tax period, originally set for March 18, 2025, has been extended to March 27, 2025.

The determination has been rendered pursuant to Section 74 of the Sales Tax Act 1990 and Section 43 of the Federal Excise Act 2005.

FBR officials indicated that the extension is intended to alleviate challenges encountered by taxpayers, permitting them to complete their returns within the specified timeframe without inconvenience.

Taxpayers are encouraged to utilize the extended deadline and submit their returns punctually to evade any possible fines.

The FBR regularly extends tax return deadlines to assist the corporate sector and facilitate seamless tax compliance.

Business

Stocks fall as PSX is under selling pressure.

Published

2 days ago

Bilal

The benchmark KSE-100 Index dropped more than 600 points during Monday’s opening trading hours, sending the Pakistan Stock Exchange (PSX) plunging.

The benchmark index had dropped 635 points and was now trading at 117,806.25.

The PSX’s decline was attributed primarily to selling pressure.

Important industries include fertilizer, auto assemblers, refineries, OMCs, and oil and gas exploration firms. Due to widespread selling, index-heavy stocks such as EFERT, INDU, MARI, OGDC, PPL, and PSO saw negative trading.

Remember that throughout the past week, the PSX has been in a bullish trend, reaching historical highs.

This prolonged increase was fueled by hope for a possible staff-level deal for the International Monetary Fund’s (IMF) $1 billion second EFF tranche.