Business

Gold continues upward trajectory

Published

1 year ago

Farwa

Price of gold rose by Rs300 per tola and Rs257 per 10 grams.
It lost $3 to settle at $2,005 per ounce in international market.
Rupee closes at Rs283.09 against US dollar in interbank market.

Gold rates in Pakistan continued to climb on Tuesday as the rupee failed to appreciate significantly.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs300 per tola and Rs257 per 10 grams to reach Rs217,400 and Rs186,385, respectively.

The yellow metal had reached a record high of Rs218,600 per tola last week. It then dropped to Rs216,000 per tola on April 15 as its rate declined in the international market. It has continued to rise again since then.

The increase in the precious metal’s value in the domestic market has been in line with developments in the international market as well as the prevailing economic crisis and rupee depreciation.

The rupee had fallen to an all-time low of Rs288.43 against the US dollar in the interbank market on April 11. While it has recovered since then, the US dollar continues to trade above Rs280.

On Tuesday, the rupee closed at Rs283.9 per dollar after appreciating by Re0.81 or 0.29%.

Meanwhile, gold lost $3 to settle at $2,005 per ounce in the international market.

People tend to buy gold during economic turmoil as it is considered a reliable asset, and a hedge against inflation and the rupee’s decline in value. Its prices also rise in Ramadan due to seasonal demand. According to a report by Topline Securities, gold outperformed all other assets in 2022.

The association also mentioned that the price of gold is Rs5,000 per tola “undercost” in Pakistan, as compared to the Dubai market, showing that the Pakistani gold market was currently cheaper than the global.

Meanwhile, the price of silver in the domestic market remained unchanged at Rs2,530 per tola and Rs2,170 per 10 grams.

Business

Pakistan’s gold prices continue to decline.

Published

8 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

8 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

8 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.