Business

Gold extends losses on rupee strength, traders watchful of positive cues

Published

2 years ago

Farwa

Gold price settles at Rs143,100 per tola.
Cumulatively, gold loses Rs1,950 per tola in last two sessions.
Silver prices in domestic market decline by Rs10 per tola.

KARACHI: Gold extended losses into a second session on Monday, closing slightly above the threshold of Rs143,000 per tola in line with price movement in the international market and expectations that economic recovery could sap inflationary pressure, curbing the metal’s appeal as a hedge.

Data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the gold price gained Rs700 per tola and Rs600 per 10 grams to settle at Rs143,100 and Rs122,685, respectively.

Cumulatively, the precious commodity has lost around Rs1,950 per tola in the last two sessions. Meanwhile, it lost Rs2,700, or 1.84% per tola during the week that ended on October 8.

Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.

In the international market, the price of yellow metal plunged by $18 and remained below the key $1,700 per ounce level. The price settled at $1,677.

Gold rates in Pakistan are around Rs3,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market declined by Rs10 per tola and Rs8.58 per 10 grams to settle at Rs1,570 per tola and Rs1,346.02 per 10 grams.

Business

Robust activity lets PSX climb above 115,000 level again.

Published

1 day ago

Farwa

On Friday, the Pakistan Stock Exchange (PSX) resumed its upward trend, crossing 115,000 points once more.

The PSX had strong action in the morning session, as the KSE-100 index increased by 1,000 points to 115,138.

The notoriously volatile PSX closed Thursday at 114,037 points, up 594 points.

DOLLAR DEPRECIES

Meanwhile, in the interbank market this morning, the US dollar fell 7 paisas to Rs278.65 against the Pakistani rupee.

Business

SBP will announce monetary policy on January 27.

Published

1 day ago

Farwa

The State Bank of Pakistan (SBP) will release its monetary policy on Monday.

The Monetary Policy Committee (MPC) of the SBP will convene on the first day of the following week to make decisions on monetary policy.

The Monetary Policy decision will be announced by Governor SBP Jameel Ahmad at a news conference on the same day after the MPC meeting, according to an official release.

In December, the central bank reduced policy rates by 200 basis points (bps) to 13 percent.

“In November 2024, headline inflation fell to 4.9 percent year on year, meeting the MPC’s estimates. This decrease was mostly caused by the ongoing decline in food inflation and the phasing out of the impact of the gas tariff increase in November 2023,” SBP stated in an official release.

“However, the Committee noted that core inflation, at 9.7 percent, is proving to be sticky, while consumer and business inflation expectations remain volatile.” To that end, the Committee restated its previous assessment that inflation may remain volatile in the short term before stabilizing within the target range.

“At the same time, growth prospects have slightly improved, as evidenced by a recent increase in high-frequency indicators of economic activity.” Overall, the Committee concluded that its approach of gradual policy rate decreases is keeping inflationary and external account pressures under control while promoting long-term economic growth.

Business

Finance Minister Meets With World Leaders at World Economic Forum in Davos

Published

2 days ago

Farwa

During his attendance at the World Economic Forum in Davos, Switzerland, Finance Minister Muhammad Aurangzeb has met with officials of organisations and leaders of many nations.
Bangladesh’s Chief Advisor, Muhammad Younas, met with Mohammad Aurangzeb.
On the fringes of the World Economic Forum’s Annual Meeting 2025 Opening Banquet, there was an informal meeting.
Additionally, the Finance Minister met with Anwar Ibrahim, the Prime Minister of Malaysia.
Both leaders discussed economic cooperation and bilateral ties.
Muhammad Aurangzeb also had a meeting with Dp World’s Rizwan Soomro and Yuvraj Narayan.
They talked about how to strengthen Pakistan’s logistics and infrastructure systems to support trade.
“The Pakistani government is committed to advancing joint projects and values partnerships in both business-to-business and business-to-government cooperation,” the finance minister added.