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Gold glitters as price rises by nearly Rs1,000 per tola

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2 years ago

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  • Gold price settles at Rs148,300 per tola.
  • Prices seem to be consolidating.
  • Silver prices remain unchanged.

KARACHI: Gold shined bright on Monday after the price rose by Rs950 per tola as the rupee’s technical correction boosted its safe-haven appeal.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the gold price settled at Rs148,300 per tola. The price rose by Rs814 per 10 grams to settle at Rs127,143.

Cumulatively, the precious commodity gained Rs3,550 per tola during the week that ended October 15.

Gold prices seem to be consolidating. There is a pause in the market ahead of major event risks, with uncertainty regarding the International Monetary Fund (IMF) review due in November coupled with inflation numbers.

The precious commodity is considered an inflation hedge but rising interest rates reduce the non-yielding bullion’s appeal.

Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.

In the international market, the price of yellow metal rose by $13 per ounce helped by a slight pullback in the US dollar and treasury yields, even as fears lingered about more hefty Federal Reserve rate hikes to tame soaring inflation. The price settled at $1,657.

Gold rates in Pakistan are around Rs2,600 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,560 per tola and Rs1,337.44 per 10 grams.

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SIFC Initiates Carbon Market Initiative: Pakistan Pursues Green Investment at COP29

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5 hours ago

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Pakistan has introduced its inaugural Carbon Market Policy at the 29th Conference of the Parties in Baku to attain climate objectives and encourage green investments.

The policy seeks to enhance investment in the energy, agriculture, and forestry sectors.

Through the initiatives of the Special Investment Facilitation Council, Pakistan has developed a transparent carbon market framework that adheres to international norms.

The policy conforms to international standards and establishes a definite strategic orientation.

Pakistan’s carbon market policy promotes environmental conservation, economic development, and sustainability.
It promotes the use of eco-friendly technologies by enterprises and the reduction of greenhouse gas emissions.

The policy represents a substantial advancement in the worldwide effort to combat climate change. It encourages international investors and organizations to participate in Pakistan’s carbon market.

SIFC aims to mitigate environmental concerns while promoting economic growth via the Global Carbon Market.

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When the benchmark hits 109,881 points, the PSX-100 index sets a new record.

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During the first hour of trading today, the Pakistan Stock Exchange (PSX) made a stunning comeback, moving from negative to positive territory. After losing 1,400 points, the market recovered and gained 800 points.

Setting a new high, the benchmark KSE-100 Index jumped 827 points to a record-breaking 109,881 points. Restored investor confidence was also reflected in the market’s return to its crucial levels of 108,000 and 109,000 points.

Supportive government policies and recent strong economic data are credited by experts with this success, as they have improved market mood.

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The Transformation Model of Saudi Arabia: Aurangzeb Stresses Policy Continuity and Takes Advice From KSA.

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3 days ago

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The Saudi Fund for Development, acting on behalf of the Kingdom of Saudi Arabia, has extended the three-billion dollar deposit’s maturity date by one year, to December 5, 2024.

The specified sum is now in the custody of the State Bank of Pakistan.

The extension of the deposit period is an extension of the assistance that the Kingdom of Saudi Arabia has been giving to Pakistan, which will help to bolster the nation’s foreign exchange reserves and boost its economic development.

The USD 3 billion deposit agreement was first signed with SFD in 2021 and then extended in 2022 and 2023 following the royal directions that demonstrate the two brotherly nations’ continued strong ties.

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