Business

Gold jumps to all-time high of Rs214,500 per tola in Pakistan

Published

1 year ago

Farwa

Gold price increases by Rs5,000 per tola.
It has gained Rs5,200 per tola in two sessions.
Silver price scales new peak of Rs2,450 per tola.

Gold price in Pakistan soared to an all-time high at Rs214,500 per tola (11.66 grams) on Tuesday after the rupee fell to a historic low against the US dollar in the interbank trade.

The surge was in line with the rupee movement — which plunged to an all-time low of Rs287.29 against the US dollar in the interbank market — and an uptrend in the global markets.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) soared by Rs5,000 per tola and Rs4,288 per 10 grams to settle at Rs214,500 and Rs183,900.

Gold is often hailed as a hedge against inflation—increasing in value as the purchasing power of the dollar declines.

Pakistan’s monthly inflation blew past forecasts in March and soared to a nearly all-time high level — 35.4% — from a year earlier, with people feeling more pain from some of the fastest rising consumer prices amid straining budgets as cost of living continues to outstrip average incomes.

Cumulatively, the precious commodity gained Rs5,200 per tola during the two sessions (Monday-Tuesday).

Investors’ attention shifted towards the precious commodity during the week as the economic tensions continue to rise amid the International Monetary Fund (IMF) reviewing external financing commitments from friendly countries before it releases bailout funds.

The delay in the revival of the programme negatively impacted the currency market which in turn is bolstering demand for gold.

Gold price moves in line with the rupee-dollar parity as the country 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.

Moreover, a hike in seasonal demand added fuel to the rising prices in the local bullion market.

The association also mentioned that the price of gold is Rs7,000 per tola “undercost” in Pakistan, as compared to the Dubai market, showing that the Pakistani gold market was currently cheaper than the global.

Meanwhile, silver prices in the domestic market jumped to an all-time high of Rs2,450 per tola and Rs2,100.48 per 10 grams after an increase Rs100 per tola and Rs85.74 per 10 grams, respectively.

In the international market, gold price gained $12 per ounce to settle at $1,982.

Business

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

Published

1 day ago

Farwa

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.

Business

Fly Jinnah opens a new route internationally.

Published

1 day ago

Farwa

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.

Business

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

Published

1 day ago

Farwa

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.”