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Gold loses shine, price plunges by Rs4,200 per tola

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  • Gold price settles at Rs158,300 per tola.
  • Since Monday, gold gained Rs12,000 per tola.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold lost its shine on Friday as the precious commodity receded nearly half of its gain recorded a day earlier as the Pakistani currency snapped its 10-day losing streak.

Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed that the price of gold, considered a safe haven, plunged by Rs4,200 per tola and Rs3,601 per 10 grams to settle at a record high of Rs158,300 and Rs135,717 in the local market.

A day earlier, the gold price jumped by a whopping Rs10,500 per tola and the price hit a historic-high of Rs162,500.

Cumulatively, since the start of the week — Monday — gold has gained Rs12,000 per tola in the local bullion market.

“Gold price is climbing high in the local bullion market in line with the prices in the international market — which has surged by $50 per ounce since Monday — and depreciation of Pakistani rupee against the US dollar,” AA Commodities Director Adnan Agar told Geo.tv a day earlier.

The analyst further said that the precious commodity is expected to maintain an uptrend as international prices are once again eyeing a $1,800 mark while there is “no hope of stability in local currency” till the country receives a loan tranche from the International Monetary Fund (IMF).

The association, however, stated that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs6,500 per tola compared to its price in Dubai.

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

ASSJA President Haji Haroon Chand lamented that their businesses are suffering because of a lack of purchasing power; while the government has also imposed fixed taxes on gold dealers which is also adding to the woes of the dealers.

In the international market, bullion prices increased by $12 per ounce to settle at $1,762 supported by a softer dollar and bets that the Federal Reserve may cool the pace of rate hikes as economic risks deepen.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,630 per tola and Rs1,397.46 per 10 grams today.

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Changes in the US dollar’s value are directly correlated with variations in gold prices.

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The price of 24-karat gold in Pakistan increased by Rs1500 on Thursday, reaching Rs231,000 per tola. This was another jump in the price of gold in the country.

Dealers reported a comparable surge in the price of 10 grams of 24-karat gold, which is currently trading at Rs198,045 after rising by Rs1285. In addition, the cost of ten grams of 22-karat gold increased significantly, trading at Rs 181,541.

These fluctuations are strongly correlated with shifts in the US dollar’s value, demonstrating the tight connection between gold prices and exchange rates. This emphasizes how local gold markets are impacted by variables related to the global economy.

At Rs2,580, the price of 24-karat silver remains steady right now. The price of gold increased significantly on a global scale as well, rising by $14 to $2,214 per ounce.

It’s critical to understand that changes in the worldwide market can have a substantial impact on gold prices in Pakistan throughout the day. The gold rates that are offered are obtained from reliable sources, mostly situated in Karachi and Multan.

It is recommended that individuals seek the advice of nearby gold merchants and jewellers for the most precise and current information regarding gold prices.

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Pakistan pledged to finish building the TAPI gas pipeline.

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The minister discussed the importance of the TAPI gas pipeline project for Pakistan’s energy needs during a meeting with Turkmenistan’s ambassador to Pakistan, Atadjan Movlamov.

The Minister was congratulated by Ambassador Movlamov on taking office and his commitment to the project was noted.

Dr. Musadik Malik thanked the ambassador for his kind words, acknowledged the support, and promised to maintain the two nations’ friendship. The intergovernmental commission and working group meetings for the project this year were briefed by Atadjan Movlamov.

He invited the Minister to attend the Turkmenistan Energy Forum, which would take place in Paris the following month.

TAPI undertaking
The project is for the construction of a 1,680-kilometer pipeline with a 56-inch diameter that can carry 3.2 billion cubic feet of gas per day (bcfd) from Turkmenistan through Afghanistan and Pakistan to the border between Pakistan and India.

According to the terms of the TAPI agreement, Afghanistan would receive its portion of 0.5 billion cubic feet of gas per day, while Pakistan and India will each receive 1.325 billion cubic feet of gas per day.

In order to carry out the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, Pakistan and Turkmenistan inked a cooperative implementation plan in Islamabad on June 4.

Prime Minister Shehbaz Sharif and a delegation from Turkmenistan, led by Minister of Energy and Water Resources Daler Juma’a, were present at the ceremony.

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The price of gold is still rising in Pakistan.

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According to the All Sindh Sarafa Jewellers Association, the cost of 10 grams of 24 karat gold grew by Rs. 86 to Rs. 196,760 from Rs. 196,674, while the cost of 10 grams of 22 carat gold jumped to Rs. 180,363 from Rs. 180,284.

The price of silver per tola and ten grams stayed at Rs. 2,211.93 and Rs. 2,580, respectively.

According to the Association, the price of gold on the global market rose by $7 to $2,200 from $.2,193.

It is important to note that Pakistani and IMF personnel have agreed at the staff level on the second and final review conducted as part of Pakistan’s Stand-By arrangement.

The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the second and final review of Pakistan’s stabilization program, which is supported by the IMF’s US$3 billion (SDR2,250 million) SBA Agreement. This is according to the official statement released by a team led by Nathan Porter.

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