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Gold loses traction, price declines in Pakistan

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  • Gold price settles at Rs145,500 per tola.
  • Since dollar has dropped in open market, association has adjusted downward bullion price.
  • Silver prices in domestic market remained unchanged.

KARACHI: Gold price in Pakistan declined despite rising international prices as rupee appreciation weighed on investors’ sentiment refraining them from investing.

The gold price declined by Rs400 per tola and Rs343 per 10 grams to settle at Rs145,500 per tola and Rs124,743 per 10 grams, data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

The trend of gold is mostly related to rupee-dollar parity, and international gold prices have been a bearish catalyst for bullion.

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.

Since the dollar has dropped by over Rs5 in the open market, the association has adjusted down the bullion price accordingly.

In the international market, the price of the yellow metal rose by $13 per ounce settling at $1,664 thanks to a softer dollar, but non-yielding bullion was headed for its biggest quarterly decline since March last year on an ongoing aggressive monetary policy stance by central banks worldwide.

Gold rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.

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

With gold under pressure, silver should also continue to struggle to outperform but a clear positive turn in gold holds considerable risks for silver.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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Gold prices in Pakistan have risen by Rs 1,200 per tola.

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The price of one tola of 24 carat gold rose by Rs1,200 and reached Rs246,800 on Thursday, compared to its previous sale price of Rs245,600 on the last trading day.

According to the All Sindh Sarafa Jewellers Association, the cost of 10 grammes of 24 karat gold rose by Rs1,029 to reach Rs211,591, compared to the previous price of Rs210,562. Similarly, the price of 10 grammes of 22 carat gold jumped from Rs193,016 to Rs193,959.

The price of silver remained unchanged at Rs2,900 per tola and Rs2,486.28 per ten grammes.

According to the association, the international market price of gold rose by $10, reaching $2,382 from $2,372.

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The federal government has declared wage and pension increments for its employees.

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The Ministry of Finance has formally declared a rise in the remuneration and retirement benefits of personnel working for the federal government, offering substantial economic alleviation.

According to the notification, personnel in grades 1 to 16 will experience a 25% increment in their salaries, while officials in grades 17 to 22 will be granted a 20% rise. The implementation of this modification will commence on July 1, 2024, and will be applicable to the employees’ fundamental remuneration.

In addition, retired federal government employees would receive a 15% rise in their pension payments. This increase is applicable to retirees from both the civilian and military sectors. It is important to mention that employees who retire on or after July 1, 2024, will also qualify for this pension rise.

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The 15% increase in pension will be computed based on the amount of pension received by retired employees after deductions. Nevertheless, the letter specifies that ad hoc aid will not be factored into the calculations for pension and gratuity.

Moreover, this increment will have no effect on the calculation of housing rent allowances for employees.

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