Business

Gold nears historic high as rupee recovers

Published

2 years ago

Farwa

Gold price in Pakistan jumped to near a historic high after the rupee recovered as investors await the resumption of the International Monetary Fund (IMF) programme.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs1,350 per tola and Rs1,157 per 10 grams to reach Rs218,200 and Rs187,071, respectively.

The rupee moved upward against the US dollar, appreciating 0.15% or Re0.42, to 283.47 in the inter-bank market, according to the State Bank of Pakistan (SBP).

The yellow metal had reached a record high of Rs218,600 per tola last week. It then dropped to Rs216,000 per tola on April 15 as its rate declined in the international market. It was again on the rise as the current week began.

The price of gold increased by $26 today to settle at $2,000 per ounce in the international market, which also affected the domestic market rate.

The increased demand for the precious metal and the resulting rise in its value can be attributed to the economic crisis prevailing in the country. During times of economic turmoil, people prefer to buy gold, which is considered to be a hedge against inflation and the local currency’s declining value.

Moreover, gold was the top-performing asset in 2022, according to a report by Topline Securities.

Data shared by the association showed that the price of silver in the domestic market remained unchanged at Rs2,530 per tola and Rs2,170 per 10 grams, respectively.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

23 hours ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

23 hours ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.