Business

Gold price declines in Pakistan but holds near record high

Published

3 years ago

Farwa

Gold price in local bullion market settles at Rs147,150 per tola.
Local buyers are not prepared to pay the current high prices.
Silver prices in the domestic market remained unchanged.

KARACHI: Gold softened in volatile trade on Tuesday but held near a record-high hit the previous day, with dealers expecting the market to undergo a correction after scaling to new peaks in the last four sessions.

The price in the local bullion market settled at Rs147,150 per tola after a decline of Rs100. While 10 grams price settled at Rs126,157 after a loss of Rs86.

Technically, gold is still very much biased to clock new highs as the Pakistani rupee continues to explore new depths. Momentum is showing no signs of cooling and any pullback would ideally trigger fresh buying

However, there was a rising fear that physical demand for gold could lose momentum as many local buyers were not prepared to pay the current high prices.

“Safe-haven buying can be seen in the market; however, local customers are staying on the sidelines due to lack of purchasing power,” a gold dealer told Geo.tv while describing the market scenario.

In the international market, the price of a yellow metal shed $7 per ounce to settle at $1,833.

Gold rates in Pakistan are around Rs4,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,560 and Rs1,337.44 today.

Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

Published

16 hours ago

Farwa

Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

Business

Despite economic gains, PSX remains strong.

Published

17 hours ago

Farwa

Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

Business

Pakistan resolves to meet benchmarks, and the IMF promises economic help.

Published

17 hours ago

Farwa

In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.