Connect with us

Latest News

Gold price drops by Rs200 per tola despite depreciation in rupee

Published

on

  • Gold price drops by Rs200 per tola to reach Rs130,550.
  • Bullion rates in Pakistan are around Rs6,000 below cost.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold price in Pakistan dropped by Rs200 per tola in Pakistan despite rupee depreciation — which hit to an all-time low of Rs178.98 against the US dollar on Monday.

According to All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs200 per tola to reach Rs130,550, while the price of 10 grams gold decreased by Rs172 to reach Rs111,925.

A day earlier, the precious commodity closed at Rs130,750 per tola and Rs112,097 per 10 grams.

Cumulatively, the yellow metal had gained Rs1,350 per tola in the domestic market during the week that ended March 12.

Analysts were surprised over a decline in the gold price as past practices suggest that people used to take aggressive positions in gold in inflationary days.

However, they believe that investors — especially the young investors — are now taking aggressive positions in cryptocurrencies to make quick gains.

Speaking to Geo.tv, a gold dealer said that investing in gold is a safe bet against rupee depreciation or devaluation.

“People may also invest directly in the dollar to take a similar advantage, but some investors are more inclined towards the traditional shining asset,” he said.

He, however, said that Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

Accordingly, the gold price for local markets is determined keeping in view its prices in world markets, rupee-dollar exchange rate and its demand and supply in local markets.

In the international market, bullion price dropped by $20 per ounce to settle at $1,966.

Gold rates in Pakistan are around Rs6,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Rainfall throughout the night stops flights in Lahore.

Published

on

By

Allama Iqbal International Airport experienced many hours of flight disruption due to the intense rainfall and windstorms that occurred overnight in Lahore, the provincial capital of Punjab.

Aviation sources claim that because of the monsoon weather, the flight operation was unable to operate between 3 and 4 am.

It is possible that the planes will arrive at the airport at 4 am.

Amidst delays in foreign airline flights, three aircraft made landings in Multan and Peshawar.

Riyadh flights arrived in Peshawar Airport, while flights scheduled to land in Lahore in Abu Dhabi and Bahrain ended up landing in Multan Airport.

Seven hours later than scheduled, the Qatar Airways flight from Doha arrived in Lahore.

Because of the bad weather, there are delays in the arrival and departure of numerous international planes.

Continue Reading

Latest News

Containers were used to seal the Red Zone before JI’s sit-in at D-Chowk.

Published

on

By

Authorities in Islamabad have blocked off the Red Zone by erecting containers in front of today’s (Friday) Pakistan Tehreek-e-Insaf (PTI) demonstration and the Jamaat-i-Islami sit-in at D-Chowk in Islamabad.

Jamaat-i-Islami is scheduled to stage a sit-in at Islamabad’s D-Chowk, and the Pakistan Tehreek-e-Insaf (PTI) has declared a nationwide protest against the country’s soaring inflation and recent spike in electricity rates.

Containers have been used to block access to the Red Zone’s main crossroads, D Chowk, Nadra Chowk, and Sarina Chowk.

ISLAMABAD, PUNJAB SECTION 144

In the meantime, in response to PTI and JI plans for statewide rallies, the federal and Punjabi governments enforced Section 144 in Islamabad and Punjab. Section 144 will be in force from Friday, July 26 to Sunday, July 28, per the notification that was released in this regard.

Rallies, sit-ins, protests, and rallies are prohibited from July 26 to July 28, according to a letter from the Home Department. It said that terrorists may find public gatherings to be an easy target and stated that the decision had been made with the threat of terrorism in mind.

In contrast, JI Secretary General Ameerul Azeem claimed in a statement that police had raided the residences of JI officials across the nation.

In an attempt to break up the protest, he said, police had targeted JI leaders and activists. He also alleged that multiple instances of police raids, arrests, and harassment of women had occurred in various towns.

GOVT ADVISED

The government was forewarned by Jamaat Emir Hafiz Naeemur Rehman earlier on Thursday that it would face consequences if the party was barred from accessing Islamabad for their scheduled demonstration against inflation and an increase in electricity prices.

He stated in a statement that their belief is in peaceful political protest as a means of securing public rights. “We are not afraid of arrests, and the Jamaat-e-Islami cannot be stopped,” he added.

“The historic sit-in on Friday, July 26, will represent 250 million people of Pakistan, and we will sit peacefully at D-Chowk.”

According to the JI, convoys are in route from all around the nation to participate in the sit-in. He encouraged the administration to offer a location for the protest, highlighting that it is their constitutional and democratic right to speak up for the country.

“Any political party that wishes to participate” was invited, and he welcomed them all.

Prior to the sit-in, police raided the residences of JI leaders and officials in many parts of Punjab and Rawalpindi, making multiple arrests.

Ameerul Azim, the central secretary general of Jamaat-e-Islami, was not able to be arrested during the police raid; instead, Shaukat Mahmood, his driver, was taken into custody.

Continue Reading

Latest News

Changes to Pakistan’s Test team could be significant for the Bangladesh series.

Published

on

By

Major changes to Pakistan’s team are anticipated ahead of the forthcoming Test series against Bangladesh, sources in Lahore have revealed.

As the team gets ready for the series, meetings with the players are planned for next week.

It is predicted that the Test squad would undergo several changes. The team’s lineup is expected to be strengthened by the likely inclusion of Muhammad Huraira. Key players like Faheem Ashraf, Wasim Jr., Saim Ayub, and Nauman Ali, whose contributions are vital to the team’s success, struggle to get a spot on the squad.

Furthermore, according to sources, Imamul Haq or Sahibzada Farhan are anticipated to be added to the team, subject to additional assessment. Furthermore, following a fitness assessment, Amir Jamal and Hasan Ali’s futures will be determined.

The ultimate selection for the Test team will take place following Red Ball head coach Jason Gillespie’s return to Pakistan. The ultimate squad that will play Bangladesh in the forthcoming Test series will be greatly influenced by his assessments and thoughts.

Pakistan is scheduled to visit New Zealand in March and April of 2025, according to the country’s official cricket schedule, which was released earlier this month.

Throughout their visit, the Pakistan cricket team will play three One Day Internationals (ODIs) and five Twenty20 Internationals (T20Is) in an exciting series.

The T20I series, which starts at Hagley Oval in Christchurch on March 16, will serve as the tour’s opening event.

Continue Reading

Trending