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Gold price drops by Rs200 per tola despite depreciation in rupee

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  • 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.

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Meeting with the President: The Need for Preventive Measures to Avoid Expensive Treatment

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According to President Dr. Arif Alvi, adopting preventative measures against various ailments is essential to avoiding costly treatment, and these practices would also lessen the strain on the healthcare system.

He was speaking with a Pakistan National Heart Association team when they paid him a visit at Aiwan-e-Sadr.

The President received a report from the delegation detailing the organization’s successes and operations.

The President emphasised the need to raise public awareness of the need of taking preventative steps to ward off heart disease and non-communicable illnesses.

In addition, he emphasised the need of the media, the local populace, mosques, and non-governmental organisations in raising this kind of knowledge in addition to using the newest media outlets to disseminate awareness.

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Meeting with COAS: Gen Asim to Reach National Agreement on Reducing Intolerance, ASP Shehrbano

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Lady Police Officer Syeda Shehrbano Naqvi has received praise from Army Chief General Syed Asim Munir for calming a tense situation and defending a woman in Ichra Bazaar, Lahore, from a violent crowd.

When the Army Chief met with Assistant Superintendent of Police Syeda Shehrbano Naqvi in Rawalpindi, he emphasised the value of social cohesion and the necessity of national agreement on reducing bigotry.

He acknowledged the important role Pakistani women have played in all spheres of society since the country’s independence and stated that because of their skill, perseverance, and dedication, they have made a name for themselves both domestically and internationally.

According to the Army Chief, women play a crucial role in Pakistani culture and are respected in both our social and religious ethos.

He placed a strong emphasis on the rule of law and cautioned against enforcing laws on oneself when there are legal channels available to resolve issues and complaints.

Syed Asim Munir emphasised the enduring theme of love and generosity found in Islam, pointing out that arbitrary measures based on heresy damage society’s perspective.

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The departing caretaker government gives NEPRA and OGRA the authority to announce tariffs.

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The NEPRA and OGRA were given the authority to announce tariffs at the eleventh hour by the departing caretaker administration.

Reportedly, the caretaker administration changed the regulation to remove the government’s involvement in tariff announcements and made this significant decision over rising gas and electricity rates.

According to the sources, the federal cabinet has authorised changes to the OGRA and NEPRA regulations, allowing them to publish tariff alerts independently.

According to reports, the caretaker federal cabinet has adopted steps that would allow Nepra to notify consumers about gas and electricity rates.

According to the sources, the modifications will establish appellate tribunals for public complaints.

The already suffering customers were further burdened by the National Electric Power Regulatory Authority’s (NEPRA) announcement earlier on Tuesday of yet another hike in power costs.

As part of the fuel price adjustment (FCA) for January 2024, an increase in power prices of Rs 7.5 per unit has been authorised. The higher cost would be seen in consumers’ bills in March 2024.

Approved under the FCA, this hike affects all consumer groups with the exception of K-Electric (KE) and lifeline users. According to estimates, customers who are already struggling with high expenditures would bear an extra burden of Rs66 billion as a result of this raise.

Previous reports suggested that tariffs may increase, as the Central Power Purchasing Agency (CPPA) requested that NEPRA boost prices by Rs7.13 per unit due to FPA

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