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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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A 4.9-magnitude earthquake rattles Swat and surrounding areas.

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Late on Thursday night, an earthquake with a magnitude of 4.9 shook the province of Khyber Pakhtunkhwa, as well as the surrounding districts of Swat.

Fearfully, people emerged from their houses and began reciting passages from the Holy Quran. The earthquake did not cause any documented casualties or damage to property in any area in Swat.

The earthquake’s epicenter, according to the National Seismic Monitoring Centre in Islamabad, was situated 71 kilometers deep in the border region between Pakistan, Afghanistan, and Tajikistan.

A 5.3-magnitude earthquake that struck earlier in the day rocked several Pakistani cities, including Islamabad, Peshawar, Mardan, Kohat, and the Swat valley. In addition, Lower Dir, Malakand, and Muzaffarabad all experienced earthquakes.

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LHC requests report on dangers to PTI founder’s life

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The Punjab Advocate General’s report about threats to the life of PTI founder Imran Khan while he was incarcerated was requested by the Lahore High Court (LHC) on Friday.

Chief Justice Malik Shahzad Ahmed Khan of the LHC Court made the order while considering a request for the PTI founder’s security in jail made by President Afzal Azim of the Tehreek-e-Insaf Lawyers Forum.

Advocate Afzal requested that the court impose severe security measures on the PTI founder, arguing that the jail authorities had prohibited their meeting with him due to security concerns.

Advocate General Khalid Ishaq questioned the application’s maintainability as soon as the proceedings began. He stated that since it was the Punjab government’s responsibility to safeguard him, he would request a report on security concerns.

We cannot afford any more significant mishaps, Chief Justice Khan said. While Benazir Bhutto and Liaquat Ali Khan were slain, the founder of the PTI managed to elude a murderous attempt on his life.

He gave the counsel general instructions to find out how concerned the PTI founder is about security.

The plea can be heard in the Rawalpindi bench, not in the primary seat, the advocate general objected.

The hearing was postponed till April 3 by Chief Justice Khan, who instructed Attorney Afzal to present his petition on the following date.

Recall that on Thursday, Advocate Afzal petitioned the court to order the Punjab Home Department and the federal government to give the PTI founder greater security.

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Eid package for deserving individuals approved by KP cabinet

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Details reveal that the cabinet also gave its approval for the purchase of cars and security gear for the police in the combined districts, totaling Rs 7.6 billion.

The decision was granted today in Peshawar at a cabinet meeting presided over by provincial chief minister Ali Amin Gandapur.

The Information Technology Board and a Special Technology Zone Authority’s Memorandum of Understanding for the creation of Pakistan Digital City were approved at the meeting.

The Pakhtunkhwa Energy Development Organization’s executive committee members and chief executive officer are appointed according to guidelines that the cabinet has agreed upon.

It is important to note that Chief Minister Ali Amin Gandapur previously declared that his government’s top goal was to restore peace and order to the province. He also stated that a detailed strategy had been established for this purpose.

He declared that the plan will soon be put into action because improving the state of law and order is essential to the development of any area.

He added that the protection of the police and other troops would also be a priority.
According to the chief minister, the government has brought back the “health card” feature.

He declared, “We have to improve the treatment facilities at public hospitals” and expressed hope that soon everyone will be able to receive treatment at public hospitals without needing to go to private ones.

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