Business

Gold price edges lower amid economic uncertainty

Published

2 years ago

Farwa

Gold price decreases by Rs200 per tola.
Silver prices remain stable in local market.
In int’l market, gold claws back some ground.

Gold prices in Pakistan ended flat as the majority of safe-haven investors preferred to hedge their bets amid economic uncertainties, especially those arising from dried-up foreign reserves and a devaluing local currency.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) decreased by Rs200 per tola and Rs172 per 10 grams to settle at Rs204,300 and Rs175,154, respectively.

The fall comes after gold lost Rs4,000 per tola in the last session on Friday. The yellow metal market was mostly bullish last week.

However, as Pakistan imports gold, the precious commodity might get dearer as the State Bank of Pakistan-held reserves stand at a record low of $3,086.2 million, enough to cover imports of less than one month.

In the international market, gold regained some ground as investors snapped up bullion after prices slid to a one-month low, betting on firm safe-haven demand.

Spot gold rose $5 to $1,870 per ounce, after hitting its lowest level since January 6.

Meanwhile, silver prices in the domestic market remained stable at Rs2,250 per tola and Rs1,929 per 10 grams, respectively.

Business

PEL Ships Transformers to Start US Exports

Published

18 hours ago

Bilal

Through stable and efficient trade regulations, the Special Investment Facilitation Council has helped promote Pakistani industrial exports internationally.

With the first shipment of transformers departing Pakistan for the United States on March 13, 2025, Pak Electron Limited formally started exporting its goods to the United States.

PEL wants to increase its worldwide visibility and investigate new overseas prospects. Under its power and appliances segment, the company produces high-quality goods like transformers and home appliances.

Additionally, PEL has alliances with major global corporations including General Electric, Mitsubishi, and Hitachi.

Business

The FBR has extended the deadline for sales tax returns until March 27.

Published

18 hours ago

Bilal

The Federal Board of Revenue (FBR) extended the deadline for submitting Sales Tax and Federal Excise reports to March 27, 2025, to assist taxpayers.

The FBR has issued an official notification concerning the prolongation, as per reports.

The initial deadline for submitting Sales Tax and Federal Excise reports for the February 2025 tax period, originally set for March 18, 2025, has been extended to March 27, 2025.

The determination has been rendered pursuant to Section 74 of the Sales Tax Act 1990 and Section 43 of the Federal Excise Act 2005.

FBR officials indicated that the extension is intended to alleviate challenges encountered by taxpayers, permitting them to complete their returns within the specified timeframe without inconvenience.

Taxpayers are encouraged to utilize the extended deadline and submit their returns punctually to evade any possible fines.

The FBR regularly extends tax return deadlines to assist the corporate sector and facilitate seamless tax compliance.

Business

Stocks fall as PSX is under selling pressure.

Published

2 days ago

Bilal

The benchmark KSE-100 Index dropped more than 600 points during Monday’s opening trading hours, sending the Pakistan Stock Exchange (PSX) plunging.

The benchmark index had dropped 635 points and was now trading at 117,806.25.

The PSX’s decline was attributed primarily to selling pressure.

Important industries include fertilizer, auto assemblers, refineries, OMCs, and oil and gas exploration firms. Due to widespread selling, index-heavy stocks such as EFERT, INDU, MARI, OGDC, PPL, and PSO saw negative trading.

Remember that throughout the past week, the PSX has been in a bullish trend, reaching historical highs.

This prolonged increase was fueled by hope for a possible staff-level deal for the International Monetary Fund’s (IMF) $1 billion second EFF tranche.