Connect with us

Business

Gold price extends gains to sixth day in Pakistan

Published

on

  • Gold price settles at Rs204,200 per tola.
  • It gained Rs6,700 per tola in six sessions.
  • Silver price remains unchanged at Rs2,150 per tola.

Gold prices were higher for a sixth straight session on Friday, scaling over Rs204,000 as deepening political tensions triggered a fresh wave of concerns regarding a prolonged economic crisis.

Data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs700 per tola and Rs600 per 10 grams to settle at Rs204,200 and Rs175,068.

Gold barely responded to the appreciation of the Pakistani rupee against the US dollar, and moved in a narrow range staying above the key threshold of Rs200,000 per tola.

Cumulatively, the precious commodity has gained Rs6,700 per tola in the six sessions (Saturday-Friday).

As the other markets slide investors generally find refuge in gold to maintain a low-risk profile.

A likely economic contraction looms over Pakistan amid political and economic uncertainties and a holdup in the revival of the International Monetary Fund’s (IMF) loan.

The association said prices in the local market remained lower by Rs4,000 per tola as compared with the rates in Dubai’s gold market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,150 per tola and Rs1,843.27 per 10 grams, respectively.

In the international market, gold prices rose on Friday, seeing their biggest weekly gain since mid-November as a global banking crisis sent investors flocking to the safe haven metal. The per-ounce price settled at $1,936 after an increase of $10.

Gold this week benefited from safe-haven trading and dollar weakness, said Ricardo Evangelista, senior analyst at ActivTrades, adding the decision in Europe to raise rates weighed negatively on the dollar, contributing to gold’s strength.

Business

Finance Minister: A “big” IMF program is coming for Pakistan.

Published

on

By

Speaking at the Karachi Stock Exchange ceremony, the Finance Minister announced that meetings with IMF representatives would take place in Washington on April 14 and 15.

He applauded the caretaker government’s effort to bring about economic stability and predicted that the nation’s economy would stabilize with improved economic policies.

Muhammad Aurangzeb emphasized that in order to move the country’s economy toward stabilization, structural reforms must be implemented.

He restated that the nation’s recovery from the economic crisis depends heavily on the stock market. The stock market is, nevertheless, trending upward.

Continue Reading

Business

Pakistan is still classified as a secondary emerging market by the FTSE.

Published

on

By

The nation could perhaps be demoted, according to the worldwide index provider, since its index weight has decreased over the previous few years.

Pakistan’s market capitalization peaked in 2017 at $100 billion, but it fell to $21 billion by 2024, according to a Bloomberg research.

It did, however, state that Pakistan’s standing as a secondary emerging market will remain unchanged due to favorable political changes brought about by the establishment of a stable government.

Bloomberg saw Shehbaz Sharif’s election as prime minister, who is open to reform, as a step in the right direction for the nation struggling financially.

Shehbaz Sharif, the president of the Pakistan Muslim League-Nawaz, was chosen on March 4 to serve as the country’s 24th prime minister.

With 201 votes, PM Shehbaz defeated Omar Ayub Khan of the Sunni Ittehad Council (SIC) by 92 votes.

over the economy, earlier this month, Pakistan and the International Monetary Fund (IMF) came to an agreement at the staff level over the second and last review conducted under Pakistan’s Stand-By Arrangement.

The IMF secured a staff-level agreement with Pakistan on the second and final review of the nation’s stabilization program, which is backed by the IMF’s US$3 billion (SDR2,250 million) SBA authorized, according to the official statement released by an IMF team led by Nathan Porter.

The remaining US$1.1 billion (SDR 828 million) of SBA access will be made available following the IMF Executive Board’s approval of the deal.

It was reported shortly after the February 8 election that the newly elected PML-N-led government intended to apply for a new IMF credit package.

Pakistan is anticipated to pursue a $6–8 billion loan program from the global lender, and the IMF will be contacted right once to begin negotiations for this. The sources went on to say that the IMF would have tighter requirements this time.

Continue Reading

Business

PM Shehbaz Sharif: “A plan to digitize the tax system is underway.”

Published

on

By

In an address to the All Pakistan Newspapers Society delegation in Islamabad today, the prime minister announced that plans were in motion to update the tax collection system.

The prime minister added that efforts are underway to broaden the revenue base and that the Federal Board of Revenue (FBR) is fully digitizing.

He emphasized that the Tax Excellence Awards were a recent initiative by the government to support female entrepreneurs, exporters, and engaged taxpayers.

The government’s priorities, according to the prime minister, are institutional changes, austerity, domestic and external investment, and privatization of government-owned businesses.

Praiseing the media’s contribution to public awareness-raising and good governance, he called on the sector to successfully communicate the benefits of economic stability under SIFC.

Calling fake news a major problem, he emphasized the need for cooperation to combat it. Additionally, he extended an invitation to the press to back Pakistan’s administration in its endeavors for the country’s growth and well-being.

Continue Reading

Trending