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Gold price falls as international rate continues to fluctuate

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2 years ago

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  • Rate of gold declines by Rs1,800 per tola.
  • International rate down by $21 per ounce.
  • Price of silver remains unchanged. 

The rate of gold continued to fluctuate in the international market Thursday, leading to a decline in the safe-haven bullion’s value in Pakistan.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs1,800 per tola and Rs1,543 per 10 grams to settle at Rs236,000 and Rs202,332, respectively.

Separately, the international rate went down $21 to reach $1,961 per ounce.

International investors have been on edge as uncertainty remains over whether US Democrats and Republicans will be able to reach an 11th-hour agreement on raising the federal debt ceiling.

If the debt ceiling — which is currently capped at $31.4 trillion — is not raised, it would trigger the first-ever US default.

Gold’s value also declined internationally after Federal Reserve officials “generally agreed” that the need for more interest rate increases “had become less certain”, Reuters reported.

Gold, a non-yielding asset, tends to lose appeal in a high interest rate environment.

The gold rate has been volatile in the domestic market due to a number of factors, including economic and political turmoil, high inflation, and currency depreciation. People prefer to buy the yellow metal in such times as a safe investment and a hedge.

The rupee, which fell to an all-time low of Rs298.93 on May 11, closed at Rs285.74 per US dollar in the interbank market Thursday. It gained Rs1.39 or 0.49% against the US dollar, according to State Bank of Pakistan data.

The jewellers’ body also said that local gold was “overcost” by Rs5,000 per tola in Pakistan compared to the Dubai bullion market. This means that, at present, the Pakistani gold market is more expensive than the world market.

Data shared by the association showed the price of silver remained unchanged at Rs2,900 per tola and Rs2,486.28 per 10 grams, respectively. 

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PSX 100-index reaches an unprecedented peak, exceeding 111,000 points.

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17 hours ago

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The Pakistan Stock Exchange (PSX) reached the significant milestone of 111,000 points shortly after today’s market opening.

The KSE-100 Index ascended by more than 1,000 points in the initial five minutes of trade, achieving a notable increase of 1,044 points to attain 111,014 points.

The increase indicates heightened investor confidence and a robust market sentiment.

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SIFC Initiates Carbon Market Initiative: Pakistan Pursues Green Investment at COP29

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2 days ago

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Pakistan has introduced its inaugural Carbon Market Policy at the 29th Conference of the Parties in Baku to attain climate objectives and encourage green investments.

The policy seeks to enhance investment in the energy, agriculture, and forestry sectors.

Through the initiatives of the Special Investment Facilitation Council, Pakistan has developed a transparent carbon market framework that adheres to international norms.

The policy conforms to international standards and establishes a definite strategic orientation.

Pakistan’s carbon market policy promotes environmental conservation, economic development, and sustainability.
It promotes the use of eco-friendly technologies by enterprises and the reduction of greenhouse gas emissions.

The policy represents a substantial advancement in the worldwide effort to combat climate change. It encourages international investors and organizations to participate in Pakistan’s carbon market.

SIFC aims to mitigate environmental concerns while promoting economic growth via the Global Carbon Market.

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When the benchmark hits 109,881 points, the PSX-100 index sets a new record.

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During the first hour of trading today, the Pakistan Stock Exchange (PSX) made a stunning comeback, moving from negative to positive territory. After losing 1,400 points, the market recovered and gained 800 points.

Setting a new high, the benchmark KSE-100 Index jumped 827 points to a record-breaking 109,881 points. Restored investor confidence was also reflected in the market’s return to its crucial levels of 108,000 and 109,000 points.

Supportive government policies and recent strong economic data are credited by experts with this success, as they have improved market mood.

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