- Per tola gold price settles at Rs130,000.
- Cumulatively, gold lost Rs750 per tola during the week.
- Silver prices in domestic market remained unchanged.
KARACHI: The price of gold in Pakistan decreased by Rs250 per tola and Rs214 per 10 grams to settle at Rs130,000 per tola and Rs111,454 per 10 grams, respectively.
A day earlier, the precious commodity closed at Rs130,250 per tola and Rs111,668 per 10 grams.
Cumulatively, the safe-haven asset lost Rs750 or 0.57% per tola during the week ended March 19. Meanwhile, in the international market gold extended losses recording a decline of $11 per ounce to settle at $1,921.
Globally, gold was on track for its biggest weekly drop in nearly four months on Friday, after the demand for the safe-haven metal was hit by hopes of progress in peace talks between Russia and Ukraine as well as the fallout from a US interest rate hike.
The dollar jumped against its rivals, making bullion more expensive for overseas buyers.
“We have seen the invasion-driven momentum and speculative fury (for gold) massively cool off over the past 10 days,” said David Jones, chief market strategist at Capital.com.
Bullion is down 2.8% this week as optimism over the peace talks lifted sentiment in wider financial markets, denting demand for safe-haven assets.
“If there is a ceasefire or some sort of a deal, gold could drop fairly quickly,” said Edward Meir, an analyst with ED&F Man Capital Markets.
Earlier this week, the Federal Reserve raised its benchmark overnight interest rate by a quarter of a percentage point and forecast an aggressive plan to push borrowing costs to restrictive levels next year. read more
Higher interest rates tend to raise the opportunity cost of holding non-interest paying gold.
Gold rates in Pakistan are around Rs5,500 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,500 and Rs1,286 today.
PKR on track to become top-performing currency this month: Bloomberg
- Pakistani currency rose around 6% this month against dollar.
- Authorities curb leakages happening through illegal channels.
- Crackdown on illegal dollar traders helps local currency.
The Pakistani rupee is on track to become the top performer globally in September as the caretaker government continues its crackdown on illegal dollar trade, Bloomberg reported Thursday.
The local currency rose around 6% this month against the dollar — an amazing feat despite the Thai baht and South Korean won tumbling against the greenback.
Major currencies lost ground against the dollar on speculations that the US interest rates will stay elevated for longer.
The rupee increased 0.1% to 287.95 per dollar on Thursday, after sliding to a record low of about 307 this month. Pakistan’s currency market will remain closed for the Eid Miladun Nabi holiday on Friday.
“Many leakages were happening through illegal channels of hawala and hundi trade from the open market,” Khurram Schehzad, chief executive officer of Alpha Beta Core Solutions Pvt Ltd, told Bloomberg.
“When the dollar rate reverses everybody, the hoarders, the exporters who are holding their export proceeds, start selling their dollars,” Schehzad said.
The interim rulers have intensified efforts by launching a crackdown on people involved in the illegal dollar trade, allowing the currency to gain some lost ground.
The Federal Investigation Agency, Bloomberg reported, conducted raids across the country and security officials in plainclothes were deployed at money exchanges to monitor dollar sales as part of the crackdown.
Caretaker Prime Minister Anwaar-ul-Haq Kakar this week said the rupee’s gain is “fostering optimism for stability.”
For its part, the State Bank of Pakistan raised the capital requirements of smaller exchange companies and ordered large banks to open their own exchange companies to make the retail foreign exchange market more transparent and easier to monitor.
Pakistan issues tender for LNG cargoes to meet winter demand
inDrive now available in five more Pakistani cities
KARACHI: inDrive, a popular ride-hailing service in Pakistan, has now expanded its network to five more cities across Pakistan including Larkana, Kāmoke, Sheikhupura, Hafizabad, and Okara.
In a statement issued by the transport company, the inclusion of these cities reflects inDrive’s dedication to bringing innovative transportation options to both urban centres and suburban areas.
Speaking about the expansion, Senior Business Representative at inDrive Hasan Qureshi said: “We are excited to extend the convenience and reliability of inDrive to residents of Larkana, Kāmoke, Sheikhupura, Hafizabad, and Okara.”
“Our mission is to redefine transportation by providing safe, affordable, and accessible rides to everyone. With this expansion, we are not only enhancing the commuting experience but also contributing to the economic growth and empowerment of these communities.”
PR Manager Sidra Kiran said that their new service offers city residents the convenience of accessing transport from their homes, eliminating the need to search for it.
“Both drivers and passengers stand to gain significant benefits, including time-saving and the elimination of challenges associated with street hailing. This service addresses issues such as locating rides during odd hours like early mornings or late nights,” she stated.
She further added: “inDrive ride-hailing presents numerous benefits to drivers in small cities, including flexible opportunities, reduced unemployment, supplemental income, enhanced community connection, and positive contributions to the local economy.”
The launch of the company in these cities would benefit both riders and driver-partners.
inDrive further said that it remains committed to upholding the highest standards of safety, affordability, customer service, and technological innovation.
inDrive is Pakistan’s premier ride-hailing service and is revolutionising the way people travel. With a commitment to providing safe, affordable, and reliable transportation.
The company allowed riders to connect with nearby drivers with its app.
India cannot deny visas to Pakistani cricket fans as per ICC laws: FM Jilani
Media defenders seek parties’ commitment to press freedom ahead of polls
How much Babar, Shaheen and Rizwan will earn under new PCB deal?
Barwaan Khiladi: Kinza Hashmi discusses her role as Alia
Snap launches tools for parents to monitor teens’ contacts
WATCH: Pakistani traveller deported from Dubai for damaging plane mid-air
Learn First | How to Create Amazon Seller Account in Pakistan – Step by Step
Sajjad Jani Funny Mushaira | Funny Poetry On Cars🚗 | Funny Videos | Sajjad Jani Official Team
Pakistan Reaction On Huge Win Against India | Pakistani Celebs Celebrate World T20 Cricket
Pakistan3 days ago
Pakistan to take up issue of Afghan nationals’ involvement in extortion
Business3 days ago
Govt mulls privatising power companies as circular debt reaches whopping Rs2.3tr
Politics3 days ago
Nawaz Sharif’s confidential ‘note’ contradicts his narrative
Politics2 days ago
What will happen when Nawaz Sharif lands in Pakistan?
Sports2 days ago
Shubman Gill vs Babar Azam: Top batters vie for No 1 ranking in World Cup 2023
Politics3 days ago
IHC to hold open court hearing on Imran Khan’s bail plea in cipher case
Tech2 days ago
WATCH: Google search engine shows off creative doodle to celebrate 25th anniversary
Sports3 days ago
Babar Azam breaks silence on ‘spat’ with Shaheen Afridi