Connect with us

Business

Gold price in Pakistan falls by more than Rs4,000 per tola

Published

on

  • Gold settles at Rs200,000 per tola.
  • Silver falls Rs20 per tola.
  • Bullion registers losses for third session.

Gold prices in Pakistan witnessed a steep decline on Tuesday amid ongoing economic uncertainty in the country and continuous fluctuation in the local currency.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs4,300 per tola and Rs3,686 per 10 grams to settle at Rs200,000 per tola and Rs171,468 per 10 grams, respectively.

This is the third straight decline in the precious commodity’s price — which fell Rs200 per tola on Monday and Rs4,000 per tola 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.

Investors were, however, purchasing only gold bars, not jewellery, which had not only reduced goldsmiths’ profit margins but the labour force was also at the stake of losing jobs, as jewellery makers were moving towards other professions in absence of work.

In the international market, gold rose for a second consecutive session helped by a softer dollar after recent sharp losses, while traders awaited more economic data to gauge its likely influence on US interest rates.

Spot gold was up 0.4% to $1,875.36 per ounce by 0940 GMT, after hitting its lowest level since January 6 on Monday.

Meanwhile, silver prices in the domestic market decreased Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,230 and Rs1,911, respectively.

Business

Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

Published

on

By

There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

Continue Reading

Business

SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

Published

on

By

Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

Continue Reading

Business

July 2024 export data from Pakistan shows a significant rise.

Published

on

By

The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

Continue Reading

Trending