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Gold price peters out in Pakistan amid sporadic volatility

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2 years ago

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Gold prices petered out in Pakistan Monday as overstrung safe-haven investors preferred to sit tight amid the imposition of taxes and reversal of subsidies by the government to win back the International Monetary Fund’s (IMF) loan programme.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) decreased by Rs800 per tola and Rs686 per 10 grams to settle at Rs197,600 and Rs169,410, respectively.

Dealers said an acute downtrend in sales could further pull the prices lower, but dwindling demand for gold imports could help shrink country’s yawning trade deficit and prop up a rickety rupee.

As the Pakistan rupee trades around 269-275 against the dollar in the interbank market, the yellow metal can get much costlier as the nation meets its gold requirements through imports — and the country is already facing a balance of payment crisis.

Gold prices eased on Monday, pressured by a firmer dollar as traders squared positions before the U.S. inflation data, which could influence the Federal Reserve’s roadmap for interest rate hikes, comes out on Tuesday.

Spot gold was down 0.1% at $1,863.38 per ounce, as of 0653 GMT US gold futures inched up 0.1% to $1,876.90.

Bullion is often seen as a hedge against inflation, but the opportunity cost of holding it rises when interest rates are increased to bring down inflation.

“A firmer US dollar and higher Treasury yields continue to put gold prices under pressure as expectations of a prolonged disinflation story are being challenged,” said Yeap Jun Rong, a market analyst at IG.

The dollar index edged up 0.1%, making greenback-priced bullion more expensive for buyers holding other currencies. Benchmark 10-year note yields hovered near their highest level since Jan. 6.

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

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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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Business

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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