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Gold price races to another record high in Pakistan

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  • Gold rate on steady uptrend as economic prospects remain gloomy.
  • Gold price jumps by Rs1,700 per tola to Rs222,700.
  • Silve rate in the local market also hits new records.

The gold prices in Pakistan surged to another all-time high Wednesday as the country’s overall economic prospects remain gloomy and inflation keeps hitting new records.

According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) jumped by Rs1,700 per tola and Rs1,457 per 10 grams to reach Rs222,700 and Rs190,929, respectively.

The gold rate has been on a steady uptrend in Pakistan, as economic fundamentals weakened, the rupee depreciated and inflation soared to record highs. During such times, people prefer to buy yellow metal to protect themselves against inflation and currency depreciation.

Inflation in April clocked in at 36.4% year-on-year — a record high — which means Pakistan has the fastest rising prices in Asia, beating even Sri Lanka where inflation was measured at 35.3% in the previous month.

Another reason for the increased gold demand is the delay in an agreement with the International Monetary Fund (IMF) for a desperately needed economic bailout, without which the country risks default.

The delay in the revival of the IMF programme negatively impacts the currency market which, in turn, bolsters the demand for gold.

Meanwhile, the price of gold jumped $25 at $2,015 per ounce in the international market.

Data shared by the association showed that the price of silver rose by Rs20 per tola and Rs17.15 per 10 grams to settle at Rs2,750 and Rs2,357.68, respectively — which the APSGJA said were also record highs. 

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

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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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The Transformation Model of Saudi Arabia: Aurangzeb Stresses Policy Continuity and Takes Advice From KSA.

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The Saudi Fund for Development, acting on behalf of the Kingdom of Saudi Arabia, has extended the three-billion dollar deposit’s maturity date by one year, to December 5, 2024.

The specified sum is now in the custody of the State Bank of Pakistan.

The extension of the deposit period is an extension of the assistance that the Kingdom of Saudi Arabia has been giving to Pakistan, which will help to bolster the nation’s foreign exchange reserves and boost its economic development.

The USD 3 billion deposit agreement was first signed with SFD in 2021 and then extended in 2022 and 2023 following the royal directions that demonstrate the two brotherly nations’ continued strong ties.

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