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Gold price registers meagre increase in Pakistan

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2 years ago

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  • Rate of gold (24 carats) increases by Rs500 per tola.
  • Interbank and open market rate gap widens.
  • Gold falls $12 to $1,976 per ounce in international market.

Gold price registered a meagre increase as the gap between the rupee rates against the dollar in the interbank and the open market widened, prompting investors to move towards the safe-haven metal.

The rate of gold (24 carats) increased by Rs500 per tola and Rs428 per 10 grams to settle at Rs233,600 and Rs200,274, respectively, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

In the interbank, the rupee closed at 285, while the open market rate clocked in at 299, and was above 300 a day earlier, which led to jitters in the market about the currency’s stability.

But in the international market, the price of gold slipped as signs that a deal to raise the US debt ceiling could be reached in Washington reduced its safe-haven appeal. The gold rate fell $12 to $1,976 per ounce.

The gold market has remained volatile in Pakistan recently due to several factors — 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 safe-haven bullion had reached an all-time high of Rs240,000 per tola on May 10 following increased political uncertainty after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s arrest. It dropped later in line with the decline in the international rate.

The jewellers’ body also said that local gold was “overcost” by Rs4,500 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 dropped Rs50 per tola and Rs42.86 per 10 grams to settle at Rs2,900 and Rs2,486.28, respectively. 

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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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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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2 days ago

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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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