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Gold price remains unchanged in Pakistan

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  • Cumulatively, the yellow metal gained Rs1,350 per tola in the domestic market during the week ended March 12.
  • Local prices of gold usually go down on rupee’s appreciation against US dollar.
  • Firmer tone to economic data and strengthening currency would undermine support for gold.

KARACHI: Gold price remains unchanged in Pakistan amid stability in the international market and rupee appreciation against the US dollar. 

According to rates issued by the All Sindh Sarafa Association, gold prices clocked in at Rs130,750 per tola and Rs112,097 per 10 grams on Saturday.

Cumulatively, the yellow metal gained Rs1,350 per tola in the domestic market during the week that ended March 12.

The association determines local prices based on rupee-dollar parity and international rates. According to the market practice, local prices of gold usually go down on the rupee’s appreciation against the US dollar and rising prices of commodities in the international market.

A firmer tone to economic data and strengthening currency would undermine support for gold, which has benefited in recent times from the plunge in local currency.

Gold rates in Pakistan are around Rs6,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

Gold in global market

In the international market, gold recorded minor gains as a safe-haven appeal for the metal dimmed after Russian President Vladimir Putin said there had been progressing in talks with Ukraine, with the likelihood of a looming US rate hike adding pressure to bullion.

The price of yellow metal slightly rose by $5 to settle at $1,988 per ounce.

“There are certain positive shifts, negotiators on our side tell me,” Putin said in a meeting with his Belarusian counterpart Alexander Lukashenko, but did not provide any details. 

“The Russia-Ukraine crisis will continue to support the prospect for higher precious metal prices,” said Saxo Bank analyst Ole Hansen in a note, as that could mean higher inflation, slowing growth and fewer central bank-rate hikes.

With US inflation ballooning in February, bets that the central bank will raise its benchmark overnight interest rate by at least 25 basis points on March 16, stood at 94%, according to CME’s FedWatch Tool. 

“(For gold) many positive fundamental factors, like inflation and supply chain disruption still remain… but in the short term, we might have priced a good amount of those into the market,” said David Meger, director of metals trading at High Ridge Futures.

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Rainfall throughout the night stops flights in Lahore.

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Allama Iqbal International Airport experienced many hours of flight disruption due to the intense rainfall and windstorms that occurred overnight in Lahore, the provincial capital of Punjab.

Aviation sources claim that because of the monsoon weather, the flight operation was unable to operate between 3 and 4 am.

It is possible that the planes will arrive at the airport at 4 am.

Amidst delays in foreign airline flights, three aircraft made landings in Multan and Peshawar.

Riyadh flights arrived in Peshawar Airport, while flights scheduled to land in Lahore in Abu Dhabi and Bahrain ended up landing in Multan Airport.

Seven hours later than scheduled, the Qatar Airways flight from Doha arrived in Lahore.

Because of the bad weather, there are delays in the arrival and departure of numerous international planes.

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Containers were used to seal the Red Zone before JI’s sit-in at D-Chowk.

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Authorities in Islamabad have blocked off the Red Zone by erecting containers in front of today’s (Friday) Pakistan Tehreek-e-Insaf (PTI) demonstration and the Jamaat-i-Islami sit-in at D-Chowk in Islamabad.

Jamaat-i-Islami is scheduled to stage a sit-in at Islamabad’s D-Chowk, and the Pakistan Tehreek-e-Insaf (PTI) has declared a nationwide protest against the country’s soaring inflation and recent spike in electricity rates.

Containers have been used to block access to the Red Zone’s main crossroads, D Chowk, Nadra Chowk, and Sarina Chowk.

ISLAMABAD, PUNJAB SECTION 144

In the meantime, in response to PTI and JI plans for statewide rallies, the federal and Punjabi governments enforced Section 144 in Islamabad and Punjab. Section 144 will be in force from Friday, July 26 to Sunday, July 28, per the notification that was released in this regard.

Rallies, sit-ins, protests, and rallies are prohibited from July 26 to July 28, according to a letter from the Home Department. It said that terrorists may find public gatherings to be an easy target and stated that the decision had been made with the threat of terrorism in mind.

In contrast, JI Secretary General Ameerul Azeem claimed in a statement that police had raided the residences of JI officials across the nation.

In an attempt to break up the protest, he said, police had targeted JI leaders and activists. He also alleged that multiple instances of police raids, arrests, and harassment of women had occurred in various towns.

GOVT ADVISED

The government was forewarned by Jamaat Emir Hafiz Naeemur Rehman earlier on Thursday that it would face consequences if the party was barred from accessing Islamabad for their scheduled demonstration against inflation and an increase in electricity prices.

He stated in a statement that their belief is in peaceful political protest as a means of securing public rights. “We are not afraid of arrests, and the Jamaat-e-Islami cannot be stopped,” he added.

“The historic sit-in on Friday, July 26, will represent 250 million people of Pakistan, and we will sit peacefully at D-Chowk.”

According to the JI, convoys are in route from all around the nation to participate in the sit-in. He encouraged the administration to offer a location for the protest, highlighting that it is their constitutional and democratic right to speak up for the country.

“Any political party that wishes to participate” was invited, and he welcomed them all.

Prior to the sit-in, police raided the residences of JI leaders and officials in many parts of Punjab and Rawalpindi, making multiple arrests.

Ameerul Azim, the central secretary general of Jamaat-e-Islami, was not able to be arrested during the police raid; instead, Shaukat Mahmood, his driver, was taken into custody.

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Changes to Pakistan’s Test team could be significant for the Bangladesh series.

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Major changes to Pakistan’s team are anticipated ahead of the forthcoming Test series against Bangladesh, sources in Lahore have revealed.

As the team gets ready for the series, meetings with the players are planned for next week.

It is predicted that the Test squad would undergo several changes. The team’s lineup is expected to be strengthened by the likely inclusion of Muhammad Huraira. Key players like Faheem Ashraf, Wasim Jr., Saim Ayub, and Nauman Ali, whose contributions are vital to the team’s success, struggle to get a spot on the squad.

Furthermore, according to sources, Imamul Haq or Sahibzada Farhan are anticipated to be added to the team, subject to additional assessment. Furthermore, following a fitness assessment, Amir Jamal and Hasan Ali’s futures will be determined.

The ultimate selection for the Test team will take place following Red Ball head coach Jason Gillespie’s return to Pakistan. The ultimate squad that will play Bangladesh in the forthcoming Test series will be greatly influenced by his assessments and thoughts.

Pakistan is scheduled to visit New Zealand in March and April of 2025, according to the country’s official cricket schedule, which was released earlier this month.

Throughout their visit, the Pakistan cricket team will play three One Day Internationals (ODIs) and five Twenty20 Internationals (T20Is) in an exciting series.

The T20I series, which starts at Hagley Oval in Christchurch on March 16, will serve as the tour’s opening event.

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