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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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Saudi Arabia rewards brave police officer ASP Shehrbano with a royal pension.

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Sources claim that when the two met at the Saudi embassy, where the ambassador was entertaining the courageous female officer, the diplomat gave ASP Shehrbano the information.

The Saudi ambassador praised the police officer’s bravery and assured her that her family’s travel expenses to Saudi Arabia as a royal guest will be covered by the Saudi royal family.

He gave the ASP high marks for her poise and selfless dedication to her work in managing an agitated environment.

One day before, the Gulberg ASP visited the Chief of Army Staff (COAS), General Syed Asim Munir, at General Headquarters.

The head of the army acknowledged the significant contribution Pakistani women made to society as a whole.

He was cited as adding, “Since independence, Pakistani women have made a name for themselves both at home and abroad thanks to their skill, perseverance, and determination.

Additionally, ASP Shehrbano’s name was suggested by IG Punjab Usman Anwar for the Quied e Azam Police award.

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36% of fresh faces make it to the National Assembly.

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Following the general elections of this year, a record 36% of new members have joined the National Assembly.

There are now 96 new legislators that have been elected to the assembly out of 265 total. In the general elections, the Pakistan Tehreek-e-Insaaf (PTI) has elected the most number of fresh faces as Independents.

Of the new faces, eleven PPP and MQM members, as well as fifteen PML-N members, have become MNAs for the first time. The IPP’s Abdul Aleem Khan and Awn Chaudhry were elected to the National Assembly for the first time.

Ataullah Tarar of the Pakistan Muslim League-N, Mir Jamal Khan Raisani, the party’s youngest member, was also elected from Balochistan for the first time and made it to the lower house.

Sher Afzal Marwat, Latif Khosa, and Barrister Gohar Ali Khan, who is supported by the PTI, are some of the fresh faces. In the last parliament, Shandana Gulzar had a reserved seat; however, this time, she was elected to a general seat.

Arshad Vohra, Syed Mustafa Kamal, and Rauf Siddiqui of the MQM were also elected to the National Assembly for the first time.

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The government declares March 2 a public holiday.

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In the province capital, Madhu Lal Hussain’s 436th annual three-day urs festivities will get underway on Saturday.

Secretary Auqaf Dr. Tahir Raza will execute the customary chador laying on the saint’s grave to kick off the urs festivities.

On this occasion, ulema Mushaikh, members of the Religious Committee, and a sizable crowd of devotees will take part.

For the Urs gift, the Auqaf Department has set up Rs 459,000. The agency and local police put together impenetrable security plans for the guests.

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