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Gold price rises by Rs200 per tola in Pakistan

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  • Gold price settles at Rs142,200.
  • 10 gram gold rate settles at Rs121,914.
  • Silver prices in domestic market remained unchanged.

KARACHI: Despite the appreciation of the Pakistani rupee against the US dollar, the gold price in Pakistan extended gains on Friday.

The price of the precious commodity rose by Rs200 per tola and Rs172 per 10 grams to settle at Rs142,200 and Rs121,914, respectively.

A day earlier, the precious commodity closed at Rs142,000 per tola and Rs121,742 per 10 grams.

Moreover, the demand for gold is slightly picking up pace due to the ongoing wedding season.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 per tola and Rs1,303.15 per 10 grams today.

Gold steadies in international market

In the international market, gold prices steadied but were set for a fourth straight weekly drop, as the US dollar resumed its rally. At the same time, the focus shifted to US non-farm payroll print that could influence expectations of interest rate hikes.

US gold futures firmed at $1,739.90. The dollar was set for its second consecutive week of gains, making bullion less attractive for overseas buyers.

“A strong payrolls number and another strong CPI number (next week) will merely serve to drive the dollar higher and gold lower.” Still, weaker readings could signal a policy shift and reset expectations around the September Fed meeting, said Michael Hewson, chief market analyst at CMC Markets UK.

On the technical front, gold’s break below the $1,760 level could signal a further slide to $1,720, and potentially the 2021 lows near $1,680, Hewson added.

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SHC angered by lack of progress in ten cases involving missing persons

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Justice Naimatullah Phulpoto said, “Even after 12 years, it has not yet been decided that the missing persons went themselves or someone took them by force.”

“The provincial Task Force and JIT are undoubtedly holding sessions. Justice Phulpoto stated, “The families of the missing people are concerned that they should receive relief.”

“After being with the AVCC for 12 years, the case of a missing citizen has now come to us,” an IO stated.

The investigating officers were instructed by the court to make daily progress in their inquiry.

The bench also requested reports from all of the nation’s prisons and detention facilities.

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On Quds Day, PM Shehbaz restates Pakistan’s solidarity for the Palestinian people.

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In his speech on Juma tul Wida and the International Day of Al-Quds, he vehemently condemned the crimes committed by Israel in Gaza.

According to him, thirty-two thousand Palestinians—including seventeen thousand children—have died in Gaza since October of last year, and seventy thousand more have been injured. Access to humanitarian supplies has been purposefully restricted, and hospitals, refugee camps, and children’s schools have all been targeted.
He lamented that the unprovoked bombing of defenseless civilians in Gaza persisted in spite of the UN security council’s decision calling for a ceasefire.

According to the prime minister, Pakistan will stand by its armless Palestinian brothers and sisters diplomatically and morally until they are freed from Israeli occupation and an independent state is established in accordance with pre-1967 borders.

On the occasion of Juma tul Wida, the Prime Minister made a plea to Muslims worldwide, including those in Pakistan, asking them to remember their brothers and sisters in Palestine and Kashmir and to pray to God Almighty for the ability to overcome their challenges.

On the eve of Juma tul Wida, he also urged the country to pray for Pakistan’s peace, security, progress, and prosperity.

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The Punjab Assembly moved to make the manufacture of kites and strings a non-bailable offence.

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Hina Parvez Butt, MPA for the Pakistan Muslim League-Nawaz (PML-N), proposed the resolution. Concerns on the rising number of stray kite string events in the province were voiced in the resolution.

The resolution stated that while stray strings have taken many lives in Punjab, police are unable to contain the growing issue.

In her motion, the PML-N MPA urged the Punjab Assembly House to declare that offences involving kites and strings are not subject to bail, and they also urged judges to deny bail to those accused of the aforementioned crimes.

It is important to note that after a young person in Faisalabad died, Punjab police launched an operation to stop kite flying and sales in the region.

Public announcements cautioned the public against kite flying, while the police filed cases and detained makers of metal and kite strings.

On the orders of Chief Medical Officer Maryam Nawaz, police had on March 25 registered 245 cases and detained 242 kite flyers around the province.

In addition, the Karachi commissioner banned the selling of kites and their flying within the city after multiple people were gravely hurt by loose kite strings.

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