Connect with us

Uncategorized

Gold price rises by Rs200 per tola in Pakistan

Published

on

  • 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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Uncategorized

Condemnation of the Karachi Attack. Pakistan Firmly Denounces Atrocious Terrorist Assault: FO

Published

on

By

Pakistan vehemently denounces the atrocious terrorist assault at Karachi Airport yesterday night, resulting in the fatalities of two Chinese engineers and injuries to another.

The Foreign Office, in a statement issued in Islamabad, expressed profound condolences and sympathy to the families of the victims, both Chinese and Pakistani, and offered prayers for the prompt recovery of the injured.

The reprehensible act of terrorism constitutes an assault not just on Pakistan but also on the longstanding alliance between Pakistan and China.

The statement affirmed our determination to hold accountable those culpable for this barbaric assault, including the Majeed Brigade.

Pakistan’s security and law enforcement agencies will do every effort to apprehend the criminals and their accomplices. This heinous conduct will not remain unpunished.

The Ministry of Foreign Affairs is maintaining regular communication with the Chinese Embassy for coordination and facilitation. Pakistan and China are close allies and steadfast partners, connected by mutual respect and a shared future.

Pakistan reiterates its steadfast commitment to the safety and security of Chinese nationals, projects, and institutions within its borders, and would persist in collaborating with our Chinese counterparts to combat terrorism.

Continue Reading

Uncategorized

We Advocate for the Supremacy of the Constitution: Chairman PPP

Published

on

By

Bilawal Bhutto Zardari, Chairman of the Pakistan Peoples Party, stated that his party upholds the supremacy of the Constitution and has made sacrifices for the preservation of democracy in Pakistan.

During his address at the Sindh High Court Bar Association, Bilawal stated that he is affiliated with a political party responsible for providing Pakistan with its Constitution.

The Chairman of the PPP stated that Benazir Bhutto consistently advocated for democracy, and both the PPP and PML-N endorsed the Charter of Democracy to support democratic principles in Pakistan.

Continue Reading

Uncategorized

President Xi congratulates PM Sharif: In an uncommon letter, the Chinese president wishes the premier a happy birthday.

Published

on

By

On his birthday, Chinese President Xi Jinping congratulated Prime Minister Shehbaz Sharif.

Happy birthday to Shehbaz Sharif! Chinese President Xi Jinping wrote the premier a letter on his birthday.

A unique instance that demonstrates the strengthening of relations between the two nations is the Chinese President’s birthday greeting to the Prime Minister in a letter.

President Xi says in the letter that China and Pakistan are more than just good friends in good times and bad. They support one another during trying times.

The letter goes on to say that history bears evidence to the close bonds of brotherhood and mutual trust that both nations share.

Beijing and Islamabad have such strong connections, according to President Xi, that they are untouched by shifting geopolitical and

Continue Reading

Trending