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Gold price shoots past Rs155,000-mark

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  • Gold price rises by Rs2,250 per tola.
  • Demand for gold picks up pace as wedding season kicks off.
  • Silver prices rise by Rs20 per tola.

KARACHI: The gold price in Pakistan breached the key level of Rs155,000 per tola in line with a surge in demand due to the wedding season.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold surged by Rs2,250 per tola and Rs1,929 per 10 grams to settle at Rs155,400 and Rs133,230, respectively.

On the physical side, demand for gold in Pakistan picked up pace this week as the wedding season kicks off.

In the international market, the price of the yellow metal soared by $52 per ounce settling at $1,760. Gold prices were headed for their best week in more than two years after extending gains on Friday as signs of cooling inflation raised hopes that the Federal Reserve might temper its hawkish policy.

Along with a technical break above the October highs, the likelihood of gold reaching $1,800 has become much more likely in the international market.

On the technical front, gold is trading above its 50-day and 100-day moving averages, which is considered a bullish signal by traders.

The precious commodity’s rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market rose by Rs20 per tola and Rs17.15 per 10 grams at Rs1,680 per tola and Rs1,440.32 per 10 grams.

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The KSE-100 Index rises following a sharp decline in the previous session.

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The government is considering filing a treason case under Article 6 against PTI founder Imran Khan, former president Arif Alvi, and former deputy speaker Qasim Suri. On Tuesday, the KSE-100 Index was up more than 1.3% during early trading, following a day of roughly a 2 percent loss due to growing political unrest and the potential banning of the party.

However, the benchmark index of the Pakistan Stock Exchange was trading at 79,074.63 by 11:49 a.m., having gained 535.45 points, or 0.68 percent, after reaching an intraday high of 79,578.04.

Market analysts said that political tensions were the primary cause of the KSE-100’s earlier Monday decline of 1578.71 points, or 1.97 percent.

They did point out, though, that a correction was a reasonable reaction to the protracted upswing that allowed the benchmark mark index to reach 81,839.86 on July 18.

As a result of interest rate cuts and the possibility of another IMF program, the Pakistan Stock Exchange has gained 22.97 percent so far this year. The cycle began on June 10 with a 1.5 percent decrease in borrowing costs.

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In interbank trade, the US dollar crushes the Pakistani rupee.

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During interbank trade on Tuesday, the US dollar’s value increased by 15 paisas, reaching Rs 278.45.

It is important to remember that Fitch Business Monitor International expressed concern about the possibility that Pakistan’s economic stability may be jeopardized by the ongoing political unrest.

The fragile situation of Pakistan’s economic recovery was emphasized by Fitch in its most recent Pakistan Country Risk Report, which also noted that economic activity has been impeded by urban protests.

(PTI),In spite of multiple successful judicial appeals, the founder of Pakistan Tehreek-e-Insaaf (PTI) is expected to stay behind bars, the article notes, underscoring the fragile political environment.

With no urgent plans for new elections, this scenario suggests that the coalition administration will remain in office for the next 18 months.

Fitch also described an eventuality in which the government could change and be replaced by a technocratic administration. This suggests that the government of Pakistan would carry out the reforms demanded by the IMF, contributing to the 3.2% GDP growth expected in 2024–2025.

The policy rate has stabilized above projections, while the research predicted it may reach 16 percent this fiscal year and 14 percent the following year.

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Pakistan’s gold prices per kilogram dropped.

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When 24-karat gold dropped by Rs. 500 to Rs. 250,500 per tola on Tuesday, the price of gold fell once again on both the local and international gold markets.

By Rs429 to Rs214,763, 10 grams of gold cost less, according to the Gold Sellers Association.

Gold’s price per ounce dropped to $2391 on the international market by $11.

At Rs2920 per tola, the price of silver did not change.

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