- Price of 10-gram gold rises by Rs943 to Rs174,468 per tola.
- Fears of recession send investors to safety of precious metal.
- Weaker US dollar helps international gold prices edge bit higher.
Gold prices in Pakistan Thursday increased for the fifth session in a row as political ferment coupled with fears of an imminent meltdown — in case the government fails to revive an International Monetary Fund (IMF) bailout in time — stoked demand for the yellow metal, considered a safe investment.
Data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs1,100 per tola and Rs943 per 10 grams to settle at Rs203,500 and Rs174,468.
As the other markets slide investors generally find refuge in gold to maintain a low-risk profile.
A likely economic contraction looms over Pakistan amid political and economic uncertainties and a holdup in the revival of the International Monetary Fund’s (IMF) loan.
The gold has gained Rs6,000 per tola in the five sessions.
Finance Minister Ishaq Dar said on Thursday that an assurance from “friendly countries” to fund a balance of payment gap was the last hurdle in securing an IMF deal, which will offer a critical lifeline to avert an economic meltdown.
Several countries had made commitments to support Pakistan during previous International Monetary Fund (IMF) reviews, Dar told the country’s upper house of parliament, adding that the IMF was now asking for those commitments.
“At the time of the previous reviews, several friendly countries had made commitments to bilaterally support Pakistan, what IMF is now asking (is) that they should actually complete and materialize those commitments,” he said, adding: That’s the only delay.”
Pakistan is awaiting a bailout package of $1.1 billion from the IMF, which has been delayed since November over issues related to fiscal policy adjustments.
International gold edged higher Thursday, helped by a weaker dollar, but prices held below last session’s 6-week peak as risk sentiment improved after Credit Suisse, the latest focal point of a potential banking crisis, secured funds.
Spot gold rose 0.3% to $1,924.15 per ounce by 1122 GMT, after jumping to its highest since early Feb at $1,937.28 on Wednesday. U.S. gold futures fell 0.1% to $1,928.70.
Credit Suisse, which sparked a rout in European banking stocks on fears of its collapse, recovered 28% after saying it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence.
PKR on track to become top-performing currency this month: Bloomberg
- Pakistani currency rose around 6% this month against dollar.
- Authorities curb leakages happening through illegal channels.
- Crackdown on illegal dollar traders helps local currency.
The Pakistani rupee is on track to become the top performer globally in September as the caretaker government continues its crackdown on illegal dollar trade, Bloomberg reported Thursday.
The local currency rose around 6% this month against the dollar — an amazing feat despite the Thai baht and South Korean won tumbling against the greenback.
Major currencies lost ground against the dollar on speculations that the US interest rates will stay elevated for longer.
The rupee increased 0.1% to 287.95 per dollar on Thursday, after sliding to a record low of about 307 this month. Pakistan’s currency market will remain closed for the Eid Miladun Nabi holiday on Friday.
“Many leakages were happening through illegal channels of hawala and hundi trade from the open market,” Khurram Schehzad, chief executive officer of Alpha Beta Core Solutions Pvt Ltd, told Bloomberg.
“When the dollar rate reverses everybody, the hoarders, the exporters who are holding their export proceeds, start selling their dollars,” Schehzad said.
The interim rulers have intensified efforts by launching a crackdown on people involved in the illegal dollar trade, allowing the currency to gain some lost ground.
The Federal Investigation Agency, Bloomberg reported, conducted raids across the country and security officials in plainclothes were deployed at money exchanges to monitor dollar sales as part of the crackdown.
Caretaker Prime Minister Anwaar-ul-Haq Kakar this week said the rupee’s gain is “fostering optimism for stability.”
For its part, the State Bank of Pakistan raised the capital requirements of smaller exchange companies and ordered large banks to open their own exchange companies to make the retail foreign exchange market more transparent and easier to monitor.
Pakistan issues tender for LNG cargoes to meet winter demand
inDrive now available in five more Pakistani cities
KARACHI: inDrive, a popular ride-hailing service in Pakistan, has now expanded its network to five more cities across Pakistan including Larkana, Kāmoke, Sheikhupura, Hafizabad, and Okara.
In a statement issued by the transport company, the inclusion of these cities reflects inDrive’s dedication to bringing innovative transportation options to both urban centres and suburban areas.
Speaking about the expansion, Senior Business Representative at inDrive Hasan Qureshi said: “We are excited to extend the convenience and reliability of inDrive to residents of Larkana, Kāmoke, Sheikhupura, Hafizabad, and Okara.”
“Our mission is to redefine transportation by providing safe, affordable, and accessible rides to everyone. With this expansion, we are not only enhancing the commuting experience but also contributing to the economic growth and empowerment of these communities.”
PR Manager Sidra Kiran said that their new service offers city residents the convenience of accessing transport from their homes, eliminating the need to search for it.
“Both drivers and passengers stand to gain significant benefits, including time-saving and the elimination of challenges associated with street hailing. This service addresses issues such as locating rides during odd hours like early mornings or late nights,” she stated.
She further added: “inDrive ride-hailing presents numerous benefits to drivers in small cities, including flexible opportunities, reduced unemployment, supplemental income, enhanced community connection, and positive contributions to the local economy.”
The launch of the company in these cities would benefit both riders and driver-partners.
inDrive further said that it remains committed to upholding the highest standards of safety, affordability, customer service, and technological innovation.
inDrive is Pakistan’s premier ride-hailing service and is revolutionising the way people travel. With a commitment to providing safe, affordable, and reliable transportation.
The company allowed riders to connect with nearby drivers with its app.
India cannot deny visas to Pakistani cricket fans as per ICC laws: FM Jilani
Media defenders seek parties’ commitment to press freedom ahead of polls
How much Babar, Shaheen and Rizwan will earn under new PCB deal?
Barwaan Khiladi: Kinza Hashmi discusses her role as Alia
Snap launches tools for parents to monitor teens’ contacts
WATCH: Pakistani traveller deported from Dubai for damaging plane mid-air
Learn First | How to Create Amazon Seller Account in Pakistan – Step by Step
Sajjad Jani Funny Mushaira | Funny Poetry On Cars🚗 | Funny Videos | Sajjad Jani Official Team
Pakistan Reaction On Huge Win Against India | Pakistani Celebs Celebrate World T20 Cricket
Pakistan2 days ago
Pakistan to take up issue of Afghan nationals’ involvement in extortion
Business3 days ago
Govt mulls privatising power companies as circular debt reaches whopping Rs2.3tr
Politics3 days ago
Nawaz Sharif’s confidential ‘note’ contradicts his narrative
Politics2 days ago
What will happen when Nawaz Sharif lands in Pakistan?
Sports2 days ago
Shubman Gill vs Babar Azam: Top batters vie for No 1 ranking in World Cup 2023
Politics3 days ago
IHC to hold open court hearing on Imran Khan’s bail plea in cipher case
Tech2 days ago
WATCH: Google search engine shows off creative doodle to celebrate 25th anniversary
Sports3 days ago
Babar Azam breaks silence on ‘spat’ with Shaheen Afridi