Business

Gold rangebound in Pakistan as focus shifts to economic data

Published

2 years ago

Farwa

Gold price settles at Rs177,500 per tola in Pakistan.
Price of gold rises by Rs4,800 per tola during week ended Dec 24.
Silver price plunge by Rs80 per tola to settle at Rs2,020.

Gold prices in Pakistan witnessed a meagre rise on Saturday in holiday-thinned trading, as market participants awaited economic data for further direction.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold registered a slight increase of Rs200 per tola and Rs172 per 10 grams to settle at Rs177,500 and Rs152,178.

A day earlier, gold recorded its first major drop of Rs3,350 per tola to Rs177,300 in Pakistan, breaking a 12-day-long streak of crazy gains almost every day.

Cumulative, the price of precious commodity gained Rs4,800, or 2.77%, per tola during the week ended December 24.

Pakistan has seen days recently when the bullion recorded a reduction in its price in international markets, but local pricing bodies kept ballooning the commodity price in the country amid high demand and low supply scenario for the metal.

It should be noted that the APSGJA notifies the gold rates to the market every day after determining the price by keeping in view its rates in world markets, the rupee-dollar exchange rate, and demand and supply in domestic markets.

Gold prices have been rising for the last many days and have cumulatively gained Rs16,300 or 10% per tola since December 1, raising concerns about whether the soaring price is sustainable or constitutes an unsustainable bubble.

Analysts believe that the unavailability of the dollar in Pakistan and the widening difference between interbank and open market exchange rates triggered the recent price hike; however, grey markets of the precious commodity have also added fuel to the speculations.

Meanwhile, silver prices plunged by Rs80 per tola and Rs68.59 per 10 grams to settle at Rs2,020 per tola and Rs1,731.82 per 10 grams, respectively.

In the international market, gold prices hemmed into a tight range in thin trading, as cautious traders awaited economic data due later in the day to gauge the Federal Reserve’s rate hike stance. Prices settled at $1,798 after a meagre rise of $1 per ounce.

Business

Pakistan suffers a loss of millions due to inoperable airports.

Published

3 days ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

Within the last 12 to 14 months, the minister saw a considerable improvement in macroeconomic stability. With the help of foreign exchange reserves sufficient to cover two months’ worth of imports, Pakistan steadied its currency, decreased its current account deficit to less than $1 billion, and produced a primary surplus.

Strong remittances, expanding exports, and a drop in inflation from 38% to 6.9% have all contributed to the consolidation of these benefits, according to Muhammad Aurangzeb. Companies have also profited from the insurance rate reduction.

Even if Pakistan’s credit rating has improved, more work needs to be done to bring it up to at least a B-. Both on the debt and equity sectors, he claimed, institutional flows were returning to the nation.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Pakistan’s economy is getting better, according to Muhammad Aurangzeb

Published

3 days ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

thus,Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Remittances from Workers

Published

3 days ago

Farwa

In September of this year, the State Bank of Pakistan reported that remittances from overseas Pakistanis amounted to 2.8 billion dollars, reflecting a 29% increase compared to the remittances received in September of the previous year.

The SBP reports that, with a cumulative inflow of 8.8 billion US dollars in the first quarter of the financial year, workers’ remittances increased by 38.8 percent compared to the first quarter of the previous year.

Remittance inflows in September 2024 were primarily derived from Saudi Arabia at $681.3 million, the United Arab Emirates at $560.3 million, the United Kingdom at $423.6 million, and the United States of America at $274.9 million.