Business

Gold rate in Pakistan today

Published

3 years ago

Farwa

Gold prices in local bullion market settles at Rs142,000 per tola.
Cumulatively, gold price rose by Rs4,700 per tola during last four sessions.
Silver prices in domestic market remain unchanged.

KARACHI: Gold prices in Pakistan skyrocketed on Monday as a softer rupee and concerns regarding inflation lifted the demand for the safe-haven asset.

Gold prices in the local bullion market soared by Rs2,800 per tola and Rs2,400 per 10 gram today to reach Rs142,000 and Rs121,742, respectively, amid the depreciation of the rupee against the US dollar — that surpassed the Rs200 mark once again.

The precious commodity closed at Rs139,200 per tola and Rs119,342 per 10 grams on Saturday.

Fluctuations in the local currency coupled with inflation concerns added fuel to the already surging price of the yellow metal.

Cumulatively, the price of the yellow metal significantly gained Rs4,700 per tola since the start of the bullish spell (June 2).

Gold is considered a hedge against soaring inflation and is often used as a safe store of value during times of political and economic uncertainty.

The precious commodity remains a safe haven against inflation (rupee depreciation and increase in essential commodity prices) and people invest in gold to avoid the impact of the devaluation of the local currency.

In the international market, the price of yellow metal increased by $3 per ounce to settle at $1,854.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 and Rs1,346.02 today.

Business

Robust activity lets PSX climb above 115,000 level again.

Published

1 day ago

Farwa

On Friday, the Pakistan Stock Exchange (PSX) resumed its upward trend, crossing 115,000 points once more.

The PSX had strong action in the morning session, as the KSE-100 index increased by 1,000 points to 115,138.

The notoriously volatile PSX closed Thursday at 114,037 points, up 594 points.

DOLLAR DEPRECIES

Meanwhile, in the interbank market this morning, the US dollar fell 7 paisas to Rs278.65 against the Pakistani rupee.

Business

SBP will announce monetary policy on January 27.

Published

1 day ago

Farwa

The State Bank of Pakistan (SBP) will release its monetary policy on Monday.

The Monetary Policy Committee (MPC) of the SBP will convene on the first day of the following week to make decisions on monetary policy.

The Monetary Policy decision will be announced by Governor SBP Jameel Ahmad at a news conference on the same day after the MPC meeting, according to an official release.

In December, the central bank reduced policy rates by 200 basis points (bps) to 13 percent.

“In November 2024, headline inflation fell to 4.9 percent year on year, meeting the MPC’s estimates. This decrease was mostly caused by the ongoing decline in food inflation and the phasing out of the impact of the gas tariff increase in November 2023,” SBP stated in an official release.

“However, the Committee noted that core inflation, at 9.7 percent, is proving to be sticky, while consumer and business inflation expectations remain volatile.” To that end, the Committee restated its previous assessment that inflation may remain volatile in the short term before stabilizing within the target range.

“At the same time, growth prospects have slightly improved, as evidenced by a recent increase in high-frequency indicators of economic activity.” Overall, the Committee concluded that its approach of gradual policy rate decreases is keeping inflationary and external account pressures under control while promoting long-term economic growth.

Business

Finance Minister Meets With World Leaders at World Economic Forum in Davos

Published

2 days ago

Farwa

During his attendance at the World Economic Forum in Davos, Switzerland, Finance Minister Muhammad Aurangzeb has met with officials of organisations and leaders of many nations.
Bangladesh’s Chief Advisor, Muhammad Younas, met with Mohammad Aurangzeb.
On the fringes of the World Economic Forum’s Annual Meeting 2025 Opening Banquet, there was an informal meeting.
Additionally, the Finance Minister met with Anwar Ibrahim, the Prime Minister of Malaysia.
Both leaders discussed economic cooperation and bilateral ties.
Muhammad Aurangzeb also had a meeting with Dp World’s Rizwan Soomro and Yuvraj Narayan.
They talked about how to strengthen Pakistan’s logistics and infrastructure systems to support trade.
“The Pakistani government is committed to advancing joint projects and values partnerships in both business-to-business and business-to-government cooperation,” the finance minister added.