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Gold rates in Pakistan make minor gains

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  • Gold price in Pakistan settles at Rs221,500 per tola.
  • Price of silver remains unchanged in local market.
  • Yellow metal falls by $4 in the international market. 

KARACHI: Gold rates in Pakistan made minor gains on Friday despite international prices witnessing a decline. 

According to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) appreciated by Rs1,300 per tola and Rs1,115 per 10 grams to settle at Rs221,500 and Rs188,786, respectively.

Meanwhile, the price of the yellow metal fell by $4 to settle at $1,932 per ounce in the international market today.

Gold was on track for its biggest weekly decline in six as data projecting continued strength in the US labour market firmed bets for US interest rates remaining elevated and boosted Treasury yields and the dollar.

“The market is slowly accepting the fact that maybe rates will stay higher for longer,” reflected in Treasury yields rising this week with a downward impact on gold, said Harshal Barot, a senior consultant at Metals Focus.

“The dollar has strengthened even after the US rating downgrade, so that is one potential supporting factor that hasn’t played out.”

Gold prices have declined more than 1.4% so far this week, having slipped to July 11 lows on Thursday as 10-year US Treasury yields climbed to their highest since November after strong US jobs data.

Rising yields dampen the appeal of non-interest-bearing gold.

Meanwhile, the gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy gold in such times as a safe investment and a hedge.

Data shared by the association showed the price of silver prices remained unchanged to settle at Rs2,750 per tola and Rs2,357.68 per 10 grams, respectively.

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April FDI in Pakistan increased to $358.8 million, according to SBP

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The inflow for April was $358.8 million, up 177% from $132 million in April FY23. Still, that was 39% more than the $258 million from March.

China was the largest investor, with $439.3 million in FDI from the nation between July and April of FY24—the greatest amount—as opposed to $604 million during the same period of FY23. In April, China accounted for $177 million of the total investment.

With $51.93 and 51.89 million invested in Pakistan, the United Arab Emirates and Canada came in second and third, respectively.

The power industry was the main draw for foreign investors in FY24, which ran from July to April. This period’s FDI in the power industry was $637.5 million, compared to $776.2 million the previous year. From $338 million to $460 million this year, Hydel Power garnered more attention.

Continue reading: In FY23–24, Pakistan’s per capita income increased to $1680.

According to a separate data released on Wednesday, Pakistanis’ per capita income increased to $1680 in FY2023–2024.

The size of the national economy grew from $341 billion to $375 billion in the current fiscal year, according to figures made public by PBS.

Throughout this fiscal year, Pakistanis’ yearly per capita income increased by Rs 90,534; the monthly rise was Rs 7,544.

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OGRA forbids the purchase or sale of inferior LPG cylinders.

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The 313 LPG marketing and 19 cylinder-producing companies received notices from the OGRA, which described the act of refilling inferior LPGO cylinders as harmful.

Avoid supplying LPG to unlicensed distributors, the OGRA has cautioned LPG marketing companies. Only approved distributors will be able to sell and buy LPG going forward, per the notification, which states that new SOPs have been developed for the LPG industry.

Additionally, the warning said that the decision was made in an effort to preserve both lives and the business in response to an increase in cylinder blast occurrences.

Price reductions of Rs 20 per kilogramme for liquefied petroleum gas (LPG) were implemented in Quetta on May 3.

There is a reduction of Rs 20 on LPG prices, which means that the price per kilogramme drops from Rs 280 to Rs 260.

The costs of LPG were reduced by Rs 20 per kilogramme earlier, bringing the total decrease to Rs 40 per kilogramme over a few weeks. This is something worth noticing.

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PIA announces a significant student discount.

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According to an airline spokesman, the national flag carrier has recently raised the baggage allowance to 60 kg.

Currently, PIA flies one flight per week on Sundays between Islamabad and Beijing.

The discount may be useful to students who intend to spend their summer vacations in Pakistan or who wish to return home after earning their degrees.

Before, students who wanted to visit China could now receive a 27% reduction on their fares through PIA.

On Eid ul Fitr, the national flag airline also reduced the cost of domestic flights by 20% for both economy and executive economy classes.

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