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Gold regains lost ground in Pakistan

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  • Gold price gains Rs2,800 per tola in Pakistan.
  • Bargain hunters are taking advantage of recent losses.
  • Silver price rise by Rs30 per tola.

Gold regained lost ground on Saturday, as bargain hunting trickled in after prices dropped a day earlier in response to the continued recovery of the Pakistani rupee against the US dollar.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs2,800 per tola and Rs2,400 per 10 grams to settle at Rs196,000 and Rs168,038, respectively.

The bargain hunters took advantage of recent losses, but the precious metal’s outlook was still clouded by prospects of further recovery of the rupee against the greenback as optimism regarding the revival of the International Monetary Fund (IMF) programme boosted the currency market’s sentiment.

Cumulatively, the precious commodity lost Rs2,400 per tola during the week ended February 18. 

Meanwhile, silver prices in the domestic market rose by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,130 per tola and Rs1,826.13 per 10 grams, respectively.

In the international market, gold prices edged higher but were still on track for their third straight weekly dip, weighed down by an overall stronger dollar and bond yields following fresh hawkish rhetoric from US Federal Reserve officials. The price settled at $1,843 per ounce after gaining $19.

The dollar’s advance, paired with the hawkish outlook from members of the Fed, was weighing on the market, said Phillip Streible, chief market strategist at Blue Line Futures in Chicago.

Fed officials this week said the US central bank likely should have lifted interest rates more than it did early this month, with Fed Governor Michelle Bowman reiterating the 2% inflation goal.

Higher interest rates increase the opportunity cost of holding zero-yield bullion. Prices of the precious metal are down about 7.3% since its nine-month peak earlier this month.

Goldman Sachs said it expected the Fed to raise rates three more times this year by a quarter of a percentage point each.

Traders await next week’s release of the latest FOMC minutes and US GDP data for more clues on the path of rate hikes.

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In a first for history, PSX crosses the 77,000 milestone.

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At 77,213.31, the benchmark KSE-100 hit an all-time high, up 1,005.15, or 1.32%, from the previous close of 76,208.16.

The government’s readiness to seal an agreement with the International Monetary Fund (IMF) following the budget was cited by analysts as the reason for the upward trend.

Experts anticipate that in an attempt to bolster its position for a fresh bailout agreement with the International Monetary Fund (IMF), the budget for the fiscal year ending in June 2025 would set aggressive fiscal goals.

Budget for Pakistan, 2024–2025
Pakistan’s budget for the fiscal year 2024–25, with a total expenditure of Rs18.877 trillion, was presented on Wednesday by Minister of Finance and Revenue Muhammad Aurangzeb.

The Finance Minister, Muhammad Aurangzeb, outlined the budget highlights. He stated that the GDP growth target for the fiscal year 2024–25 is set at 3.6 percent, while the inflation rate is anticipated to stay at 12 percent.

He stated that while the primary surplus is anticipated to be 1.0 percent of GDP during the review period, the budget deficit to GDP is forecast to be 6.9 percent over the period under review.

According to the minister, tax income collection increased by 38% in the current fiscal year, and the province will receive Rs7,438 billion. The Federal Board of income expects to earn Rs12,970 billion in revenue for the upcoming fiscal year.

In contrast to the federal government’s projected net income of Rs9,119 billion, he stated that the federation’s non-tax revenue projections are set at Rs3,587 billion.

The federal government’s total outlays are projected to be Rs18,877 billion, with interest payments accounting for the remaining Rs9,775 billion.

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Pakistan currently has $14.38 billion in foreign exchange reserves.

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Pakistan’s commercial banks’ reserves, which stood at $5.28 billion at the conclusion of the week ending on June 7, rose by US$174 million, according to a central bank statement.

Reserving US$6.2 million less, the SBP now has US$9.10 billion in reserves. The causes for the decline in the reserves it had were not disclosed by the central bank.

The SBP released a statement that stated, “SBP reserves decreased by US$ 6 million to US$ 9,103.3 million during the week ended on 07-June-2024.”

The State Bank of Pakistan’s (SBP) foreign exchange reserves were reduced by US$ 63 million as a result of repaying external debt, with the reserves standing at US$ 9.093 billion as of earlier on June 6.

The central bank spokesperson said in a statement that as of the week that concluded on May 31, the nation’s total liquid foreign reserves were $14.31 billion.

In terms of net foreign reserves, commercial banks have US$ 5.22 billion of the overall foreign reserves, according to the SBP.

SBP reserves dropped by US$ 63 million to US$ 9,093.7 million during the week that ended on May 24, 2024, according to the announcement.

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In the local market, the price of gold plummets to Rs240,700/tola.

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Gold with a 24-karat purity level has dropped by Rs1200/tola on the local market.

Each tola of 24-karat gold is now selling for Rs240,700, with a further drop of Rs1029 bringing the price of 10 kilos of gold to Rs206,361. These figures are courtesy of the All Sarafa and Jewelers Association.

Meanwhile, after a $2 decline on the global market, one ounce of gold will be valued $2315.

A tola of gold was worth Rs 600 more on Wednesday.

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