Business

Gold regains shine, price rises over 1% in Pakistan

Published

1 year ago

Farwa

Per tola gold price settles at Rs197,100.
Cumulatively, gold gains Rs3,000 per tola in last two sessions.
Silver prices in domestic market remain unchanged.

Gold price in Pakistan regained its shine on Wednesday as the rate rose over 1% in the local bullion market owing to a steep decline in the rupee value.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) surged by Rs2,700 per tola and Rs2,315 per 10 grams to settle at Rs197,100 and Rs168,981, respectively.

Cumulatively, the precious commodity gained Rs3,000 per tola in the last two sessions reversing the prevailing trend recorded last week — when gold lost Rs1,900 per tola.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,080 per tola and Rs1,783.26 per 10 grams, respectively.

Analysts say gold may be an effective way to defend investments against inflation, but only over long periods of time.

Comparatively, over shorter periods of time, the inflation-adjusted price of gold swings wildly, making it not a very strong near-term hedge for inflation.

In the international market, gold gained traction as strong Chinese economic data dented the dollar and drove some bets for better physical demand from the top bullion consumer, but the risk of elevated US interest rates capped gains.

The per ounce price of gold in the international bullion market rose by $27 to settle at $1,837.

“The market is cautiously optimistic for a Chinese economic recovery following strong data which has put the dollar rally into reverse,” independent analyst Ross Norman said, adding that it was, in turn, boosting gold and risk-on assets.

Physical gold demand in the key hub has already picked up this year as COVID-19 restrictions were eased.

“Gold was clearly oversold and we’re seeing good bargain hunting on the lows, having found technical support at the $1,808 level … the market looks poised to firm but cautiously so, with US inflation-linked data being a constant driver,” Norman added.

Although traditionally considered an inflation hedge, higher interest rates to rein in consumer prices dim the appetite for bullion since it pays no interest.

Gold registered its worst month since June 2021 in February after a slew of US data pointed to a resilient economy and a tight labour market, sparking fears that the Federal Reserve would deliver more rate hikes to curb inflation.

Business

The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

Published

1 day ago

Farwa

The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.

Business

Fly Jinnah opens a new route internationally.

Published

1 day ago

Farwa

Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

Business

Tajir Dost app: traders don’t seem interested in registering

Published

1 day ago

Farwa

To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”