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Gold registers minimal decline on rupee appreciation

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Gold prices in Pakistan registered losses following the rupee’s appreciation against the dollar as the supply of the greenback increased the in the local market.

The price of gold (24 carats) decreased by Rs200 per tola and Rs172 per 10 grams to settle at Rs197,500 and Rs169,324, respectively, according to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

Cumulatively, the yellow metal has shed Rs2,500 per tola during the ongoing week — and it has only registered gains once as the movement of Pakistani currency remains volatile.

The precious metal scaled an all-time high of 210,500 per tola on January 30, 2023; however, its price started receding after the situation became virtually better on hopes of revival of the International Monetary Fund (IMF) bailout programme.

Meanwhile, gold price in the international market edged up but was on track for a weekly fall as prospects of further interest rate hikes dented its allure, while traders awaited a US non-farm payrolls report due later in the day.

The price settled at $1,834 per ounce after registering a handsome gain of $15.

Powell showed determination to control stubbornly high inflation, saying that rates would be likely to rise faster and reach higher than previously expected, a scenario that creates a downside for gold, Ricardo Evangelista, senior analyst at ActivTrades, said.

Bullion is known as an inflation hedge, but rising rates increase the opportunity cost of holding the non-yielding asset.

“The yellow metal has strong technical support near $1,810-$1,790 an ounce and we may see a bounce back to $1,875 next week,” said Jigar Trivedi, an analyst with Mumbai-based Reliance Securities.

Investor focus shifts to US non-farm payrolls data due at 1330 GMT for further clues on the Fed’s rate-hike path. The report is expected to show that non-farm payrolls increased by 205,000 in February, according to economists polled by Reuters.

If the data is weak, then gold could benefit and might rise to the $1,850-$1,860 range, said Carlo Alberto De Casa, an external analyst at Kinesis Money. 

It should be noted that Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,120 per tola and Rs1,817.55 per 10 grams, respectively.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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Gold prices in Pakistan have risen by Rs 1,200 per tola.

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The price of one tola of 24 carat gold rose by Rs1,200 and reached Rs246,800 on Thursday, compared to its previous sale price of Rs245,600 on the last trading day.

According to the All Sindh Sarafa Jewellers Association, the cost of 10 grammes of 24 karat gold rose by Rs1,029 to reach Rs211,591, compared to the previous price of Rs210,562. Similarly, the price of 10 grammes of 22 carat gold jumped from Rs193,016 to Rs193,959.

The price of silver remained unchanged at Rs2,900 per tola and Rs2,486.28 per ten grammes.

According to the association, the international market price of gold rose by $10, reaching $2,382 from $2,372.

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The federal government has declared wage and pension increments for its employees.

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The Ministry of Finance has formally declared a rise in the remuneration and retirement benefits of personnel working for the federal government, offering substantial economic alleviation.

According to the notification, personnel in grades 1 to 16 will experience a 25% increment in their salaries, while officials in grades 17 to 22 will be granted a 20% rise. The implementation of this modification will commence on July 1, 2024, and will be applicable to the employees’ fundamental remuneration.

In addition, retired federal government employees would receive a 15% rise in their pension payments. This increase is applicable to retirees from both the civilian and military sectors. It is important to mention that employees who retire on or after July 1, 2024, will also qualify for this pension rise.

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The 15% increase in pension will be computed based on the amount of pension received by retired employees after deductions. Nevertheless, the letter specifies that ad hoc aid will not be factored into the calculations for pension and gratuity.

Moreover, this increment will have no effect on the calculation of housing rent allowances for employees.

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