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Gold retreats in Pakistan as international rates recede

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  • Gold price in Pakistan settles at Rs221,700 per tola.
  • Price of silver remains unchanged in local market.
  • Yellow metal loses $2 in the international market.

KARACHI: Gold prices in Pakistan started the week on a negative note as they receded in line with the developments in the international market on Monday. 

According to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) appreciated by Rs1,100 per tola and Rs943 per 10 grams to settle at Rs221,700 and Rs190,072, respectively.

Meanwhile, the price of the yellow metal decreased by $2 to settle at $1,94 per ounce in the international market as the US dollar and Treasury yields gained after traders digested Friday’s jobs report, with attention turning to US inflation data later this week.

The US economy added fewer jobs than expected in July, data showed on Friday, but solid wage gains and a decline in the unemployment rate pointed to continued tightness in labour market conditions.

“Market participants still see the job market in the US being tight… it’s not a considerably strong slowdown in job activity,” said UBS analyst Giovanni Staunovo.

The dollar regained some ground, while benchmark 10-year Treasury yields also rose after sliding from November highs on Friday.

Non-yielding gold is often sought as a safe investment against inflation but tends to lose its sheen when rates rise.

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

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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