Business

Gold retreats once again in Pakistan, per tola price declines by Rs1,000

Published

1 year ago

Farwa

Gold prices fell on Friday as the rupee ticked higher, while traders continued to position themselves for further rate hikes from the State Bank of Pakistan (SBP) — as the precious commodity is highly sensitive to rising interest rates.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) declined by Rs1,000 per tola and Rs857 per 10 grams to settle at Rs195,100 and Rs167,267, respectively.

Investors expect the State Bank of Pakistan (SBP) to raise interest rates as early as this week in an off-cycle review as the South Asian nation faces pressure to mend its finances amid a $1 billion loan tranche it is seeking from the International Monetary Fund (IMF).

While gold is considered an inflation hedge but is highly sensitive to rising interest rates, which increase the opportunity cost of holding the non-yielding bullion.

Moreover, the local currency extended its winning streak for the third day as it gained 0.36% against the US dollar to close below the psychological level of 260 after a hiatus of 20 days in the interbank market — which faded the appeal for the precious commodity.

Meanwhile, silver prices in the domestic market fell by Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,100 and Rs1,800.41, respectively.

In the international market, gold prices headed for another weekly fall on Friday, holding near last session’s two-month lows as prospects of more interest rate hikes by the US Federal Reserve dimmed bullion’s appeal amid a slew of strong economic data.

The price registered a meagre decline of $8 per ounce to settle at $1,818.

Bullion has lost about 7% since the beginning of February, having posted significant declines in the previous two out of three weeks and is down about 1% this week.

Gold is trying to find support around the $1,820 level, but prices could drift still lower towards $1,776 on strong personal consumption expenditure data, said Ole Hansen, head of the commodity strategy at Saxo Bank.

“The market is looking to stabilise after the long overdue correction, which has now been unfolding for the past three weeks.”

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.”