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In a first, one tola gold price surpasses Rs150,000 mark in Pakistan

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3 years ago

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  • Price of gold soars Rs2,500 per tola.
  • Yellow metal settles at an all-time high of Rs152,000 per tola.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold price hit an all-time high, surpassing Rs150,000 per tola (11.66 grams) in Pakistan on Wednesday mainly due to a speculative increase in demand and partly due to the depreciating local currency.

The price of gold, considered a safe haven, soared Rs2,500 per tola and Rs2,143 per 10 grams to an all-time high of Rs152,000 and Rs130,315 in the local market, the All Sindh Saraf and Jewellers Association (ASSJA) reported.

With the latest increase of Rs2,500 per tola today, the gold price has surged by a total of Rs7,000 in the last six sessions.

Gold is likely to maintain the uptrend until economic clarity is seen. Analysts are of the view that the worldwide economic slowdown and recession in some economies may spark a new wave of inflation and currency depreciation around the world. 

Keeping these trends in view, investors may continue to take fresh positions in gold.

The association, however, stated that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs3,500 per tola compared to its price in Dubai.

The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.

The bullion price is going up for the last many days. Besides, the international currency; the US dollar is strengthening globally. And the local currency (versus the US dollar) has continued to depreciate.

In the international market, bullion prices decreased by $3 per ounce to settle at $1,721 — staying above the key level of $1,700.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,600 per tola and Rs1,371.74 per 10 grams today.

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Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

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Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

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Business

Despite economic gains, PSX remains strong.

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Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

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Business

Pakistan resolves to meet benchmarks, and the IMF promises economic help.

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In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.

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