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One tola gold price falls by Rs1,300 in Pakistan

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  • Gold price settles at Rs141,900 per tola.
  • It has lost Rs17,700 per tola in last four sessions.
  • Silver prices remain unchanged.

KARACHI: The price of gold in the domestic market fell by Rs1,300 per tola and Rs1,115 per 10 grams on Friday in line with the performance during the week.

Domestic gold prices settled at Rs141,900 per tola and Rs121,656 per 10 grams owing to the constant appreciation of the Pakistani rupee against the US dollar.

A day earlier, gold prices in the local bullion market plunged by Rs2,100 per tola and Rs1,800 per 10 grams to reach Rs143,200 per tola and Rs122,771 per 10 grams.

Cumulatively, the price of gold plummeted by Rs17,700 per tola in the last four sessions (Monday-Friday).

A significant recovery of the Pakistani rupee against the US dollar during the week dimmed the shine of the yellow metal.

Speaking to Geo.tv, a gold dealer said that the price decline in the currency movement. Moreover, a decline in the international oil prices also triggered the downtrend, as according to the market analysis, both commodities move in the same direction.

“Since the start of the week, investors have been on the sidelines because of the uncertain market situation,” he said, adding that the market is reacting to the tiniest of the news reports.

Another gold dealer had said that Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

The dealers had already anticipated the market to undergo a correction after the precious commodity scaled to new peaks. The gold hit an all-time high of Rs162,500 per tola on July 28.

It should be noted that the gold price is standing below cost. Gold is cheaper by Rs2,000 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.

In the international market, bullion prices recorded a meagre gain by $1 per ounce to settle at $1,788 as tensions over Taiwan and lower US yields kept bullion on course for a third straight weekly gain.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,620 per tola and Rs1,388.88 per 10 grams today.

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Punjabi bakers decide to charge Rs. 15 for “roti.”

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The bread, known as roti, will be sold for Rs 15 by the bakers association.

During their discussion, the association promised Food Minister Bilal Yasin that the rate of roti will be reduced.

The minister was there when Association President Aftab Gul recorded a video message committing to sell rotis for Rs15 each.

According to him, the administration decided to lower the rate of flour. He continued, saying that the group was supporting the government hand in hand to stop inflation.

The price of flour has been drastically lowered, according to Food Minister Bilal, to help the populace. He stated, “the government aimed at providing quality and affordable bread to the masses.”

He said that the recent reduction of Rs 1,200 in the price of flour was the biggest drop in the commodity’s prices in the nation’s history.

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Day four of the AJK inflation protest begins as talks come to a standstill.

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Following the collapse of talks between the Awami Action Committee and the AJK government on Sunday, the shutdown strike and protests in Azad Kashmir over rising flour and energy costs started their fourth day on Monday.

The ongoing shutdown and wheeljam strike would continue until their demands are fulfilled, according to the Awami Action Committee.

AAC-led march on state capital Muzaffarabad today has brought the valley to a near stop. The caravans are coming from many AJK cities, and they are headed towards Rawalakot. The march is being caused by the impasse in the negotiations.

Reportedly, the demonstrators have blocked the 40-kilometer Kohala–Muzaffarabad Road, which connects Kohala Town and Muzaffarabad, multiple times.

Traffic on main thoroughfares and roads has decreased, and large police contingents have been stationed at strategic points and roundabouts.

After fighting broke out between the police and demonstrators in Mirpur on Saturday, which left one policeman dead and numerous others injured, the AJK government dispatched Rangers.

Everything is completely suspended, including internet and cellular services, business, and education.

Under the pretext of talks, Awami Action Committee leader Sardar Umar Nazir Kashmiri has charged that the administration is using deceptive methods.

Apart from the flour subsidy, he continues, the administration will not budge on any other demand.

CONVENE MEETINGS, PRESIDENT, PM

All parties involved have been asked by Prime Minister Shehbaz Sharif and President Zardari to use moderation and engage in discussions to find a solution. According to both, the demonstrators in Azad Kashmir should have their legitimate demands met.

The issue in AJK will be the topic of a significant meeting that Prime Minister Shehbaz Sharif is calling today, Monday.

The skirmishes between the demonstrators and the AJK police caused anxiety for the premier on Sunday.

Speaking with Chaudhry Anwarul Haq, the prime minister of AJK, he said he also gave the office-bearers of the All-Pakistan Muslim League-Nawaz in AJK instructions to speak with the leaders of the Awami Action Committee.

Olive Branch is offered by AJK PM.

Prime Minister of Jammu and Kashmir Chaudhry Anwarul Haq stated on Sunday that his administration was ready to lessen the burden of exorbitant grain and energy costs.

Regarding Saturday’s meetings with the demonstrators, Prime Minister Haq declared, “We are determined to implement the agreement we have reached with the Awami Action Committee.”

Politicians, according to Haq, have found solutions to issues through discussion and “we are ready to talk with the Awami Action Committee at any level and the demands related to the government of Pakistan will be raised before the federation.”

In order to ease the burden of rising flour and power prices, he also expressed a willingness to modify the development budget if needed.

The AJK prime minister stated that his government’s first priority was ensuring public safety, and he further stated that no force was applied to the demonstrators.

Sub-inspector Adnan Qureshi was killed in a confrontation with demonstrators in Mirpur, and hundreds of people attended his funeral on Monday.

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Today’s National Assembly session is scheduled.

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The National Assembly (NA) will meet today (Monday) at the invitation of President Asif Ali Zardari.

At 4:00 p.m., the National Assembly will convene in the federal capital at Parliament House. The meeting’s agenda has been released by the assembly secretariat.

As per Article 54(1) of the Constitution of the Islamic Republic of Pakistan, the President has the authority to call a session of the National Assembly.

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