Gold prices continue record-breaking streak, reach Rs319,000 per tola
Gold prices surged to record highs in both international and local markets on Wednesday, driven by inflation concerns and increased gold reserves accumulation by various countries.
According to market reports, persistent global economic uncertainties and aggressive gold buying by central banks have pushed prices to new peaks on a daily basis.
In the international bullion market, the price of gold per ounce rose by $16, reaching an all-time high of $3,038. The impact was immediately reflected in Pakistan's local markets, where the price of 24-carat gold per tola jumped by Rs1,650, reaching a record Rs319,000.
Similarly, the price of 10 grams of 24-carat gold increased by Rs1,415, setting a new high at Rs273,491.
Meanwhile, silver prices remained stable. The price of one tola of silver stood unchanged at Rs3,555, while the rate for 10 grams remained at Rs3,047.
Market analysts attribute the rising gold prices to ongoing economic instability and the growing demand for gold as a safe-haven asset.
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Pakistan govt offers tax relief, cuts rates for salaried class
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Other priority projects include Sukkur-Hyderabad Motorway M-6, Dasu Hydro Power Project, including evacuation, Diamer Basha Dam projects, Mohmand Dam, K-IV and Water Augmentation projects of Karachi, Supply of power to Allama Iqbal Industrial City, Karachi and Islamabad IT Parks. The government has also included the World Bank-funded Pakistan Raises Revenue project in its priority list, which is considered a failed project. The planning ministry stated that among other priority projects are reconstruction of houses and schools damaged in Sindh in floods, Post-flood 2022 Reconstruction Programme in Balochistan, Thar Coal Rail Connectivity, Cancer Hospital in Islamabad, Prime Minister's National Programme for Control of Hepatitis 'C' and Diabetes. The document showed that the government has reduced the allocation for the water projects from Rs185 billion to Rs133.5 billion — a cut of Rs52 billion compared to last year. It also slashed the railway ministry allocation from Rs35 billion to Rs22.5 billion — a reduction of 37%. The power sector development budget allocation is reduced from Rs105 billion to Rs90 billion — a reduction of 28%. However, the NHA's budget is increased from Rs161 billion to Rs227 billion — a jump of Rs66 billion or 41%. The NHA budget has been increased to fund major infrastructure projects. Among the priority road schemes are widening and improvement of N-5 (Phase-I), Mashkhel Panjgur Road and East Bay Expressway Phase-II in Gwadar. Strategic advancements in space science are also prioritised through the Pakistan Manned Space Mission and the Pakistan Lunar Exploration Rover, according to the Planning Ministry.
