Gold price per tola falls Rs300 in Pakistan
Gold prices in Pakistan again decreased on Monday in line with their fall in the international market. In the local market, gold price per tola reached Rs358,165 after a gain of Rs300 during the day.
As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs307,068 after it declined Rs257.
On Saturday, gold price per tola reached Rs358,465 after a gain of Rs1,465 during the day.
The international rate of gold also decreased today. The rate was at $3,366 per ounce (with a premium of $20), a fall of $3, as per APGJSA.
Meanwhile, silver price per tola increased by Rs14 to reach Rs3,799.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
Rs28.8tr debt spending bill tabled
The government on Monday laid a Rs28.8 trillion compulsory expenses bill before the National Assembly for the next fiscal year, which is about 17% lower than this year due to a reduction in interest rates, but key state organs received double-digit increases in their budgets. The Presidency, the Supreme Court of Pakistan, the Senate, the Federal Ombudsman Secretariat for Protection against Harassment of Women at the Workplace, and the Federal Tax Ombudsman would get substantially higher budgets for the fiscal year 202526 compared to this year, according to the charged expenditure statement. Finance Minister Muhammad Aurangzeb laid before the National Assembly a compulsory expenditure bill of Rs28.8 trillion to meet the expenses on debt servicing and the requirements of the President of Pakistan, Supreme Court of Pakistan, the National Assembly, the Senate, and other state organs. Under the Constitution, these expenses are considered charged expenditures on which the National Assembly does not have the right to vote. The details show that while the cost of debt has reduced due to falling interest rates, the state organs still received significantly higher budgets, except for the National Assembly. Around Rs1 trillion has been sought to meet the obligatory expenditures of the National Assembly, the Senate, the Election Commission of Pakistan, the Supreme Court of Pakistan, the President of Pakistan, the Islamabad High Court, the Federal Tax Ombudsman, Pakistan Post Office, Federal Ombudsman Secretariat for Protection against Harassment of Women, and the Foreign Office. An amount of Rs27.8 trillion has been sought for Pakistan's debt repayment requirements and interest costs, according to a summary of the spending bill presented by the government before the National Assembly, seeking its endorsement. The financing needs for repaying maturing debt, interest costs, and funding the next fiscal year's budget deficit have reduced after the central bank cut the interest rates from 22% to 11%, providing some relief to the government and taxpayers. The government's preference to borrow through long-term debt instruments has also helped reduce domestic debt repayments for the next fiscal year. However, the foreign debt repayments have significantly increased, particularly the short-term debt. The Pakistani government does not repay principal loans from its budget but instead contracts more debt to repay maturing loans. This is also a reason why debt-related expenditures are significantly higher compared to the Rs17.6 trillion size of the next fiscal year's budget. The amount of Rs27.8 trillion sought for the repayment of principal loans and debt servicing is lower by Rs5.9 trillion, or 17.5%, compared to the original budget approved for such expenses in June last year, according to the documents. This is the second consecutive fiscal year where the cost of borrowings and repayments is lower than the preceding year. Except for the Rs8.2 trillion cost of interest on debt, which will be part of the federal budget, the rest of the amount will not be booked in the budget and will be directly borrowed from domestic and foreign markets to repay loans obtained in the past by successive governments. Interest payments on domestic and foreign loans will consume roughly 47% of the proposed budget of Rs17.6 trillion for the next fiscal year. This is also lower than in the outgoing fiscal year. Compared to the original borrowing plan of Rs19 trillion for the outgoing fiscal year, the government has sought the Assembly's endorsement for Rs14 trillion to repay maturing domestic debt in the next fiscal year. This amount is lower by Rs5 trillion or 26% compared to the original allocation for this fiscal year. The government has also requested Rs8.2 trillion for domestic debt servicing, which is 17% or Rs1.5 trillion less than the outgoing fiscal year. To repay foreign loans, the government has sought a record Rs5.4 trillion for the new fiscal year, which will be obtained from foreign lenders. The need for foreign loan repayment is up by 11%, or Rs547 billion. The government has requested an additional Rs1 trillion to pay interest on foreign loans, which is almost at this year's level. It has asked for Rs200 billion from the National Assembly to repay short-term foreign loans, which is up by 577% or Rs177 billion. There has also been some reduction in the expenses of the National Assembly, as its budget has been reduced by Rs400 million to Rs6.9 billion for the next fiscal year. The Senate, however, received a 19% jump, and its expenses would increase to a record Rs6.2 billion in the next fiscal year. For the staff, household, and allowances of the President, the government has requested a record Rs2.7 billion budget, which is 17% or Rs400 million higher than the outgoing fiscal year. It seems that the country's elite ruling class does not care about the deteriorating economic conditions, which will keep Pakistan under the thumb of the International Monetary Fund for times to come. The government has requested Rs6.6 billion for charged expenditures of the Supreme Court of Pakistan, which is higher by Rs2.2 billion, or 51%. The Islamabad High Court will receive Rs2.2 billion, higher by Rs280 million, or 15%. The Election Commission of Pakistan will get Rs9.9 billion in the next fiscal year. The Wafaqi Mohtasib will receive Rs1.6 billion. An amount of Rs604 million has been given to the Federal Tax Ombudsman.
Express Tribune
an hour ago
- Express Tribune
Swati skips NAB in Rs40b case
Pakistan Tehreek-e-Insaf (PTI) senior leader Senator Azam Swati failed to appear before the National Accountability Bureau (NAB) in connection with the Rs40 billion Kohistan mega corruption scandal, despite being served a notice. Instead, his legal counsel appeared on his behalf. According to NAB sources, Swati's lawyer was instructed that the senator must appear in person. The lawyer requested a week's extension, but NAB refused the request and instructed Swati to appear without delay. A second notice will soon be issued, NAB confirmed. The initial notice required Azam Swati to appear on Monday as part of an inquiry into suspicious financial transactions linked to the Kohistan corruption case. NAB alleges that Rs300 million were transferred into Azam Swati's personal bank account, raising serious concerns about financial irregularities. NAB is investigating the Kohistan scandal following revelations of widespread corruption amounting to Rs40 billion. The bureau has directed Swati to submit the financial records of Kohistan Associates and Builders, including detailed bank account information. It is worth noting that billions of rupees were reportedly deposited into the company's accounts during the year 2024. The scandal came to light earlier this year, prompting the provincial government to formally request an NAB investigation. Subsequently, a cabinet-level inquiry committee, headed by the chief minister, was also formed to oversee the case. It may be mentioned here that last month the K-P government launched an investigation into the mega corruption scandal in Kohistan district, where an estimated Rs40 billion has allegedly been siphoned off from the provincial treasury. The scandal came under intense scrutiny during a meeting of the Public Accounts Committee (PAC), chaired by Speaker of the K-P Assembly, Babar Saleem Swati. Officials from the Finance Department and the Accountant General's office admitted during the session that billions had been misappropriated from government funds. While an official embezzlement figure of Rs24 billion has been confirmed so far, PAC members expressed dissatisfaction with the explanations provided by Secretary Finance and the Accountant General.
Express Tribune
2 hours ago
- Express Tribune
Rupee continues to weaken, slips 17 paisa
The Pakistani rupee continued its downward trajectory against the US dollar in the inter-bank market on Monday, slipping 0.06%. By the close of trading, the local currency settled at 283.87 against the greenback, reflecting a loss of 17 paisa. On a weekly basis, the rupee also posted a decline, weakening 0.26%, or 74 paisa. It ended the previous week at 283.70 compared to 282.96 in the prior week, as per data released by the State Bank of Pakistan. Over the past six months, the euro has appreciated 12%, the British pound has strengthened 9% and the US dollar has increased 2% against the rupee, according to Topline Securities CEO Mohammed Sohail. The rupee has remained under pressure against the dollar in recent months, though it has shown some stability compared to its sharp historical declines. After hitting an all-time low at 307.1 in September 2023, the rupee recovered somewhat, but has faced renewed depreciation pressure in 2025. Short-term trends show minor fluctuations, with a 0.07% daily fluctuation and a 0.41% monthly decline, suggesting some stabilisation. However, the local currency remains vulnerable due to ongoing economic challenges, including rising inflation, external debt repayments and fluctuating forex reserves. While recent IMF support has provided temporary relief, a sustained recovery will depend on structural reforms and improved fiscal management to prevent further weakening in the coming months. "Despite this softening, the rupee's recent movement reflects a more stable and sustainable path," noted Sohail. Unlike the abrupt and destabilising devaluations seen before mid-2023, this depreciation phase has been gradual and market-driven, backed by IMF-supported reforms. Such a controlled adjustment is considered healthier for the economy as it minimises uncertainty, bolsters investor confidence and better aligns with underlying economic fundamentals. The dollar fell on Monday after Federal Reserve Vice Chair for Supervision Michelle Bowman said that the US central bank should consider rate cuts soon, reversing the dollar's earlier rally following the US bombing of some nuclear sites in Iran, according to Reuters. Meanwhile, gold prices in Pakistan edged lower, diverging from the international market, where rates inched up amid rising Israel-Iran tensions, which offset the impact of a stronger US dollar. Globally, investors remained cautious, closely monitoring Iran's potential response. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold in the local market settled at Rs358,165 per tola, reflecting a slight decrease of Rs300. Meanwhile, the price of 10-gram gold fell Rs257 to close at Rs307,068. Internationally, gold prices nudged higher as escalating Israel-Iran tensions outweighed pressure from a stronger dollar, with markets closely watching Iran's next move, according to Reuters. Spot gold was up 0.2% at $3,375.79 an ounce as of 1339 GMT. US gold futures gained 0.2% at $3,391.70.
