
Gold prices up by Rs600 per tola
Gold prices saw another uptick on Monday, reaching new highs in both global and local markets as demand for the precious metal continues to grow.
According to market reports, the price of gold in the international bullion market rose by $5 per ounce, bringing it to $3,027.
In response to the global increase, the price of 24-carat gold per tola in Pakistan climbed by Rs600, reaching Rs318,600.
Likewise, the price of 10 grams of gold rose by Rs515, settling at Rs273,148.
Market analysts attribute the continued rise to ongoing economic uncertainty and investors seeking safe-haven assets.

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Express Tribune
19 hours ago
- Express Tribune
Govt urged to urgently decide PSM's fate
Steam rolls off a slab of steel as it rolls down the line at the Novolipetsk Steel PAO steel mill in Farrell, Pennsylvania, US. PHOTO: REUTERS Members of a Senate panel have urged the government to expedite its decision on the future of the Pakistan Steel Mills (PSM), which has been non-functional for years. The Senate Standing Committee on Industries and Production visited the PSM on Saturday under the chairmanship of Senator Aon Abbas Buppi. The committee toured various plants within the PSM and reviewed the organization's current debt challenges, payment delays and expenditures, and listened to the concerns of employee unions. They held discussions with PSM Chairman Asad Islam Mahni and other officials on major issues facing the PSM. During a briefing, Mahni informed the committee that by 2024, the mill had accumulated a total loss of Rs600 billion and was paying Rs20 billion annually in interest on current loans. He said the mills owes Rs89 billion to the National Bank of Pakistan (NBP) as most of the loans from the NBP have been used to cover expenses, including salaries for 934 current employees. The officials told the committee that the government is simultaneously considering two projects: One involves the revival of the mill using Russian firm Industrial Engineering LLC, which would utilize arc and blast furnaces for restoration. The other project considers winding down the mill after appointing a review firm to evaluate its viability. The committee also met with representatives of the workers' union, who apprised them of the hardships faced by both current and laid-off employees. To address their concerns, the committee formed a subcommittee tasked with holding talks with management over workers' complaints. The Senate committee appreciated the current management's efforts to reduce PSM's expenditures. However, it expressed anger over the continued incidents of theft within the organization and instructed authorities to assess the losses incurred from such activities. It also recommended accelerating the disposal of non-functional or expired assets that are no longer operational. The committee was briefed on the arbitrary allotment of PSM land by the Sindh government a few years ago. It expressed concern over the allotment of 1,370 acres and 400 acres of undisputed land to local villages, stating that such allotment cases should be referred to the Council of Common Interests (CCI). The committee toured various plants within Pakistan Steel Mills and recommended that the government expedite its decision on the future of the institution.


Business Recorder
a day ago
- Business Recorder
PSM's cumulative loss reaches Rs600bn, it pays Rs20bn annual interest: chairman
Pakistan Steel Mills (PSM) Chairman Asad Islam Mahni on Saturday said the steel mill's cumulative loss had reached Rs600 billion till 2024, while it paid Rs20bn annual interest. This the PSM chairman told Senate Standing Committee on Industries and Production, headed by Senator Aon Abbas, during its visit to the PSM in Karachi. The committee reviewed the organisation's existing challenges of debts, delayed payments and expenditure, and also heard concerns of employees unions. The committee members also included Senator Syed Masroor Ahsan, Senator Khalida Ateeb, and Senator Husna Bano. During the briefing, Mahni also told the committee that that PSM owed Rs89 billions to the National Bank of Pakistan (NBP) as most of the loan was being provided by the NBP for expenditure including salaries of the company's 934 current employees. Moreover, the committee was informed by PSM officials that two plans were being simultaneously considered by government, one of them was to seek revival of the PSM through Russian Industrial Engineering LLC which will use arch furnace and blast furnace to revive the mill while the other plan seeks to liquidate the PSM after hiring the evaluating firm. Senate panel told: PSM sell-off halted after 3 Chinese cos withdrew EoIs The committee also met with the worker union representatives, who apprised the committee about the hardships of retrenched and current employees of the PSM. The committee formed a sub committee to review the reservations of the employees and held talks with management for their grievances. The Senate standing committee appreciated the efforts of current management to reduce the expenditure of the PSM. However, the committee showed displeasure over frequent thefts in the PSM and directed the authorities to evaluate the losses due to theft. Moreover, it also suggested speeding up the process of liquidating moveable assets being no longer in working condition or have aged their life. The committee was told about arbitrary allotment of PSM land by the Sindh government in past few years, the committee expressed reservations on allotment of PSM's undisputed and entitled land of 1370 acres and 400 acres to the Goths by the Sindh government and desired that such allotment cases should be referred to the Council of Common Interests (CCI). The committee also toured different plants of the PSM and suggested that government should speed up the fate of steel mills.


Express Tribune
5 days ago
- Express Tribune
SBP bought $7.2b from Jun'24-Apr'25
Listen to article The State Bank of Pakistan (SBP) purchased $7.2 billion from the inter-bank market between June 2024 and April 2025, according to data compiled by Taurus Securities Limited. This substantial intervention reflects the central bank's strategy to rebuild foreign exchange reserves and ensure macroeconomic stability amid an International Monetary Fund (IMF)-supported economic reform programme. The monthly data shows strong buying in late 2024, peaking in November with $1.15 billion, followed by $1.02 billion in October and $946 million in September. Activity eased in early 2025, with only $154 million in January, $223 million in February, a rebound to $860 million in March, and a drop to $473 million in April. This accumulation of dollars helped SBP reserves rise from $13.5 billion in June 2024 to nearly $16.5 billion in November 2024. However, reserves started falling from December and settled at around $14.5 billion by April 2025, likely due to debt repayments or weaker net financial inflows. The business community has raised serious concerns over the exchange rate, alleging that the rupee is being held at an artificially strong level. SBP remains the largest dollar buyer, keeping demand high and the rupee undervalued. Rising imports and declining exports have worsened the imbalance. The Pakistan Business Forum (PBF) claimed that the dollar's actual market value should be closer to Rs260, while it is currently around Rs283. "The dollar is being controlled through artificial means. The prime minister must take immediate notice," the Forum said in a statement. PBF Chief Organiser Ahmad Jawad said Pakistan's policies have historically failed to restore the rupee after depreciation. "Unfortunately, whenever the rupee has fallen, it has never been brought back to its previous strength," he noted. He warned the economy cannot operate sustainably at Rs283 per dollar, warning that meaningful relief will only be possible through a stronger rupee. Meanwhile, the rupee appreciated by Rs1.92 against the US dollar over the last five trading sessions. It closed at Rs283.05 on July 29, compared t to 283.21 on July 28, a 0.06% gain, according to SBP data compiled by AKD Research. Gold prices in Pakistan also declined on Tuesday, tracking a cautious tone in the international market as investors awaited key developments, including US-China trade talks and the upcoming US Federal Reserve policy decision. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), per tola gold fell by Rs1,600 to Rs354,700, while 10-gram gold dropped by Rs1,372 to Rs304,098. The decline followed a Rs100 fall on Monday. Global prices remained steady with traders adopting a wait-and-see approach ahead of major economic signals that could influence monetary policy and global risk sentiment.