logo
Sky-high rates worry animal buyers

Sky-high rates worry animal buyers

Express Tribune06-05-2025

A rapid surge in inflation this year has significantly impacted the prices of sacrificial animals in Rawalpindi, with both small and large animals nearing the highest price levels in the country's history.
As a result, performing the religious ritual of Qurbani (sacrifice) has become increasingly difficult—if not impossible—for the lower and middle-income segments of society.
With less than a month remaining until Eidul Azha, the sale of sacrificial animals has begun in various neighborhoods and streets despite official restrictions. Livestock traders from other cities have also started arriving in Rawalpindi and the Cantonment area.
Sales are already underway in several parts of the city, including Bani Chowk, Ghazni Road, Saddar Chungi 22, Bakra Mandi Road, Adiala Road, Chakri Road, and from Rawat to Sawan Camp. Meanwhile, official government-designated cattle markets for sacrificial animals will begin operations from May 28.
Street vendors and local sellers are currently demanding up to Rs110,000 for small goats and sheep (standard quality), Rs150,000 to Rs170,000 for medium-sized goats and sheep, up to Rs200,000 for high-quality goats and sheep, while Rs300,000-Rs500,000 for premium or aesthetically appealing goats and sheep.
They are seen demanding up to Rs240,000 for standard bulls, Rs300,000 for medium-sized bulls, Rs400,000-Rs450,000 for good quality bulls, Rs700,000 to Rs1 million for premium bulls, and Rs450,000 to Rs1m for camels.
A particularly rare and powerful animal from the mountainous regions of Gilgit-Skardu—the Yak, known for its strength and ability to carry heavy loads—is available on special order for Rs550,000 to Rs1m. However, it must be kept in a temperature-controlled environment as it originates from icy, high-altitude regions. Purchased yaks are delivered directly from Gilgit-Skardu to the buyer's home.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gold rises amid US-China trade uncertainty, softer dollar
Gold rises amid US-China trade uncertainty, softer dollar

Business Recorder

time10 hours ago

  • Business Recorder

Gold rises amid US-China trade uncertainty, softer dollar

Gold prices rose on Wednesday as uncertainty over U.S.-China trade relations and global economic concerns bolstered safe-haven demand, with a weaker dollar providing additional support. Spot gold rose 0.6% at $3,370.67 an ounce as of 0209 GMT. U.S. gold futures were up 0.5% to $3,394.90. 'We potentially see dip-buyers coming back into the picture and if you look at today's Asia session, rally also has been attributed to this dollar-strength unwinding as well,' said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA. 'Things are still uncertain, especially surrounding the trade relationship between China and U.S. and even in EU and U.S. as well.' Gold is considered a safe-haven asset during economic uncertainties. The U.S. should create the necessary conditions for bilateral relations to get back onto 'the right track,' China's Foreign Minister Wang Yi told the U.S. ambassador to Beijing on Tuesday. The White House signaled that President Donald Trump and Chinese President Xi Jinping might engage in talks later this week to address the trade disagreements. Meanwhile, the U.S. announced it would forgo doubling steel and aluminum tariffs on Britain. The U.S. dollar index fell 0.1%, making greenback-priced bullion less expensive for overseas buyers. Global economic concerns deepened after the Organisation for Economic Cooperation and Development (OECD) warned on Tuesday of sharper-than-expected economic slowdown, as the Trump administration's trade policies weigh heavily on the U.S. economy. Gold price per tola gains further Rs1,000 in Pakistan '(The OECD report) for sure will be another supporting factor to see safe demand being heated up as well from a medium-term perspective,' Wong said. Economic data showed U.S. job openings rose in April, though layoffs surged to their highest level in nine months, hinting at softening labor market conditions. Federal Reserve officials reiterated their cautious policy stance on Tuesday, citing risks from trade tensions and economic uncertainty. Elsewhere, spot silver rose 0.3% to $34.59 an ounce, platinum was up 0.5% to $1,079.62 and palladium was steady at $1,009.94.

Textile sector slams EFS, seeks relief
Textile sector slams EFS, seeks relief

Express Tribune

time12 hours ago

  • Express Tribune

Textile sector slams EFS, seeks relief

Listen to article The All Pakistan Textile Mills Association (APTMA), Pakistan Cotton Ginners Association (PCGA), and Karachi Cotton Association have jointly demanded the removal of yarn and fabric from the Export Facilitation Scheme (EFS) and the abolition of the 18% sales tax on locally produced cotton and yarn. Speaking at a press conference at APTMA House on Tuesday, APTMA Central Chairman Kamran Arshad, flanked by other industry leaders including Asif Inam, Naveed Ahmed, Khawaja Muhammad Zubair, Jesomal, and Sham Lal, called the policy of zero-rating imports while taxing local production "anti-national." Arshad stated that large-scale industries are deteriorating, and the withdrawal of the EFS for local industry has inflicted massive damage, leading to the shutdown of 120 spinning mills and over 800 ginning factories. He said the textile sector had repeatedly raised concerns with policymakers, including during meetings with International Monetary Fund (IMF) officials, stressing that the industry could not sustain the burden of such heavy taxation. Arshad warned that the government must act before the industry is forced to shut down entirely or relocate abroad, noting that a looming US tariff war has added further pressure. Arshad claimed that the EFS has brought the industry to the edge of collapse. During talks with the IMF, the delegation highlighted the financial losses the sector had faced under the EFS, but were told the matter lies within the jurisdiction of the Federal Board of Revenue (FBR). In response to these concerns, the prime minister has constituted a review committee headed by Federal Minister Ahsan Iqbal to assess the scheme. Urging the government to curtail its own spending instead of overburdening industry, Arshad pointed to the iron and steel sector as another example of policy failure, claiming it suffered over Rs300 billion in losses under the EFS. "If the policy is not reversed, more textile mills will shut down," he warned. Karachi Cotton Association representative Sham Lal said cotton production has declined sharply — from 15 million bales to just 5 million — due to misguided government policies. He criticised the dismantling of the state's traditional "roti, kapra, makaan" (food, clothing, shelter) slogan through flawed economic measures. With 120 spinning mills and over 800 ginning units closed, the industry is collapsing, he said, asking where imported American cotton would go if local factories continue to shut down. Mahesh Kumar of the PCGA added that sugar mills have contributed significantly to the downfall of the cotton sector. He said the ginning industry currently holds 5.5 million bales of unsold cotton and that many ginners are now defaulting on bank loans due to the deteriorating situation. However, not all stakeholders in the textile sector share the same view. The Pakistan Hosiery Manufacturers and Exporters Association (PHMA) criticised APTMA's stance and defended the EFS. PHMA Chairman Babar Khan called the imposition of sales tax under EFS an anti-export measure and said taxing imports within the scheme would damage the export sector. Khan stressed that value-added textile exporters rely on the EFS and are demanding its restoration to its original framework under SRO 957, as it existed before the 2024-25 federal budget. He argued this would enable the entire textile value chain to benefit from tax exemptions. Questioning APTMA's change in position, Khan pointed out that the association had supported the scheme since 2021 but was now opposing it. He accused APTMA of misleading propaganda and of undermining the value-added sector, which, according to him, could have helped Pakistan's textile exports cross the $50 billion mark. The PHMA chief urged the government to ensure equal opportunities for all stakeholders and to reinstate the sales tax exemption on local purchases under the EFS. He said the practice of collecting and then refunding sales tax is inefficient, especially given frequent delays in refunds. Such delays, he added, would create serious liquidity issues for exporters.

Gold inches up as global market cools
Gold inches up as global market cools

Express Tribune

time12 hours ago

  • Express Tribune

Gold inches up as global market cools

Listen to article Gold price inflation in Pakistan slowed on Tuesday and recorded a marginal increase, mirroring global market trends where the precious metal retreated after reaching a near four-week high as investors turned cautious ahead of a possible phone call between US President Donald Trump and Chinese President Xi Jinping. In the domestic market, the price of gold rose by Rs1,000 per tola, settling at Rs354,100, while the 10-gram rate climbed by Rs857 to Rs303,583, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This followed a sharp increase of Rs5,900 per tola on Monday when prices had touched Rs353,100. Internationally, gold fell over 1% on Tuesday after hitting a near four-week high, pressured by a firmer dollar as investors grew cautious ahead of a potential call between US President Donald Trump and Chinese leader Xi Jinping, according to Reuters. Spot gold fell 1.1% to $3,340.79 an ounce as of 1421 GMT, after hitting its highest since May 8 earlier in the session. US gold futures eased 0.9% to $3,365.90. "We are moving into this period that is well known to be the summer doldrums, so there's an expectation that the gold market could fall into a bit of a lull or a sideways consolidation," said David Meger, director of metals trading at High Ridge Futures. Markets are on edge ahead of a likely Trump-Xi call this week, after Trump accused China of violating an agreement to roll back tariffs. The talks come as trade tensions between the world's two largest economies continue to simmer. Adnan Agar, Director at Interactive Commodities, noted that gold touched an intraday high of $3,387 and a low of $3,333 before stabilising around $3,350. "After yesterday's strong $90 move, some profit-taking emerged today. The price reversed near $3,400, failing to break that level, and fell to $3,333," Agar said. He added that if the market closes below the $3,340-$3,345 range, it could test the $3,300 level again. Conversely, a break above $3,400 could push prices toward $3,420 or even $3,440 in the near term. Meanwhile, the range-bound Pakistani rupee registered a slight decline against the US dollar in the inter-bank market on Tuesday, slipping by 0.05%. The local currency closed at 282.11, down by 14 paisas from Monday's closing rate of 281.97, according to the Exchange Companies Association of Pakistan (ECAP). Globally, the US dollar fell to a six-week low on Tuesday amid growing concerns over the US economy, as the ongoing trade war under President Donald Trump's administration continues to take a toll on economic sentiment. The dollar rose 0.5% from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store