Gold hits all-time high of Rs308,000
Listen to article
Gold prices in Pakistan soared on Wednesday, aligning with an uptrend in international markets. The price per tola surged by Rs3,800, reaching a record high of Rs308,000, while 10-gram gold climbed to Rs264,060, an increase of Rs3,258, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This followed Tuesday's increase of Rs1,000 per tola, indicating sustained bullish momentum. Globally, gold rose by $34, reaching $2,944 per ounce, including a $20 premium.
"Gold prices have hit their highest levels in both local and international markets," said Abdullah Abdul Razzaq, a member of the APGJSA.
Adnan Agar, Director of Interactive Commodities, noted that the international gold market has exhibited strong upward momentum. Initially, a correction was expected around $2,850-$2,820, but prices rebounded sooner than anticipated, reinforcing a bullish trend. The surge is driven largely by geopolitical uncertainty, particularly rising tensions between the US, Russia, and Ukraine, which have increased demand for safe-haven assets like gold. Speculative trading has also contributed significantly, with traders capitalising on market sentiment.
Despite the rally, Agar pointed out the absence of a significant correction. Historically, gold experiences periodic pullbacks after major gains. Over the past 18 months, prices have surged by $1,150, but unlike previous cycles, the market has yet to witness a healthy retracement of $400-$500, which typically precedes a more stable upward trend, he said. Analysts predict that gold could breach the $3,000-$3,100 mark in the coming months. However, if a correction occurs, a major price adjustment may follow. Traders remain cautious, as the lack of a proper pullback could lead to increased volatility.
Meanwhile, the Pakistani rupee weakened slightly against the US dollar, depreciating 0.04% in the inter-bank market on Wednesday. The rupee closed at 279.47, down by 10 paisa from the previous day's rate of 279.37.
Additionally, the State Bank of Pakistan (SBP) raised Rs258.8 billion in its latest T-Bill auction, falling short of the Rs350 billion target. The auction attracted total bids of Rs737 billion. Cut-off yields for 3-month, 6-month, and 12-month T-Bills increased by 2bps, 17bps, and 6bps, respectively, settling at 11.8247%, 11.6749%, and 11.6498%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
5 hours ago
- Business Recorder
Budget FY2025-26: Sindh announces to expand sales tax to all major services
The Sindh government has announced to tax 'all services' excluding essential and social services, aiming to 'expand the sales tax base and also reduce possible tariff disputes and litigations', according to budget documents released on Friday. The provincial government announced its budget for the financial year 2025-26 on Friday, with Chief Minister Murad Ali Shah unveiling proposals for Rs3.45 trillion total outlay, with a deficit of Rs38.46 billion. According to Sindh Revenue Board (SRB) website, the general rate of Sindh Sales Tax on services is 15% with the exception of telecommunication services, which are liable to be taxed at 19.5%. Tax is levied at reduced or concessionary rates in certain cases. Sindh budget documents suggest the province is targeting to collect Rs388 billion in provincial sales tax on services and taxes from agriculture in FY26. The province is projected to collect Rs300 billion in Sindh Sales Tax on services in FY25, 35% higher compared to FY24. 'The Sindh Sales tax on services has been the mainstay of provincial revenues,' CM Murad Ali Shah said during his budget speech at the provincial assembly. 'Under the existing law, all major services are taxable and a smaller segment of services is not taxable. This situation creates disputes regarding taxability of services, which leads to unnecessary litigation and also problems for the taxpayers. 'Therefore, the decision is being made to transform to negative list regime by taxing all services but at the same time taking care that essential and social services are kept exempt that a significant part of new services is subjected to reduced rate,' he said. On the other hand, the Sindh government has proposed to completely remove five levies including professional tax, cotton fee, entertainment duty, local cess and drainage cess, according to budget documents. The tax relief measures would 'reduce the financial burden on both individuals and businesses,' Murad Ali Shah speech text read. Sindh govt presents Rs1.02trn Annual Development Programme for FY2025-26 'The professional tax affects salaried people and small businesses. The cotton fee adds cost to the agriculture and textile sectors.' Besides, the yearly tax under the Motor Vehicle Ordinance for commercial vehicle is being reduced to Rs1,000, 'giving relief to transport and goods carriers'. 'There is also a proposal to end the requirement for third party insurance for motorcycle. 'The mutation fee and sales certificate fees are being reduced to Rs500 from Rs1,000,' the chief minister said. According to Sindh Revenue Board (SRB) website, the general rate of Sindh sales tax on services is 15% with the exception of telecommunication services, which are liable to be taxed at 19.5%. Tax is levied at reduced or concessionary rates in certain cases.
Business Recorder
6 hours ago
- Business Recorder
Gold price per tola gains Rs4,600 in Pakistan
Gold prices in Pakistan increased on Friday in line with their surge in the international market. In the local market, gold price per tola reached Rs361,500 after it gained Rs4,600 during the day. As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs310,007 after it gained Rs4,023. On Thursday, gold price per tola Rs356,900 after it gained Rs4,000 during the day. The international rate of gold also surged on Friday. The rate was at $3,417 per ounce (with a premium of $20), an increase of $46, as per APGJSA. Meanwhile, silver price per tola increased by Rs35 to settle at Rs3,780.
Express Tribune
16 hours ago
- Express Tribune
Sindh to unveil Rs1t budget for 2025-26
Chief Minister Murad Ali Shah will present the provincial budget worth Rs1,018 billion in the Sindh Assembly today (Friday). The development budget allocation is proposed to rise from Rs493 billion to Rs520 billion, and Rs55 billion may be allocated for district-level development projects. Acting Governor of Sindh Awais Qadir Shah has summoned a session of the Sindh Assembly at 3pm. Prior to the assembly session, the provincial cabinet will meet at 10am to approve the budget for the new fiscal year 2025-26. According to sources, the Sindh budget is expected to include an increase in the tax collection rate. Government employees may receive a 10 per cent salary increase, while pensions are likely to be raised by seven per cent. The new fiscal year is also expected to see the launch of new transportation projects, and the overall development budget has been increased. The budget anticipates Rs366 billion in foreign funding and Rs76 billion from the federal Annual Development Programme (ADP). The non-development budget is projected at Rs two trillion. Out of this, Rs400 billion will be allocated to 3,642 development projects, including Rs331 billion for 3,161 incomplete projects and Rs119 billion for 481 new development schemes. After transferring funds from the current fiscal year, the total annual development programme will reach Rs 1,264 billion. In comparison, the development budget for the current year was Rs 1,165 billion. Full funding will be released for 1,350 projects. Of the 27 projects funded by foreign donors, Rs 366 billion has been allocated, including Rs 44 billion as the Sindh government's share. Additionally, the federal government will provide Rs 76 billion as matching funds for 10 projects. Sector-wise allocations include Rs 102 billion for education, Rs 45 billion for health, Rs 83 billion for irrigation, and Rs 132 billion for local govts. The works and services sector is allocated Rs 143 billion, while the energy sector will receive Rs 36 billion. Additionally, Rs 22 billion has been set aside for agriculture and livestock, Rs 59 billion for transport, Rs 24 billion for public health engineering, and Rs six billion for culture, tourism, sports, and youth affairs. Furthermore, Rs 160 billion is proposed for various departmental development schemes. This includes 1,168 schemes across 10 departments such as home, agriculture, prisons, and energy. Rs 80 billion is suggested for 675 schemes under the Works and Services Department, including jails. The Home Department may receive Rs 11 billion, Health Rs 51 billion, and School Education Rs eight billion. In addition, Rs 9.7 billion is proposed for 60 schemes in Agriculture, Supply, and Prices; Rs 4.9 billion for 38 schemes in Livestock and Fisheries; and Rs 2.8 billion for 44 schemes in Culture, Tourism, Archives, and Antiquities. For Sports and Youth Affairs, 210 schemes may receive Rs 6.5 billion. The Services, General Administration, and Coordination Department may get Rs 39 billion for 77 schemes. Rs 1.8 billion is proposed for Industries and Commerce, while Rs 0.4 billion is set aside for two schemes in the Investment Department. The Energy Department is suggested to receive Rs 12.8 billion for 16 schemes, and Rs 12.7 billion is planned for 28 schemes under the Planning and Development Department.
