Gold prices fall in Pakistan amid global downturn
The price of gold in Pakistan fell by Rs2,000 per tola on Tuesday, following a drop in international gold prices.
The gold was priced at Rs318,000 per tola in the local market, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10 grams of gold also declined, dropping Rs1,715 to Rs272,633.
Gold prices have been on a downward trajectory due to global economic uncertainties.
On Saturday, the price per tola had reached Rs320,000, following a single-day fall of Rs5,500.
The international price of gold decreased on Tuesday, with the rate dropping by $28 to $3,010 per ounce, according to APGJSA.
Meanwhile, silver prices saw a marginal drop of Rs50, settling at Rs3,170 per tola.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
3 hours ago
- Business Recorder
Finance minister lauds CCP's for ‘reducing pending court cases'
Federal Minister for Finance Muhammad Aurangzeb expressed satisfaction over the performance of the Competition Commission of Pakistan (CCP), saying the commission's had brought significant improvements, particularly in reducing the number of pending court cases. Addressing the Senate, the finance minister requested the chairman Senate Standing Committee on Finance and Revenue, to invite Dr Kabir Sidhu, Chairman CCP, for a detailed briefing to appreciate the true extant of reforms undertaken by the commission. He informed the house that over the past two years, the CCP's new management actively pursued litigation in various courts, which resulted in reducing the backlog of cases from 577 to approximately 300. Responding to a motion moved by Senator Mohsin Aziz, the minister emphasised that a transparent and robust regulatory framework is essential in a market-based economy to foster competition and ensure accountability. In this context, he highlighted CCP's recent performance as crucial and deserving of support. He shared that the CCP issued 11 major orders in the past year alone, imposing fines exceeding Rs1 billion. Of this amount, approximately Rs120 million has already been recovered. The inquiry process has been expedited, the issuance of show-cause notices has become more efficient, and the overall hearing mechanism has improved to ensure timely action against violators. The minister further stated that CCP's Cartels Department completed 20 inquiries during the current fiscal year, while the Office of Fair Trade finalised 13 investigations related to misleading advertisements and deceptive marketing. These investigations have led to the issuance of show-cause notices and the initiation of formal hearings, he said. He also informed the Senate about the establishment of a dedicated Market Intelligence Unit within the CCP, which proactively monitors market distortions, price manipulation, and other potential violations of competition law. The minister said that the unit has so far identified 170 potential violations across sectors such as banking, e-commerce, telecom, and real estate, with 28 inquiries already initiated. CCP tells Aurangzeb: 23 major actions taken against cartels and cos Highlighting the CCP's role in facilitating investment, he said that the commission Mergers Department approved 69 transactions during the current year, resulting completion of transactions worth $30 million in foreign direct investment (FDI). Moreover, the Exemptions Department granted 83 exemptions, helping to ease business operations. He added that a Centre of Excellence has also been established within the Commission to conduct research and data-driven analysis of various market sectors.
Express Tribune
14 hours ago
- Express Tribune
K-P set to release Rs8b for Ehsaas initiatives
Khyber-Pakhtunkhwa Chief Minister Ali Amin Khan Gandapur announced the government will release Rs8 billion for the Ehsaas initiatives in the current fiscal year, with Rs2 billion earmarked for interest-free loans under each of four flagship programs. A high-level meeting regarding Ehsas flagship projects in the province was held here at Chief Minister's Secretariat with Khyber-Pakhtunkhwa CM Ali Amin Khan Gandapur in the chair. The meeting reviewed the progress on four major programmes being implemented under Ehsas initiative in the province. These programmes include Ehsaas Nojawan, Ehsaas Hunar, Ehsaas Rozgar, and Ehsaas Apna Ghar (Low cost housing project). During the meeting, a detailed briefing was given on the progress, so far made of the programs. It was informed that under Component-I of the Ehsaas Nojawan Program, being implemented through the Bank of Khyber, Rs408 million in interest-free loans have been distributed among 139 beneficiaries, utilizing 100% of the allocated funds. An additional Rs116 million is required for 52 more approved cases under the same component. Meanwhile, Component-II of the Ehsaas Nojawan Program, implemented through Akhuwat Microfinance, has also achieved 100% disbursement of its allocated funds. So far, Rs602 million in interest-free loans have been disbursed among 3585 beneficiaries, with another 1,745 applications currently under process. It was also highlighted that Akhuwat has achieved a 100% loan recovery rate under this program, with Rs. 42.88 million recovered to date. Under the Ehsaas Hunar Program, Rs307 million have been distributed among 647 beneficiaries, while an additional 592 cases are currently being processed.
Business Recorder
19 hours ago
- Business Recorder
COAS Munir instructs FBR to have dialogue with businessmen over arrest powers, penalties: FPCCI
While focusing on the recently enacted expansions of the Federal Board of Revenue's (FBR) powers, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh with the trade and industry's delegation met Chief of Army Staff (COAS) Field Marshal Syed Asim Munir, NI (M). who assured them of his full support for the economic growth of the country, according to a FPCCI statement on Tuesday. The development comes days after Pakistan's two largest cities - Karachi and Lahore - faced partial and complete market closures over a strike call by traders against what they called 'anti-business' tax measures introduced in the Finance Act 2025. Karachi, Lahore hit by strike against 'anti-business' tax measures In the Finance Act, the government expanded the FBR powers with Sections 37A and 37B, which empower the tax authority officials with arbitrary arrests; Section 21(S), which imposes harsh penalties on cash transactions of Rs200,000 or more; mandatory digital invoicing under SRO 709; and the imposition of e-Bilty under Section 40(C). 'Mr Atif Ikram Sheikh maintained that the business community is immensely thankful to Field Marshal Asim Munir for immediately directing that the new provisions; particularly those added under Sections 37A and 37B of the Sales Tax Act 1990, pertaining to arrest and detention; be held in abeyance; and, for instructing the FBR to enter meaningful and solution-oriented dialogue with stakeholders and address their concerns,' the FPCCI statement read. The statement further said the delegation had presented a comprehensive overview of the challenges faced by the industrial sector – with particular emphasis on the recently enacted expansions of the FBR's powers. 'Additionally, the GHQ will support economic activities in the country through the platform of Special Investment Facilitation Council (SIFC); fostering an environment of collaboration and trust.' The business community's delegation also called for interest rates to be brought down in line with inflation to stimulate businesses and economic activities. It also highlighted the delay in notification of the Export Facilitation Scheme (EFS) amendments relating to exclusion of cotton and cotton yarn from the scheme; and, imposition of an 18% sales tax on their imports, according to FPCCI statement.
