Gold prices per tola gains Rs4,000 in Pakistan
As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs305,984 after it gained Rs3,430.
On Wednesday, gold price per tola reached Rs352,900 after it gained Rs600 during the day.
The international rate of gold also surged on Thursday. The rate was at $3,375 per ounce (with a premium of $20), an increase of $30, as per APGJSA.
Meanwhile, silver price per tola remained stable at Rs3,745.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
4 hours ago
- Business Recorder
Fisheries and Aquaculture Parks: Chinese businessmen seek initiating solarisation
ISLAMABAD: A high-level delegation of Chinese businessmen from the All-China Federation of Industry and Commerce (ACFIC) has expressed strong interest in initiating the solarisation of Fisheries and Aquaculture Parks in Pakistan, said a press release. The initiative aims to ensure clean and uninterrupted energy for business operations, enhance efficiency, and attract greater international investment to Pakistan's ports. This development emerged during a meeting held in Islamabad on Wednesday between Federal Minister for Maritime Affairs, Muhammad Junaid Anwar Chaudhry, and a five-member delegation led by Yi Jiang. The ACFIC serves as China's national chamber of commerce for private enterprises, working to promote public-private partnerships and support China's non-public economy. Its key focus areas include industry, trade, manufacturing, technology, and commerce. Speaking to the delegation, Minister Junaid Chaudhry highlighted Pakistan's commitment to harnessing the potential of its blue economy. He noted that the solarization of Fisheries and Aquaculture Parks would mark a significant step toward advancing sustainable maritime development under the China-Pakistan Economic Corridor (CPEC) framework. The meeting reaffirmed Pakistan's resolve to develop environmentally sustainable infrastructure along its coastlines, especially in Gwadar, to unlock new opportunities in seafood processing, marine aquaculture, and logistics—critical components of the nation's blue economy strategy. The minister informed the delegation that Pakistan's blue economy is gaining momentum and contributed approximately USD 1 billion about 0.4% of the national GDP, in the fiscal year 2023–24. He also shared that seafood exports to China reached $125 million last year, signalling growing commercial collaboration between the two nations. Maritime Minister encouraged Chinese investors to explore opportunities in Gwadar's Free Zones. 'The South Free Zone is now fully operational with a modern 2,000-ton capacity cold storage facility,' he said. 'Simultaneously, development in the North Free Zone is progressing steadily.' He emphasised Gwadar Port's potential to emerge as a major regional logistics hub, owing to its strategic location and improving infrastructure. 'Our vision is to develop Gwadar into a clean, energy-efficient, and investor-friendly port,' he stated, reaffirming government support for renewable energy initiatives in the maritime sector. The Chinese delegation welcomed the minister's proposals and discussed potential avenues for collaboration in trade logistics and port operations. 'Gwadar's location near key sea routes, coupled with the incentives offered by Pakistan, makes it an ideal transshipment gateway,' one delegation member noted. Both sides agreed to maintain regular engagement to translate their shared vision into tangible projects that enhance regional connectivity, trade facilitation, and sustainable development of Pakistan's coastal assets. Copyright Business Recorder, 2025
Express Tribune
4 hours ago
- Express Tribune
First auto safety law approved
Listen to article In a significant development, the federal cabinet on Wednesday approved Pakistan's first law to ensure minimum safety in locally assembled and imported cars, proposing up to three years' imprisonment and fines of up to Rs10 million for violators. The Motor Vehicles Industry Development Act was first cleared by the Cabinet Committee on Legislative Cases (CCLC) and then ratified by the federal cabinet. A cabinet member said the law aims to enforce minimum safety, quality, performance, and environmental standards for all vehicles manufactured or imported into Pakistan. This will be the first legislation mandating vehicle assemblers and all commercial importers to meet minimum safety standards. Pakistan has so far implemented only 17 of the 163 United Nations Economic Commission for Europe (UNECE) standards from 1958. Despite longstanding complaints by consumers and parliamentarians about the poor quality of locally assembled cars, this is the first time the Ministry of Industries and Production has recommended legally binding minimum safety standards for vehicle users' protection. With cabinet approval secured, the bill will now be laid before parliamentary standing committees for review. These committees can amend any clause before the bill is tabled for voting in both houses of Parliament. The proposed law will apply to all motor vehicles in Pakistan, except those made or adapted for use by the armed forces. Violators, including manufacturers, assemblers, or importers, could face jail terms of six months to three years and fines between Rs500,000 and Rs10 million, the draft bill states. During CCLC discussions, some members opposed jail terms for violators, but the industries ministry stood by its proposal, according to sources privy to the discussions. Once enacted, no one will be allowed to sell a vehicle without first registering under the new law. Anyone manufacturing, importing, or offering for sale a vehicle in violation of the law could face up to one year in jail or a fine of at least Rs500,000, or both. Failure to issue a certificate of conformity will result in up to six months' imprisonment, or a fine of up to Rs500,000, or both. Another clause states that anyone who fails to recall a defective vehicle, part, or component could face up to two years in jail or a fine of no less than Rs5 million, or both. Failing to take corrective action when directed by the Engineering Development Board (EDB) will lead to a minimum three-year jail term or a Rs10 million fine, or both. An International Monetary Fund (IMF) condition also imposes that all legislation needed to lift quantitative restrictions on importing used vehicles be submitted by July 2025. This will initially apply to vehicles less than five years old, subject to meeting safety and environmental standards. The government now plans to implement the five-year old import of vehicle condition from September and fully open imports next year, provided the minimum safety and environmental standards under the new legislation is in place. The bill proposes a one-year grace period from enactment for importers and local assemblers to comply with safety requirements. The law states that no person shall import motor vehicles, parts, or components requiring repair and maintenance unless they are a registered company, have vehicle import as their main business, meet minimum paid-up capital set by the government, and obtain a license from the EDB. Imports under the baggage and gift schemes will be exempt, according to officials. The bill also mandates all manufacturers and importers to ensure their vehicles, components and parts do not pose safety risks to users or others. No vehicle may be sold unless it displays key details such as height, length, weight, intended use, seating and load capacity, number of axles, and other information the EDB deems necessary for safety and user convenience. Similarly, electric vehicles must display information about battery type, performance, durability, recycling instructions, and off-board charging standards. All vehicles, components, and parts must come with a certificate of conformity before being put up for sale. Manufacturers and importers will also be obligated to recall any vehicle or part that poses a significant safety risk, whether or not it meets the type approval or relevant standards. Failure to issue a voluntary recall could result in a Rs5 million fine and up to two years' imprisonment. If the EDB finds a safety risk and the manufacturer or importer fails to act, the authority may order a recall. If that order is ignored, the board may recall the vehicle or part itself through a surveillance agency or other means.
Express Tribune
4 hours ago
- Express Tribune
Rupee continues rally amid crackdown
Listen to article The Pakistani rupee continued to strengthen against the US dollar on Wednesday, appreciating by 0.04% in the inter-bank market. By the end of trading, the rupee closed at 282.95, marking a rise of 10 paisa from the previous day's close at 283.05. The local currency has benefited from a government crackdown on illegal dollar trading, which has bolstered its value. However, traders report that black market activity has quickly adapted, shifting to digital platforms and discreet home delivery services. Since July 22, numerous unauthorised exchange outlets have been closed after the military intelligence agency summoned currency dealers to address the rising dollar rate in the open market. The move was followed by enforcement actions, led by the Federal Investigation Agency (FIA), tasked with combating financial crimes and smuggling. The rupee showed a notable strength against the US dollar in recent trading sessions as it gained Rs2.02 over the past six days, according to data from the State Bank of Pakistan (SBP) and AKD Research. Meanwhile, gold prices in Pakistan marginally increased on Wednesday despite a decline in the international market as strong US economic data tampered expectations of imminent interest rate cuts by the Federal Reserve. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola rose by Rs300 to settle at Rs355,000. Meanwhile, the rate for 10 grams of gold stood at Rs304,355, down by Rs257. In contrast, global gold prices slipped as robust US data reinforced the likelihood that the Fed would keep interest rates steady in its policy meeting and possibly delay any cuts for the remainder of the year. On Tuesday, domestic gold prices had dropped by Rs1,600 per tola to Rs354,700. Globally, spot gold was down 0.6% at $3,306.57 per ounce, as of 1334 GMT. US gold futures fell 0.6% to $3,303.40, according to Reuters. Interactive Commodities Director Adnan Agar said gold was trading at $3,290 per ounce, after hitting a high of $3,334 and low of $3,288 earlier in the day. "Gold has come down," Agar noted, adding that the direction of prices will likely depend on the US Federal Reserve's policy statement, which is scheduled for release around midnight. "If the announcement favours gold, we could see a rally. However, if the outcome is not supportive, prices may fall further, possibly to $3,260 or $3,250," he said.
