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Express Tribune
26-05-2025
- Business
- Express Tribune
Gold falls Rs2,600 on global slowdown
Globally, gold prices rose for a third straight session, helped by a softer dollar and safe-haven demand amid economic and geopolitical uncertainty. photo: Reuters Local gold prices declined on Monday, tracking a slowdown in the international bullion market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold dropped by Rs2,600 per tola, settling at Rs351,500 in the local market. The price of 10-gram gold also fell by Rs2,228, closing at Rs301,354. The downturn comes after a notable gain over the weekend when gold prices surged by Rs3,100 per tola on Saturday to hit Rs354,100. Globally, gold prices also saw a dip on Monday. The international rate stood at $3,331 per ounce (including a $20 premium), reflecting a decrease of $26, according to APGJSA. Adnan Agar, Director at Interactive Commodities, noted that market activity was subdued due to a US bank holiday, with early closure and minimal trading volumes. "The market is practically flat today. The high was $3,356, while the low touched $3,323. It's currently hovering around $3,335," he said. Agar added that the recent easing of trade tensions between the US and Europe also contributed to the decline. The issue of additional European tariffs, hinted at by former President Donald Trump on Friday, was resolved over the weekend after discussions with the European Union. Trump agreed to delay the tariffs, which led to pressure on gold prices. He further predicted that prices may continue to slide once international markets resume full operations on Tuesday. Meanwhile, the Pakistani rupee recorded a minor loss against the US dollar on Monday, slipping by 0.03% in the inter-bank market. The local currency closed at 282.06, down by Rs0.09 from the previous session, according to data released by the State Bank of Pakistan (SBP). During the preceding week, the rupee had also weakened slightly, depreciating by Rs0.31 or 0.11%, ending at 281.97 against the greenback compared to 281.66 a week earlier. "At the close of the trading session, the Pakistani rupee depreciated by 0.03% day-on-day (DoD) against the US dollar, settling at 282.06. On a calendar year-to-date (CYTD) basis, the rupee has weakened by 1.24%, while the depreciation stands at 1.32% on a fiscal year-to-date (FYTD) basis," wrote Ismail Iqbal Securities. On the global front, both the euro and the US dollar gained ground against traditional safe-haven currencies like the Japanese yen and Swiss franc. The uptick followed former US President Donald Trump's announcement of a July 9 deadline for finalising a trade agreement with the European Union, effectively withdrawing his earlier threat of imposing a 50% tariff starting June 1.
Express Tribune
26-05-2025
- Business
- Express Tribune
Gold prices drop in global, local markets
Listen to article Gold prices saw a decline in both global and local markets today, as a weakening demand caused significant price drops. The price of gold in the international bullion market fell by $26 per ounce, settling at $3,331 after a three-day break. Following the global downturn, local gold markets also witnessed a price reduction. On Monday, the price of 24-karat gold dropped by Rs2,600 per tola, bringing it to Rs351,500. Similarly, the price of gold per 10 grams also saw a decline of Rs2,228, now priced at Rs301,354. In contrast, silver prices remained stable. The price of one tola of silver stood unchanged at Rs3,508, while the price for 10 grams was also steady at Rs3,007. On Saturday, gold prices had increased in line with an upward trend in the international market. In the local market, the price of gold per tola rose to Rs354,100, reflecting a gain of Rs3,100 during the day.
New Straits Times
21-05-2025
- Business
- New Straits Times
Penang submits RM17bil worth of projects under 13MP
GEORGE TOWN: Penang has submitted a list of 128 development projects with an estimated total cost of RM17,228,995,534.17 to Putrajaya under the 13th Malaysia Plan (13MP). The projects, from 26 departments and agencies, include an allocation of RM1.579 billion for the Pan Island Link (Pil) 1 highway project in 2026. The Pil 1 project, with a total estimated cost of RM8.876 billion, is the most expensive among the 128 development proposals submitted to the various ministries. Other proposed projects include RM1.024 billion for a multi-storey block at Kepala Batas Hospital, RM520.03 million for the northeast district health complex, clinic and mental health block at Penang Hospital, RM400 million for the Penang Islamic Hospital, and RM99.21 million for the new Sekolah Menengah Kebangsaan Juru. State Infrastructure Committee chairman Zairil Khir Johari (DAP Tanjung Bungah) said the allocation required for 2026 alone amounts to RM2,109,812,452.88. "To ensure the efficient and transparent implementation of federal projects in Penang, monitoring is carried out by the Penang State Development Office (ICU), which acts as the main coordinator, in close collaboration with ministries and implementing agencies at both federal and state levels. "This monitoring mechanism includes periodic meetings of the State Development Action Committee, scheduled progress reports, site visits, and regular reporting to the State Development Action Council. "In addition, the MyProjek System, developed by the ICU under the Prime Minister's Department, is used to ensure that project reporting and monitoring are conducted systematically, in a timely manner, and with transparency," he said in a written reply to Lee Khai Loon (PKR Machang Bubuk). Lee had asked for details on the list of proposed projects, including criteria, project types, strategy, and estimated value for the 2026–2030 period. He also sought clarification on the monitoring mechanism used to ensure transparency and efficiency, as well as the state's course of action should project applications be rejected. Elaborating further, Zairil said emphasis is also placed on compliance with project scope, implementation schedules, expenditure, and adherence to established procurement procedures to ensure that each project achieves its intended development goals. "If a project application is not approved by the federal government, the state government will take several measures, including reapplying with improved justifications and implementation designs, and exploring potential public-private partnership models. "We will also consider reprioritising the state's development budget for phased implementation and engage in follow-up negotiations with the relevant ministries to have the project reconsidered in upcoming rolling plans," he added.
Sharjah 24
23-04-2025
- Business
- Sharjah 24
GPSSA: Pension payments to be disbursed Friday 25th April 2025
The amount is higher than the amount disbursed on the same month of last year The amount is AED56,205,228 higher than the amount disbursed on the same month of last year, during which pension disbursements were recorded to amount to AED768,806,656.82. A total number of 49,706 pensioners and beneficiaries A total number of 49,706 pensioners and beneficiaries will benefit from the pension payments this month, with a recorded increase of 1,762 pensioners and beneficiaries compared to the same month last year, during which approximately 47,944 customers benefited. The pension payments disbursed include civilians subject to the laws implemented by the GPSSA, as well as pensioners and beneficiaries whose files are managed by the GPSSA on behalf of the Ministry of Finance, in accordance with the pension laws applicable to them.
Al Etihad
23-04-2025
- Business
- Al Etihad
April pension payments to be disbursed on Friday: GPSSA
23 Apr 2025 12:32 ABU DHABI (WAM)The General Pension and Social Security Authority (GPSSA) will disburse Dh825,011,884.41 in pension payments to pensioners and beneficiaries on Friday April amount marks an increase of Dh56,205,228 compared to April 2024, when pension disbursements stood at Dh768,806,656.82.A total of 49,706 pensioners and beneficiaries will benefit from the pension payments this month, with a recorded increase of 1,762 pensioners and beneficiaries compared to the same month last year, during which approximately 47,944 customers benefited. The pension payments disbursed include civilians subject to the laws implemented by the GPSSA, as well as pensioners and beneficiaries whose files are managed by the GPSSA on behalf of the Ministry of Finance, in accordance with the pension laws applicable to them.
