Latest news with #Rs273
Express Tribune
27-03-2025
- Politics
- Express Tribune
Officers occupy women's hostels
The Public Accounts Committee (PAC) of the Sindh Assembly has ordered the immediate dispossession of the women's hostels occupied by government officials, including DIGs, DC, and education officers. The Women Development Department (WDD) has set up 11 hostels for working women in different districts of the province. However, the government officials have reportedly set up their offices in these hostels. The issue was raised during a PAC meeting on Wednesday, chaired by Nisar Khuhro and attended by PAC member Qasim Siraj Soomro, WDD Secretary Abdul Rasheed Zardari, and relevant departmental officials. The committee was reviewing audit objections related to the WDD's fiscal expenditures for the years 2019 and 2020, during which the matter of unauthorised office occupations in women's hostels came up for discussion. The WDD secretary informed the PAC that despite the hostels being intended for the accommodation of working women, various officials, including Sukkur's SC, have established their offices in these facilities. The DC's office has been set up in the Women Development Complex in Sukkur, while a DIG has occupied a women's hostel in Nawabshah. Similar encroachments have been reported in other districts. The PAC chairman, taking serious notice of these violations, ordered the immediate removal of all unauthorised offices and officials from the women's hostels across Sindh. He stressed the importance of restoring control of these facilities to the Women Development Department for their intended purpose. Further scrutiny by the PAC revealed concerns over the expenditure of Rs273 million on the Working Women Hostel in Shaheed Benazirabad, the Women Development Complex in Sukkur, and various other women's development projects. The committee also called for an investigation into the acquisition of land for the Women's Complex in Sukkur, questioning why private land was purchased instead of acquiring government land, which led to an additional cost of Rs210 million for its construction.
Express Tribune
24-03-2025
- Business
- Express Tribune
Gold prices range-bound amid selling pressure
In recent weeks, buoyant gold prices have remained range-bound in Pakistan, rising by only Rs600 on Monday, reflecting a similar trend in the international market and reaching Rs318,600 per tola. The price of 10-gram gold stood at Rs273,148 after a gain of Rs515, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). International gold prices for Pakistan also saw a modest rise. As per APGJSA, the global gold rate stood at $3,027 per ounce (including a $20 premium), marking an increase of $5 during the day. Despite the mild rise, market analyst Adnan Agar, Director of Interactive Commodities, highlighted the downward pressure in the market. He noted that gold opened at $3,024 per ounce, peaked at $3,033, and later dropped to $3,007. According to Agar, the market is experiencing selling pressure, and if the price closes below $3,000, it could decline further to $2,960. He emphasised that the market's movement beyond this level will be crucial in determining the next trend. Globally, gold prices dropped on Monday as the dollar touched an over two-week high, while investors assessed US President Donald Trump's more cautious stance on tariffs against trading partners. Spot gold fell 0.4% to $3,010.33 an ounce, while US gold futures edged down 0.2% to $3,015.50. "We've hit record after record, and now the market is just consolidating these gains, which is reinforced by a somewhat higher US dollar," said Bart Melek, head of commodity strategies at TD Securities. Gold, traditionally seen as a hedge against geopolitical and economic uncertainties and often thriving in a low-interest-rate environment, has hit 16 record highs this year and reached an all-time peak of $3,057.21 last week. The US dollar rose 0.2%, hitting an over two-week high and making greenback-priced bullion more expensive for overseas buyers. Trump hinted on Friday that there would be some flexibility regarding reciprocal tariffs set to take effect on April 2, which are expected to drive inflation and hinder economic growth. Meanwhile, the Pakistani rupee experienced a slight decline against the US dollar, depreciating by 0.04% in the inter-bank market on Monday. By the close of the trading session, the rupee settled at 280.37, down by 11 paisa against the greenback. In the previous week, the local currency remained relatively stable, closing at 280.26a marginal drop of 4 paisa (0.01%) compared to 280.22 in the prior week, according to data from the State Bank of Pakistan (SBP). On the global front, the US dollar hovered just below a three-week high against major currencies on Monday, as traders awaited further clarity on US President Donald Trump's next round of tariff decisions.
Express Tribune
24-03-2025
- Business
- Express Tribune
Gold prices up by Rs600 per tola
Listen to article Gold prices saw another uptick on Monday, reaching new highs in both global and local markets as demand for the precious metal continues to grow. According to market reports, the price of gold in the international bullion market rose by $5 per ounce, bringing it to $3,027. In response to the global increase, the price of 24-carat gold per tola in Pakistan climbed by Rs600, reaching Rs318,600. Likewise, the price of 10 grams of gold rose by Rs515, settling at Rs273,148. Market analysts attribute the continued rise to ongoing economic uncertainty and investors seeking safe-haven assets.
Express Tribune
21-03-2025
- Business
- Express Tribune
Gold prices drop in Pakistan after reaching record high
Listen to article After hitting a record high in the previous session, gold prices in Pakistan dipped on Friday, following a similar trend in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs2,000, bringing it down to Rs318,800. The 10-gram gold price also slipped by Rs1,712, settling at Rs273,319. This comes a day after gold prices surged by Rs1,800 to reach an all-time high of Rs320,800 per tola on Thursday. Globally, gold prices also saw a dip on Friday. APGJSA reported the international rate at $3,031 per ounce (including a $20 premium), reflecting a decrease of $19 during the day. Meanwhile, silver prices in Pakistan also declined, dropping by Rs49 to trade at Rs3,475 per tola.
Express Tribune
19-03-2025
- Business
- Express Tribune
Gold rush continues, hits Rs319,000
Listen to article Gold prices continued their upward trajectory in both domestic and international markets, with the price per tola reaching Rs319,000 in Pakistan on Wednesday after a Rs1,650 increase. Similarly, the price of 10-gram gold climbed to Rs273,491, marking an increase of Rs1,415, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). A day earlier, the per tola price had risen by Rs2,550, setting a then-record high of Rs317,350. Globally, gold prices also surged, with APGJSA reporting an international rate of $3,038 per ounce (including a $20 premium), reflecting a $16 increase during the day. The precious metal remained above the critical $3,000/oz mark, hovering near the previous session's record high, as geopolitical tensions in the Middle East and economic uncertainties fuelled its demand. Investors were also closely monitoring the Federal Reserve's decision later in the day, which could further influence market trends. "The market conditions remain unchanged, with gold reaching a high of $3,045, once again matching its all-time peak," said Adnan Agar, Director of Interactive Commodities. Currently, gold is trading at $3,027, with a low of $3,022. He noted that the US monetary policy announcement scheduled for 11:00PM Wednesday could lead to further price fluctuations, with a possibility of a minor correction before the market resumes its upward trend. Agar emphasised that while interest rates are expected to remain unchanged, the Federal Open Market Committee (FOMC) chairman's press conference will be crucial. It will provide insights into the Federal Reserve's economic outlook, ongoing trade tensions, inflation trends, and future policy direction. Market movements will depend on key updates from the conference. Meanwhile, the Pakistani rupee saw a slight appreciation against the US dollar, gaining 0.02% in the interbank market on Wednesday. By the end of the trading session, the currency stood at 280.21, marking an increase of 6 paisa from the previous day's closing rate of 280.27. On the global front, the US dollar struggled to recover as investors awaited key interest rate decisions from the Bank of Japan (BOJ) and the Federal Reserve. Additionally, geopolitical tensions escalated as Israeli airstrikes on Gaza resulted in over 400 casualties, while diplomatic efforts between US President Donald Trump and Russian President Vladimir Putin failed to secure a ceasefire in Ukraine. Moreover, the State Bank of Pakistan (SBP) raised Rs1.3 trillion through recent auctions for Pakistan Investment Bonds (PIBs) and Market Treasury Bills (MTBs). The spread on 10-year PIBs increased by six basis points compared to the last auction, according to Optimus Capital Management. Currently, the reference rate stands at 11.64%.
