Latest news with #Rs341
Business Recorder
15-05-2025
- Business
- Business Recorder
Gold price per tola falls Rs6,700 in Pakistan
Gold prices in Pakistan continued to fall in line with their decrease in the international market. In the local market on Thursday, gold price per tola reached Rs335,200 after it shed Rs6,700 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs287,379, after it decreased Rs5,745. On Wednesday, gold price per tola reached Rs341,900 after it shed Rs2,300 during the day. The international rate of gold also decreased on Thursday. The rate was at $3,168 per ounce (with a premium of $20), a decline of $67, as per APGJSA. Meanwhile, silver price per tola also decreased by Rs105 to settle at Rs3,377.
Express Tribune
14-05-2025
- Business
- Express Tribune
Gold dips amid sharp global correction
Listen to article Gold prices in Pakistan dropped on Wednesday, mirroring a significant decline in the international bullion market, where prices fell over 2%, hitting a more than one-month low, as rising optimism over global trade boosted investor appetite for riskier assets. According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market slipped by Rs2,300 and settled at Rs341,900. Similarly, the rate for 10 grams of gold declined by Rs1,972 to Rs293,124. The decline comes a day after gold saw a sharp rise, with the per-tola rate surging by Rs3,700 on Tuesday to reach Rs344,200. Internationally, gold prices dropped more than 2% on Wednesday, hitting an over one-month low, as rising trade optimism boosted risk appetite, leading investors to shift away from bullion, according to Reuters. Spot gold slipped to its lowest since April 11, shedding 2.1% to $3,180.29 an ounce as of 1145 EST (1545 GMT). Bullion fell as low as $3,174.62 earlier in the session. US gold futures eased nearly 2% to $3,184.20. "The global relief rally sparked by the steep reduction in US-China tariffs has triggered a correction through technical levels in gold," said Tai Wong, an independent metals trader. Commenting on the trend, Adnan Agar, Director at Interactive Commodities, said that gold prices turned downwards, with the metal marking a low of $3,175 and a high of $3,254 during the trading session. He noted that the key support level lay between $3,150 and $3,160. A break below this could potentially send prices down to $3,100 and possibly as low as $3,000. However, Agar also hinted at a possible short-term rebound from the $3,140-3,160 range, citing technical support. "Despite potential short-term gains, the broader outlook for gold is turning bearish," he said. Improvement in the US economy, easing inflation, resolution of Chinese tariff concerns and reduced geopolitical tensions are dampening gold's appeal. Agar suggested that while gold had already seen a correction of nearly $300 globally, a larger correction in the range of $800 to $1,000 may still be on the horizon, contingent on monthly and multi-month closing patterns turning negative. "Gold's bullish momentum will likely be challenged if the metal posts a weak monthly close. A sustained downtrend over two to three months could mark the beginning of a deeper correction," he added. Meanwhile, the Pakistani rupee further declined against the US dollar on Wednesday, slipping by 0.02% in the inter-bank market. By the end of trading session, the local currency closed at 281.72, marking a modest depreciation of five paisa from Tuesday's close at 281.67. On the global front, the US dollar steadied on Wednesday after posting its sharpest drop in over three weeks a day earlier. The decline was triggered by weaker-than-expected US consumer inflation data, which strengthened expectations for potential Federal Reserve rate cuts. Meanwhile, easing global trade tensions also contributed to the dollar's relative stability.
Express Tribune
14-05-2025
- Business
- Express Tribune
Gold dips in local, global markets after one-day surge — May 14, 2025
Listen to article Gold prices have declined once again in both global and local markets today, following a one-day surge. The international bullion market saw the price drop by $23 per ounce, reaching $3,235 per ounce. According to All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the global dip impacted the local market in Pakistan, where per tola gold (11.66 grams) fell by Rs2,300, bringing the price to Rs341,900. Similarly, the price of 10 grams of gold dropped by Rs1,972, now standing at Rs293,124. Meanwhile, yesterday the price of gold rose by Rs3,700 per tola, reaching Rs344,200 in the local market. Gold prices fell on Wednesday as easing US-China trade tensions soothed fears of a potential global recession, boosting investors' appetite for risk and weighing on bullion's safe-haven appeal. Spot gold fell 0.4% to $3,233.26 an ounce, as of 1010 GMT. Prices scaled a record high of $3,500.05 last month amid elevated trade war fears. US gold futures eased 0.3% to $3,236.70. The US and China agreed to a 90-day suspension of reciprocal tariffs following discussions in Geneva over the weekend, with the US planning to reduce the "de minimus" tariff for low-value shipments from China to 30%, according to a White House executive order and industry experts. "After the tariff truce announced over the weekend, we've seen stock markets surge higher, and at least in the short term, this has removed some of the safe haven focus that has helped propel gold to record highs in recent months," said Ole Hansen, head of commodity strategy at Saxo Bank.
Business Recorder
14-05-2025
- Business
- Business Recorder
Gold prices decrease Rs2,300 in Pakistan
Gold prices in Pakistan decreased on Wednesday in line with their fall in the international market. In the local market, gold price per tola reached Rs341,900 after it shed Rs2,300 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs293,124, after it decreased Rs1,972. On Tuesday, gold price per tola reached Rs344,200 after it gained Rs3,700 during the day. The international rate of gold also decreased on Wednesday. As per APGJSA, the rate was at $3,235 per ounce (with a premium of $20), an increase of $23 during the day.
Express Tribune
16-03-2025
- Business
- Express Tribune
IT sector performance reviewed, but challenges ignored
Listen to article The Ministry of Information Technology has presented a rosy picture of Pakistan's telecom sector while ignoring the pains and sufferings of consumers due to the slow internet speed following the installation of a firewall. While presenting the performance of the IT and telecom ministry, Minister for IT and Telecommunication Shaza Fatima Khawaja presented a one-year review of the IT and telecom sector in a recent meeting of the federal cabinet. She said that in the last year, broadband subscribers grew from 127.6 to 142.3 million, telecom revenues increased from Rs817 billion to Rs955 billion, local mobile phone manufacturing rose from 21.28 million to 31.38 million devices and cell site connectivity with fibre expanded by 12%. She also noted that the telecom sector contributed Rs341 billion to the national exchequer. However, she did not disclose the entire picture as the businesses of those related to the IT industry had either been shut down or they were near bankruptcy. Several entrepreneurs had shifted their offices to the United Arab Emirates (UAE) due to slow internet speed, which occurred following the installation of a firewall. Even the telecom operators suffered multibillion-rupee losses because of the shifting of their customers to different networks in the wake of slow internet speed. The software association had informed the government during the installation of the firewall that they had suffered a loss of $500 million. Additionally, the freelancers' network Fiver had issued an advisory to its customers not to hire services of freelancers from Pakistan. Freelancers lost their clients due to the disruption in communications. Currently, several countries like the UAE and some European Union (EU) states were offering visas to digital marketers, especially those who were receiving earnings online to attract influencers so that they could contribute to their income. However, the case of Pakistan is different as the country's IT policies are going in the reverse direction to the detriment of the IT and telecom sector. The report submitted by the IT minister to the cabinet missed all those facts and figures, which caused severe pain to those businesses that were related to the IT sector. The IT minister also informed the cabinet that it was mentioned that 813 mauzas had been connected to the internet through 2,000 km of optic fibre cables and IT-related exports had surged 27% compared to the previous fiscal year. Furthermore, with the help of eight incubation centres across the country, 229 start-ups, with an investment of Rs2.04 billion, got the services of these centres. Regarding the digital transformation of the economy, governance and society, the minister informed the forum that 42 divisions and 176 departments had switched to e-office and the Digital Economy Enhancement Project (DEEP) had been launched to digitalise government services. She highlighted that all those advancements had been made through the introduction of a series of policy frameworks and enactments. Digital skills among youth Regarding the development of digital skills, the minister stated that around 300,000 training sessions had been completed in one year, with plans to double the number in the future. She added that 1,000 interns had been placed in the ICT internship programme and the Digital Pakistan Cyber Security Hackathon was organised in 2024, attracting 6,443 participants. The minister noted that IT parks were under construction in Karachi and Islamabad while several Software Technology Parks (STPs) had been completed in Gilgit-Baltistan and Azad Jammu and Kashmir.
