Latest news with #Rs94
Express Tribune
07-07-2025
- Business
- Express Tribune
Six new underpasses, flyovers on cards
Six new underpass and flyover projects have been included in Rawalpindi district's development plan for the fiscal year 202526. According to sources, funds have been formally allocated for feasibility studies and PC-1 documentation. Some of these projects will be entirely signal-free and will feature modern, state-of-the-art beautification, to be overseen by the Rawalpindi and Chaklala Cantonment boards as well as the Parks and Horticulture Authority. Once completed, the projects are expected to make 90 per cent of traffic flow through cantonment areas signal-free. The Race Course Underpass is estimated to cost Rs2.6 billion, with Rs94 million earmarked for its initial phase. The Jinnah Park Flyover has a projected cost of Rs4.15 billion, and Rs149 million have been allocated for preparatory work. The Amar Chowk Flyover will cost Rs3.45 billion, with Rs124 million set aside. Chairing Cross Underpass is estimated at Rs1.5 billion, with Rs54 million allocated. The proposed cost for the Fauji Qabristan Chowk (Peshawar Road) Underpass is Rs1.9 billion, with Rs68 million reserved. The largest and most congested project, the District Kutchery Chowk Underpass and Road Widening, is projected at Rs4.45 billion, with Rs160 million allocated for its initial phase. The Iftikhar Janjua Road Underpass is estimated at Rs1.93 billion, with Rs69 million allocated. The District Bar Association has raised strong objections to the Kutchery Chowk project. Bar Secretary Malik Asad Mehmood warned of resistance if lawyers' chambers are dismantled. He urged the administration to share the project plans and consult with the bar before moving forward. The project also affects buildings belonging to the Civil Defence Department, Ministry of Local Government, and Police Department, along with boundary walls of Fatima Jinnah Women University and the Income Tax Office. Due to disputes between government departments and the District Bar, this state-of-the-art project has remained stalled for the past five years, leading to steadily rising costs. MNA Engineer Qamarul Islam, convener of the District Development Committee, stated that the new fiscal year will mark a major development phase for Rawalpindi. He added that work on all the approved projects will begin within three to five months and will be completed and functional by June 30, 2026. Daducha Dam feasibility The contract for preparing the PC-II feasibility study for the Daducha Dam project has been awarded. Once completed, the project will supply Rawalpindi with an additional 35 million gallons of water per day, significantly addressing the city's water shortage. According to the sources, consulting firm Usmani & Co. has been awarded the contract at a cost of Rs42.8 million. The firm is tasked with determining the project's total cost and land acquisition requirements within six months, said the sources, adding that Rs48 million were allocated for the feasibility study, but out of three bidding firms, Usmani & Co.'s bid of Rs42.8 million was accepted. WASA Managing Director, Muhammad Saleem Ashraf, said that the Daducha Dam is a very important project that will significantly enhance Rawalpindi's water supply.
Mint
15-05-2025
- Business
- Mint
Gold Price Today: Yellow metal down 7% from record high on MCX, spot gold hits five-week low; Check key support levels
Gold prices erased early losses to steady on Thursday, helped by a weaker dollar and technical buying as investors await key U.S. economic data later in the day for further clarity on future interest rates. Spot gold was little changed at $3,179.07 an ounce as of 1102 GMT, after hitting its lowest since April 10 earlier in the session. U.S. gold futures fell 0.3% to $3,179.20. The dollar index slipped 0.3%, making gold cheaper for other currency holders. The U.S. and China this week agreed to temporarily slash harsh reciprocal tariffs, de-escalating a trade war and denting demand for gold as a safe haven. On Thursday, focus will turn to U.S. producer price index data due at 1230 GMT after softer-than-expected consumer data earlier this week. Federal Reserve Chair Jerome Powell's speech later in the day will be watched for clues on the Fed's rate path. Markets are expecting 50 basis points of rate cuts this year, with the reductions expected to start from October. Non-yielding gold tends to thrive in a low-rate environment. Elsewhere, spot silver dipped 0.4% to $32.09 an ounce and palladium rose 0.6% to $956.58. Platinum was up 0.7% at $982.53. The palladium market, which was in deficit in 2012-2024, will move into balance this year, with demand falling by 6% as a result of lower production of gasoline vehicles, a major industrial use of the metal, and increased recycling in China, Johnson Matthey said in a report. Rahul Kalantri, VP Commodities, Mehta Equities Ltd. Gold prices declined sharply on Wednesday, touching a five-week low, while silver also traded lower. The drop is attributed to profit-taking and liquidation by weaker hands. Meanwhile, a shift toward riskier assets in the broader market continues to pressure safe-haven demand. Today, gap down opening is expected amid Iran's Supreme leader said to sign nuclear deal with US if all economic sanctions are lifted. However, weakness in the dollar index and uncertainty over long-term trade deal between U.S. and other nations could support metal prices at lower levels. Gold has support at $3130-3100 while resistance at $3200-3220. Silver has support at $31.75-31.55 while resistance is at $32.30-32.65. In INR gold has support at Rs91,350-90,780 while resistance at Rs92,450-92,690. Sliver has support at Rs94,380-93,550 while resistance at Rs95,950-96,750.
Hans India
01-05-2025
- Business
- Hans India
India's gold demand falls 15% to 118.1 tn in Mar qtr
New Delhi: India's gold demand witnessed a 15 per cent on-year decline to 118.1 tonne in the January-March quarter of this year, even as value grew by 22 per cent to Rs94,030 crore due to surging prices, the World Gold Council (WGC) said on Wednesday. According to the WGC forecast, India's gold demand for 2025 is expected to be between 700-800 tonne. Gold prices have risen 25 per cent since the beginning of 2025, approaching the key psychological threshold of Rs1,00,000 per 10 grams, affecting consumer buying patterns. 'The elevated prices have impacted affordability. Yet, the enduring cultural significance of gold, especially ahead of Akshaya Tritiya and the upcoming wedding season, continues to support buying sentiment,' WGC India CEO Sachin Jain said in its quarterly report. According to experts, the gold market is humming with excitement on the auspicious occasion of Akshaya Tritiya, which holds immense cultural significance in India, traditionally marking a surge in gold purchases.
