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Category: Business

  • Gold price increases to Rs221,200 per tola in Pakistan

    Gold price increases to Rs221,200 per tola in Pakistan

    In a significant turn of events on the first trading day of the week, gold prices in Pakistan continued their upward trajectory, witnessing a surge of Rs900 per tola to reach Rs221,200.

    According to the latest data from the Karachi Sarafa Association, the price of 10-gramme 24-karat gold experienced a notable increase, rising to Rs189,643 per tola, reflecting a gain of Rs771.

    Similarly, the 10-gramme 22-karat gold was noted at Rs173,840 per tola.

    In contrast, silver prices remained unchanged today, with 24-karat silver holding steady at Rs2,600 per tola and Rs2,229 per 10-gramme.

    Last week, the local market experienced a substantial boost in gold prices, witnessing a surge of Rs5,200 per tola for 24-karat gold.

    This surge is closely linked to the international market rally, with international spot gold reaching a two-month peak on Friday.

    The boost in international spot gold was attributed to strengthened expectations of a rate cut by June, driven by economic data from the United States.

    The data indicated a slump in manufacturing activity, while price data aligned with market expectations. This led to a decline in the dollar, resulting in gains for the safe-haven asset.

    Presently, international spot gold is trading at $2,086.62, reflecting a gain of $3.76, or 0.2 per cent, day-on-day, further impacting the domestic gold market positively.

    In parallel with economic developments, the Pakistani rupee (PKR) saw a marginal depreciation of 7 paisa against the US dollar in Monday’s interbank session.

    The currency settled the trade at PKR 279.26, compared to the previous day’s closing of PKR 279.19 per USD.

    During the intraday session, the local unit reached a high (bid) of 279.6 and a low (ask) of 278.95. In the open market, exchange companies quoted the dollar at 279.41 for buying and 282.05 for selling.

    It is noteworthy that the Pakistani rupee closed last week with a gain of 17 paisa week-on-week against the US dollar, showcasing some resilience in the face of external economic fluctuations.

  • Gold price increases by Rs3,500 per tola

    Gold price increases by Rs3,500 per tola

    In a notable turn of events, gold prices in Pakistan witnessed a substantial surge on Saturday, aligning with the upward momentum in the international market.

    The yellow metal reached a notable price point of Rs220,300 per tola, marking an impressive gain of Rs3,500 within the span of a single day.

    According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gramme gold now commands a selling price of Rs188,872, reflecting an increase of Rs3,001.

    This surge follows a noteworthy uptick on Friday when gold prices in Pakistan rose by Rs1,100 per tola.

    The international gold market also experienced a surge, with the Saturday rate set at $2,103 per ounce, indicating a $36 increase.

    The APGJSA reported a $20 premium on the international gold rate, emphasising the global dynamics influencing the precious metal markets.

    Simultaneously, silver rates in Pakistan witnessed an increase of Rs30 per tola, settling at Rs2,600.

    These fluctuations in precious metal prices underline the intricate interplay between local and global market forces, capturing the attention of investors and industry stakeholders alike.

  • Over Rs6.4 billion allocated for Ramzan subsidies: Essential items to be available at reduced rates

    Over Rs6.4 billion allocated for Ramzan subsidies: Essential items to be available at reduced rates

    The government has earmarked Rs6.484 billion to provide essential food items at subsidised rates through the Utility Stores Corporation (USC) during the holy month of Ramzan.

    A substantial portion of the allocation, Rs3.474 billion, will go towards subsidising flour, followed by Rs1.610 billion for sugar and Rs1.4 billion for ghee.

    Additionally, subsidies of Rs25 million for channa daal, Rs12 million for masoor daal, Rs37.50 million for white gramme, and Rs62.5 million for basmati rice are planned. Further, Rs20 million and Rs62.5 million are allocated for Sehlla rice and broken rice, respectively.

    The implementation of the Ramzan relief package is set to commence on March 4th.

    Further breakdown reveals Rs200 million for cooking oil, Rs20 million for washed moong daal, Rs6.25 million for washed maash daal, Rs100 million for chakki baisen, Rs50 million for dates, Rs22.50 million for carbonated drinks (1,500 ml), Rs30 million for squash and syrup (800 ml), Rs150 million for black tea, Rs15 million for UHT milk, and Rs50 million for spices.

    Moreover, an allocation of Rs145 million is designated for an awareness campaign through electronic and print media regarding the Ramzan Package, set to kick off on March 4th, 2024.

    The Economic Coordination Committee (ECC) has greenlit the Ministry of Industries and Production’s proposal for a Rs7.492 billion Ramzan Relief Package. This package aims to provide 19 essential items at subsidised rates through the USC.

    In response to IMF restrictions on untargeted subsidies, the government has opted to provide subsidies exclusively to beneficiaries registered under the PMT-40 of the Benazir Income Support Programme (BISP) for the fiscal year 2023–24.

  • Pak Suzuki hikes prices, Cultus AGS now priced above Rs4.5 million

    Pak Suzuki hikes prices, Cultus AGS now priced above Rs4.5 million

    In response to inflationary pressures and rising overhead costs, Pak Suzuki has announced a significant hike in car prices, impacting models across the range.

    The adjustments, ranging from Rs80,000 to Rs180,000, are set to take effect on March 1, 2024.

    Shafiq Ahmed Shaikh, Head of Corporate Affairs at Pak Suzuki, explained the rationale behind the decision, citing factors such as inflation, increased overhead expenses, higher international raw material and accessory costs, and elevated shipment and freight charges.

    The latest adjustments mean that the top-of-the-line model, Alto VXL AGS, will now be available at Rs3.045 million, reflecting a price increase of Rs110,000.

    However, the most significant surge is observed in the Cultus AGS, with its new price set at Rs4.546 million, following an increase of Rs180,000.

    This move by Pak Suzuki aims to navigate the challenges posed by the current economic landscape, ensuring the sustainability of operations amid various cost escalations.

    Customers will experience the impact of these changes as they come into effect, marking a new pricing structure for Suzuki vehicles in Pakistan.

    Here are the new prices for all Suzuki cars:

  • Gold price in Pakistan surges to Rs216,800 per tola

    Gold price in Pakistan surges to Rs216,800 per tola

    In a noteworthy surge, gold rates continued their upward momentum on Friday, amplifying economic concerns for investors and traders.

    The price of 24-karat gold witnessed a significant surge, jumping by Rs1,100 per tola to reach Rs216,800.

    The Karachi Sarafa Association, a key player in the precious metals market, reported that the price of 10-gramme 24-karat gold also experienced a notable increase, settling at Rs185,871 per tola.

    This reflected a substantial rise of Rs943, prompting a reevaluation of investment strategies in the local jewellery market.

    Similarly, the price of 10-gramme 22-karat gold exhibited an upward trend, reaching Rs170,382 per tola, marking a gain of Rs865.

    This surge in gold prices is creating ripples across the domestic market, influencing the decisions of both investors and consumers alike.

    On the global front, the international spot gold market is witnessing an upward trend, with a $2.77 increase on the day, currently trading at $2,046.72.

    This surge in global gold prices is directly influencing the domestic market, with the gains seen locally being closely linked to the rally in the international gold market.

    The international gold market is on track for a third consecutive daily victory, driven by a relatively weaker dollar. The weakening of the dollar has bolstered gold prices, making it an attractive investment amid economic uncertainties.

    Furthermore, the Pakistani rupee recorded a marginal decline against the US dollar, depreciating by 0.03 per cent in the inter-bank market on Friday.

    At the close, the local unit settled at 279.19, reflecting a loss of Re0.08 against the greenback, according to the State Bank of Pakistan (SBP).

    This slight depreciation comes after a relatively stable period on Thursday, where the rupee settled at 279.11 against the US dollar.

  • OGRA announces ‘reduction’ of Rs0.81 per kg in LPG price

    OGRA announces ‘reduction’ of Rs0.81 per kg in LPG price

    The Oil and Gas Regulatory Authority (OGRA) has implemented a modest reduction in the price of Liquefied Petroleum Gas (LPG) by Rs0.81 per kg, effective from March 01, 2024.

    The previous consumer price for LPG stood at approximately Rs257.59 per kg. With the latest adjustment, consumers can now avail themselves of LPG at the revised rate of Rs216.79 per kg, indicating a notable decrease.

    For consumers relying on an 11.8 kg LPG cylinder, the cost has been adjusted to Rs3,030.12. This represents a decrease of Rs9.51 per cylinder from the previous price of Rs3,039.63, providing some relief to households and businesses alike.

    The move by OGRA to reduce LPG prices aims to alleviate the financial burden on consumers amid fluctuating economic conditions.

    This adjustment reflects the Authority’s commitment to ensuring fair pricing and accessibility of essential commodities for the public.

    Consumers are encouraged to verify and adopt the new rates, as OGRA continues its efforts to maintain transparency and affordability in the energy sector.

  • Petrol price increased by Rs4.13 to Rs279.75 per litre

    Petrol price increased by Rs4.13 to Rs279.75 per litre

    The outgoing caretaker government announced on Thursday an increase in the price of petrol by Rs4.13 per litre while maintaining the current price of diesel.

    According to a notification from the Finance Division, the new price of petrol will be Rs279.75 per litre and will remain in effect for the upcoming fortnight.

    This marks the third consecutive hike by the interim government, and it is expected to be the last under their administration, as an elected prime minister is set to take office by the end of this week.

    The recent surge in petrol prices was anticipated, given the rise in global oil prices amid a recovery in demand and persistent tensions in the Middle East.

    The caretaker government had previously increased the price of petrol by Rs2.73 per litre and high-speed diesel (HSD) by Rs8.37 per litre in the last review.

  • Gold price rises to Rs215,700 per tola with Rs900 surge

    Gold price rises to Rs215,700 per tola with Rs900 surge

    The 24-karat gold price in Pakistan has once again surged, rebounding from a previous drop of Rs1,100 per tola in the last trading session.

    The latest market data reveals a noteworthy increase of Rs900 per tola, closing at Rs215,700 per tola on Thursday.

    On the preceding day, gold prices had recorded a dip to Rs214,800 per tola, experiencing a decline of Rs1,100. However, the recent spike has brought the values back on an upward trajectory.

    The local market also witnessed a rise in the price of 10 grammes of 24-karat gold, marking an increase of Rs772 to reach Rs184,928 from Rs184,156.

    Similarly, the price of 10 grams of 22-karat gold climbed to Rs169,517 from Rs168,810, as reported by the All Sindh Sarafa Jewellers Association.

    The association suggests that these fluctuations are closely tied to the fluctuations in the value of the US dollar.

    This correlation emphasises the intricate relationship between currency values and gold prices, highlighting the impact of global economic factors on local gold markets.

    In contrast, the price of 24-karat silver remained stable at Rs2,570. Internationally, the global gold price experienced a minor uptick of $9, reaching $2,057 per ounce.

    This stability in silver prices locally and the marginal increase in global gold prices indicate the complex dynamics at play in the precious metals market.

    Investors and market analysts continue to monitor these shifts closely, recognising the interplay between global economic variables and the valuation of precious metals in the local market.

    The resilience of gold prices, despite recent fluctuations, underscores the ongoing influence of international factors on Pakistan’s gold market.

  • Pakistan Customs officials foil attempt to smuggle PKR 1.5 crore in gold and cash

    Pakistan Customs officials foil attempt to smuggle PKR 1.5 crore in gold and cash

    Customs officials made a significant seizure of gold and cash at Jinnah International Airport in Karachi on Tuesday. 

    Acting on a tip-off, the officials intercepted a passenger scheduled to depart for Hong Kong on Thai Airways flight TG-342, suspected of carrying a substantial amount of undeclared valuables.

    Following the tip-off, Customs personnel conducted a thorough search of the passenger’s belongings, uncovering over $40,000 (PKR 11 million) in assorted foreign currencies, along with 21 tolas of gold coins and jewelry. 

    The combined value of the confiscated items is estimated to be approximately $56,000 (PKR 15 million).

    The detained passenger failed to declare the cash and gold, a requirement for amounts exceeding $10,000 (PKR 2.78 million), when leaving Pakistan, leading to allegations of money laundering and smuggling. An FIR has been filed, and the investigation is ongoing.

  • Govt expected to increase petrol price by Rs3.5 for first half of March

    Govt expected to increase petrol price by Rs3.5 for first half of March

    In a possible move that could impact consumers, the government is considering a hike in petrol prices by Rs3.5 per litre for the initial half of March 2024.

    As of the latest estimates until February 27, 2024, the ex-refinery price of petroleum has seen a noticeable rise, reaching Rs195.75 per litre. This reflects an increase of approximately Rs3.58 compared to the preceding fortnight’s price of Rs192.17 per litre.

    Contrary to petrol, there might be no significant adjustment in the price of high-speed diesel (HSD), with the government likely to maintain the current rate due to marginal changes in its pricing structure.

    The national currency has experienced a modest appreciation against the USD since the previous fortnight’s decision, settling at a weighted average rate of approximately PKR 279.37 per USD.

    It is crucial to highlight that, with two more sessions pending before the next pricing update, the final prices will be subject to global market fluctuations and exchange rate variations.

    The official announcement revealing the new prices is scheduled for midnight on February 29, 2024. If approved, these adjustments will remain effective for the first half of March.