Gold price per tola surge Rs1,400 in Pakistan
Similarly, 10-gram gold was sold at Rs299,468 after it gained Rs1,200, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Tuesday, gold price per tola slashed to Rs347,900 after it losing Rs3,600 during the day.
The international rate of gold also improved on Wednessday. The rate was at $3,309 per ounce (with a premium of $20), an increase of $14, as per APGJSA.
Meanwhile, silver price per tola increased by Rs32 to settle at Rs3,480.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
19 hours ago
- Business Recorder
Housing finance subsidy scheme approved: Steel sector revival plan okayed by ECC
ISLAMABAD: The Economic Coordination Committee of the Cabinet endorsed the report of the Ministry of Commerce for the revival of steel sector and approved a mark-up subsidy and risk-sharing scheme for affordable housing finance. A meeting of the ECC was held on Friday under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb to deliberate on a range of important agenda items concerning industrial growth, environmental policy, skill development, housing finance, and telecommunications. The ECC reviewed and endorsed a report presented by the Ministry of Commerce on industrial competitiveness and export-led growth of the steel sector, in alignment with the National Tariff Policy 2025–30, aimed at reducing production costs and enhancing export competitiveness. Iron and steel industry: MoC proposes massive changes in tariff structure The committee also approved a summary by the Ministry of Commerce for filing an appeal in the Supreme Court of Pakistan against the decision of the Lahore High Court (LHC) regarding the grant of gas/RLNG tariff concessions to M/s Ghani Glass Ltd. The committee found the appeal tenable in light of the fact that concessionary energy tariffs for five export-oriented sectors have already been withdrawn and are no longer available to any sector. According to the report, the total production of the sector was 8.40 MMT MT in FY24 with long products accounting for 60percent, flat products 30 percent, tubes and pipes seven percent, and other products three percent of total iron and steel products. Similarly, per capita use of steel was merely 36kg as compared to the world at 247kg - 6.5 times higher than that of Pakistan. In a major step towards environmental sustainability, the ECC approved Pakistan's Green Taxonomy, as proposed by the Ministry of Climate Change and Environmental Coordination. The chair appreciated the initiative, noting that it was long overdue and would play a vital role in facilitating access to financing for green projects in the country. To support skills development through outcomes-based financing, the ECC approved a government guarantee of Rs1 billion for the issuance of the Pakistan Skill Impact Bond (PSIB), as moved by the Ministry of Federal Education and Professional Training. The committee encouraged the ministry to gradually move towards adopting the Public-Private Partnership model and to explore undertaking similar initiatives using its own balance sheet, thereby, reducing reliance on sovereign guarantees. In the housing sector, the ECC approved a mark-up subsidy and risk-sharing scheme for affordable housing finance, with the objective of expanding access to low-cost housing. The committee also urged the ministry to develop a comprehensive, integrated database of the housing sector in coordination with relevant federal and provincial stakeholders, in order to ensure better targeting and effective implementation of the scheme. The ECC was briefed by the Ministry of Industries and Production on the status of availability and pricing trends in the vegetable ghee and oil market. While noting the ministry's assurance regarding adequate national stock levels, the committee expressed concern over the limited pass-through of declining international prices to domestic consumers. It advised vigilant monitoring to prevent price distortions and potential cartelisation, and emphasised the need for active coordination with the Competition Commission of Pakistan, National Price Monitoring Committee (NPMC), and provincial governments through the Ministry of Industries and Production. The ECC approved a proposal by the Ministry of Information Technology and Telecommunication for the revision of charges for Radio-Based Services (RBS). The committee directed the ministry to ensure periodic revision of RBS charges every three to five years, aligned with ongoing economic changes and technological advancements in the sector. The committee also endorsed a revised composition of the advisory committee overseeing the release of IMT spectrum, which is critical for improving next-generation mobile broadband services in Pakistan. In conclusion, the ECC approved the formal declaration of ship breaking and recycling as a recognised industry, as recommended by the Ministry of Maritime Affairs. However, the committee instructed the ministry to coordinate with the Power Division and share relevant data on power consumption patterns in the sector, to enable accurate assessment of the implications of applying industrial power tariffs in place of the existing commercial rates. The meeting was attended by Federal Minister for Power Sardar Awais Ahmed Khan Leghari, Minister for Petroleum Ali Pervaiz Malik, Minister for Commerce Jam Kamal Khan, along with senior officials from relevant ministries, divisions, departments, and authorities. Copyright Business Recorder, 2025
Express Tribune
a day ago
- Express Tribune
ECC approves 'Green Taxonomy' to support eco-project funding
Minister of Finance Muhammad Aurangzeb chairs a meeting of the Economic Coordination Committee on July 25, 2025 in Islamabad. Photo: Radio Pakistan Listen to article In a major step towards environmental reform, the Economic Coordination Committee (ECC) approved Pakistan's Green Taxonomy, proposed by the Ministry of Climate Change and Environmental Coordination. The finance minister lauded the move, calling it 'long overdue' and crucial for unlocking green financing. According to a press release issued by the Ministry of Finance, the meeting—chaired by Finance Minister Muhammad Aurangzeb—deliberated on a wide range of agenda items related to industrial growth, environmental sustainability, skills development, housing finance, and telecommunications. The ECC reviewed and endorsed a report by the Ministry of Commerce on enhancing industrial competitiveness and promoting export-led growth in the steel sector. The proposal aligns with the National Tariff Policy 2025–30 and seeks to reduce production costs and boost exports. Also Read: KSE-100 hovers around 140,000 The ECC greenlit a markup subsidy and risk-sharing scheme to promote affordable housing finance, aiming to expand access to low-cost housing. It further directed the development of an integrated database of the housing sector, in consultation with federal and provincial stakeholders, to improve implementation. The committee also approved a summary from the Ministry of Commerce to file an appeal in the Supreme Court against a Lahore High Court decision that granted gas/RLNG tariff concessions to Ghani Glass Ltd, noting that energy concessions for export sectors had already been withdrawn and were no longer in effect for any industry. In skills development, the ECC approved a Rs1 billion government guarantee for the Pakistan Skill Impact Bond (PSIB) to support outcomes-based vocational training programmes. The committee advised the ministry to transition towards public-private partnerships and reduce reliance on sovereign guarantees. The Ministry of Industries and Production briefed the ECC on trends in the vegetable ghee and oil market. Although national stocks are reportedly sufficient, the committee expressed concern over the slow pass-through of declining global prices to domestic consumers. Also Read: Dar seeks 'stable relationship' with US in first meeting with Rubio It urged close coordination with the Competition Commission of Pakistan, National Price Monitoring Committee (NPMC), and provincial authorities to prevent potential cartelization. In the telecom sector, the ECC approved a proposal by the Ministry of IT and Telecommunication to revise charges for Radio-Based Services (RBS). It directed regular revisions of these charges every three to five years in line with economic shifts and technological advancements. The meeting, which was also attended by Power Minister Sardar Awais Leghari, Petroleum Minister Ali Pervaiz Malik, and Commerce Minister Jam Kamal Khan, also approved a revised advisory committee for the release of IMT spectrum, critical for improving broadband access. Finally, the ECC approved the formal recognition of shipbreaking and recycling as an industry, as proposed by the Ministry of Maritime Affairs. The committee instructed the ministry to share sector power consumption data with the Power Division to assess the impact of applying industrial instead of commercial power tariffs.
Business Recorder
2 days ago
- Business Recorder
European shares close higher after ECB leaves rates unchanged
FRANKFURT: European stocks closed higher on Thursday after the European Central Bank held interest rates steady as expected, while investors cheered strong earnings from major banks and easing trade tensions with the United States. The pan-European STOXX 600 index finished the session 0.2% higher, having earlier touched a six-week high. Stocks pulled back from their peaks as investors recalibrated their expectations for future monetary easing after ECB President Christine Lagarde said policymakers were more keen on the outlook on trade and its impact on the economy before deciding on further interest rate cuts. Interest rate futures markets reflected this shift in sentiment, with traders scaling back bets on a September rate cut. The yield on the 2-year German bond also spiked, and weighed on equity markets. 'At 2%, rates remain squarely to the middle of the ECB's 1.5% to 2.5% neutral range. Uncertainty is highly elevated, however, and, if trade tensions escalate, further easing may well be required later in the year to help support business and consumer confidence,' said Marchel Alexandrovich, an economist at Saltmarsh Economics. The central bank's cautious stance comes as eurozone inflation has returned to the ECB's 2% target alongside signs of economic resilience. Still, sentiment was largely buoyant on expectations of a US-EU trade deal after the European Commission said that an agreement was within reach, where tariffs on European exports to the US would likely settle down at 15% from a harsher 30% levy planned from August 1. In a busy day for corporate results, banks were in a bright spot after second-quarter profit beats from Deutsche Bank and BNP Paribas. German lender Deutsche Bank jumped 9.1%, while French bank BNP Paribas added 0.4% after a near 3% jump earlier in the day. The eurozone banks index touched its highest since 2008. Reckitt raised its annual revenue forecast after the consumer goods company's second-quarter net sales growth topped expectations, sending shares soaring 10%. Cooling trade tensions have lifted the STOXX 600 about 18% from its lows in April after US President Donald Trump slapped steep tariffs on its trading partners. The index still remains about 2% away from its March historic high.
