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Express Tribune
08-07-2025
- Business
- Express Tribune
Gold rises despite global decline
Listen to article Gold prices in Pakistan rose on Tuesday, defying the trend in the international market where bullion slipped due to renewed optimism about a possible trade agreement between the United States and its trading partners. A stronger US dollar and rising Treasury yields further weighed on global gold prices. In the local market, the price of gold per tola increased Rs1,500 to reach Rs354,500, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). Meanwhile, the price of 10 grams of gold rose Rs1,286, closing at Rs303,926. This upward movement in domestic gold prices comes a day after the local market saw a drop of Rs2,500 on Monday, when gold settled at Rs353,000 per tola. Commenting on the international outlook, Interactive Commodities Director Adnan Agar noted that gold was trading around $3,294 per ounce, having touched the low of $3,280-85 and the high of $3,340 during the session. "As I mentioned earlier, the market appears to be gradually declining. There is strong support at $3,270 and $3,250. If prices drop to these levels, we could see a rebound. However, a break below this range could push the market down towards $3,200," he said. International spot gold eased 0.4% to $3,322.93 per ounce, as of 1325 GMT. US gold futures fell 0.3% to $3,332.30, according to Reuters. The benchmark 10-year Treasury yield hit a more than two-week high, making non-yielding gold less attractive, while the US dollar edged 0.2% higher. Meanwhile, the Pakistani rupee continued its downward trend against the US dollar, slipping 0.05% in the inter-bank market on Tuesday. By the end of trading, the rupee stood at 284.36, marking a drop of 14 paisa from Monday's close at 284.22. Moreover, Money Link Exchange Company closed its operations and surrendered its licence to the State Bank of Pakistan (SBP), which has officially revoked the company's authorisation to carry out any kind of foreign exchange business. The move highlights concerns among foreign exchange companies over what industry stakeholders describe as excessive regulations and a shrinking scope of operations. Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha expressed disappointment over the closure, stating that overregulation and limited business avenues have pushed even well-established companies out of the market. "It is unfortunate that a big group like Money Link is exiting. The environment is no longer viable for us," he said. Another exchange company official, speaking anonymously, said that the formal exchange business was losing ground to the grey market as a result of overly strict regulations and limited flexibility. "We have only two avenues left – selling currency to retail customers and handling remittances. Meanwhile, banks have been given preferential treatment to operate in this space, while exchange companies face harsh compliance demands," he added. Key regulatory conditions, such as mandatory biometric verification for transactions as low as $100, the requirement of travel documents for outward remittances of over $950 and the restriction that transfers above $1,950 can only be made through bank accounts, have been cited as major obstacles. Stakeholders argue that this level of scrutiny hampers genuine customer transactions and deters individuals from using formal channels. "We operate by buying and selling dollars between individuals, but excessive interference has made the business unsustainable. This could lead to monopolies and the collapse of healthy competition," warned a senior industry member.
Express Tribune
08-07-2025
- Business
- Express Tribune
Gold prices climb in local market after global surge
Listen to article Gold prices in the domestic market continued their upward trend on Tuesday, following a $15 increase in the international bullion market. The global price of gold rose to $3,325 per ounce, which triggered a corresponding rise in local rates. According to market data, the price of 24-karat gold increased by Rs1,500 per tola, reaching Rs354,500. Similarly, the price of 10-gram gold rose by Rs1,286 to settle at Rs303,926 in the local bullion markets. The yellow metal had witnessed a decline a day earlier, falling by Rs2,500 per tola to settle at Rs353,000 on Monday. On the other hand, silver prices remained unchanged. The rate of silver stood steady at Rs3,841 per tola and Rs3,293 per 10 grams.
IOL News
21-06-2025
- Business
- IOL News
How the Correctional Services plans to allocate R1. 2 billion for prisoner food provision
The Department of Correctional Services has placed the provision of food for prisoners as one of the top four cost drivers of its budget after compensation of employees, property payments, and public-private partnership support. Image: Timothy Bernard / Independent Newspapers The Department of Correctional Services has allocated R1.2 billion for the provision of food for its more than 100,000 prisoners in the 2025/26 financial year, Minister Pieter Groenewald said. Responding to parliamentary questions from EFF MP Betty Diale, Groenewald said the department spent R1.4 billion on the provision of food on prisoners in 2023/24 financial year. The amount had increased to R1.5 billion in the last financial year that ended in March 2025. 'For the 2025/26 financial year, the department allocated R1,286,972,000 for the provision of nutrition to inmates,' he said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading In its 2025-2030 strategic plan, the department places the provision of food for prisoners as one of the top four cost drivers of its budget after compensation of employees, property payments, and public-private partnership support. The document puts the provision for food to the tune of R952,975. Groenewald also said the department planned to maximise the utilisation of the services of the prisoners to produce food for themselves, to enable the department to redirect funds to other essential programmes. He said the prisoners will participate in the production workshops in agriculture to maximise their skills utilisation for bread and agricultural production for their ration. 'The self-sufficiency and sustainability programme in the department is centred around offender development, through the provision of work opportunities to offenders in bakeries and agriculture. Expansion of bakeries and agricultural projects towards an increase in offender skills utilisation for food production,' he said. The department's strategic plan document states that the department wants to become self-sustainable through activities such as those in production workshops, bakeries, agriculture, skills development, formal education and training, as well as through arts and culture. 'The department will expand marketing of production workshops' products and services to other client departments to improve revenue generation.' Meanwhile, Groenewald revealed that the cost per capita per inmate incarcerated for the 2025/26 financial year is R462.13 per day. Asked how his department managed financial implications for imprisonment of foreign nationals, he said there were 13,181 sentenced foreign nationals in prisons as at May 4 this year. 'The total cost to accommodate 13,181 sentenced foreign nationals on 4 May 2025 was R6,091,335.53 per day.' He stated that foreign national prisoners were not a separate category of inmates. Groenewald added that there were currently no bilateral agreements with neighbouring countries to transfer sentenced foreign national prisoners to serve in their countries of origin. 'The DCS is in consultation with the South African Police Service, Department of Home Affairs, Department of Justice and Constitutional Development, and Department of International Relations and Cooperation to formalise a South African procedure to inter-state transfer of offenders.'
Hindustan Times
02-05-2025
- Business
- Hindustan Times
Gurugram metro project tender extended till May 15
Gurugram: The tender for the Gurugram Metro rail project has been extended till May 15 due to slight changes in the scope of work, which has now been added to the tender. A senior Gurugram Metro Rail Limited (GMRL) official, who is aware of the matter, said that it has been decided that the Bakhtawar Chowk underpass which is along the alignment of the metro will be constructed by the GMRL and so the date has been extended. The tender was scheduled to be opened on May 1 but officials said that in order to provide time to the bidders to revise their bids, the corporation has decided to wait for some time. Earlier, the date of opening the bids was extended from April 22 to May 1 due to the fact that there were a large number of pre-bid queries raised by the bidders. 'It has been decided that the Bakhtawar Chowk underpass will be constructed by GMRL and this work has now been included in the tender for the first phase of the project. The date of opening the bids has now been extended to May 15. The underpass will be constructed by a civil contractor of GMRL but the money will be paid by the Gurugram Metropolitan Development Authority (GMDA),' said a senior GMRL official. The metro corporation had floated the tender for construction of the first phase of the Gurugram Metro on March 8 from Millennium City Centre to Sector 9, including a spur to the Dwarka Expressway (1.85 km) and a ramp to the proposed metro depot in Sector 33. According to the tender document, in the first phase of construction, the contractor will have to build 15.22km of the metro rail viaduct and also 15 stations. The approximate cost of this work is Rs1,286 crore and the bids for this contract will now be opened on May 15. Meanwhile, in a related development, a GMRL contractor said that they have completed the ERT survey for 13 stations of the Gurugram Metro from Millennium City Centre to the Sector 9 metro station. The contractor has also completed the ground penetrating radar survey (GPRS) of five metro stations in the first phase. 'The ERT survey will help us in finding the water level under the stations and the character of the soil. The stations will be designed on the basis of these surveys,' said an official of the contractor.
Express Tribune
03-03-2025
- Business
- Express Tribune
Market correction ends as yellow metal hits Rs301,500
Gold prices in Pakistan increased on Monday, reflecting the rise in international rates. In the local market, the price of gold per tola climbed by Rs1,500, reaching Rs301,500, while 10-gram gold was sold at Rs258,487 after an increase of Rs1,286, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This rise follows a decline of Rs500 per tola on Saturday, highlighting the volatility in gold prices. Internationally, gold also witnessed an increase, with its rate reaching $2,869 per ounce (including a $20 premium), marking a $12 gain during the day. According to Adnan Agar, Director of Interactive Commodities, gold prices had recently seen a correction, which was expected. On Friday, the price hit a low of $2,832 per ounce before closing at $2,871.50. The market rebounded on Monday, rising to $2,882 and reaching a daily high. Agar suggested that gold might bounce back towards $2,900, but resistance is expected at that level. If the price sustains above $2,900, further upward momentum could push it towards $3,000. However, if it remains below this threshold, there is a possibility of further correction, potentially bringing gold down to $2,880 or even $2,850. The closing price in the coming days will be crucial in determining gold's next movement. If it closes above $2,950, a strong upward trend could develop. However, if it stays below, there is potential for further declines before another upward push. Globally, gold prices rose on Monday after a slump to a three-week low in the previous session, driven by a weaker dollar and safe-haven buying in response to concerns over US President Donald Trump's tariff policies. Spot gold gained 0.5% to $2,873.11 an ounce as of 1429 GMT. US gold futures rose 1.3% to $2,884.50. The dollar index dropped by 0.8%, moving away from a more than two-week high hit in the previous session, reflecting weakness that makes dollar-priced gold less expensive for buyers holding other currencies.
