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Express Tribune
22-05-2025
- Business
- Express Tribune
Gold jumps Rs6,600 on global rally
Globally, gold prices rose for a third straight session, helped by a softer dollar and safe-haven demand amid economic and geopolitical uncertainty. photo: Reuters Listen to article Gold prices in Pakistan surged on Wednesday in tandem with gains in the international market, where bullion extended its upward streak for a third consecutive session, reaching a one-week high. The global rally was driven by a softer US dollar and renewed safe-haven demand amid prevailing economic and geopolitical uncertainty. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the domestic market rose sharply by Rs6,600, settling at Rs349,400. Similarly, the rate for 10 grams increased by Rs5,659 to Rs299,554. A day earlier, gold prices had edged up by Rs300 per tola, reaching Rs342,800. Adnan Agar, Director at Interactive Commodities, noted that while gold is currently trading around $3,310 in the international market, it faces significant resistance near the $3,350 level. "There is potential for further upside if this resistance is breached, possibly pushing prices toward $3,380 and $3,420," he said. "However, if the market fails to break this level, a pullback toward $3,280 or even $3,270 is likely." He added that trading remains relatively subdued, with gradual movement and limited momentum compared to previous sessions. Market activity may also be affected by the upcoming US bank holiday on Monday, which could influence global trading volumes and price direction in the short term. Globally, gold prices rose for a third straight session on Wednesday and hit a one-week high, helped by a softer dollar and safe-haven demand amid economic and geopolitical uncertainty. Spot gold was up 0.7% at $3,312.51 an ounce, as of 1553 GMT. US gold futures climbed 0.9% to $3,315.60. The US dollar fell 0.6% against a range of other currencies, making gold less expensive to buy for overseas currency holders. Wall Street's main indexes slipped and government bond yields rose, as investors closely watched a pivotal debate over US President Donald Trump's tax-cut bill that has fanned concerns about the country's growing debt. The Pakistani rupee weakened slightly against the US dollar in the interbank market on Wednesday, posting a minor depreciation of 0.02%. By the day's end, the local currency closed at 281.97, slipping by five paisas compared to the previous day's close of 281.92. Ismail Iqbal Securities wrote that on a cumulative basis, the local currency has depreciated by 1.21% since the beginning of the calendar year (CYTD) and by 1.29% since the start of the fiscal year (FYTD).
Business Recorder
22-05-2025
- Business
- Business Recorder
Gold prices post huge gains
KARACHI: Gold continued with big strides on Wednesday as world market registered huge gains, crossing $3,300 per ounce, traders said. Local gold prices grew by Rs6,600 per tola and Rs5,659 per 10 grams, marking the fifth consecutive session of gains. This rise was driven by a $66 surge in global bullion prices, trading at $3,310 per ounce. Thus, the fresh surge took the gold prices to Rs349,400 per tola and Rs299,554 per 10 grams, according to All Pakistan Sarafa Gems and Jewellers Association. Domestic silver prices soared by Rs56 and Rs49, reaching Rs3,466 per tola and Rs2,971 per 10 grams, respectively. International market closed silver trading at just over $33 per ounce, the association added. Copyright Business Recorder, 2025
Express Tribune
21-05-2025
- Business
- Express Tribune
Gold prices continue to rise in local, global markets
Listen to article Gold prices in Pakistan rose on Wednesday, following gains in the international market. Locally, gold per tola increased by Rs6,600 to close at Rs349,400, while 10-gram gold was sold at Rs299,554, up by Rs5,659, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold per tola had reached Rs342,800 after gaining Rs300. Internationally, gold prices jumped to $3,310 per ounce with a $20 premium, a $66 increase, as reported by APGJSA. Meanwhile, silver prices also rose by Rs56 to Rs3,466 per tola. Globally, gold gained 0.2% on Tuesday, supported by a weaker dollar and cautious optimism over US-China trade talks and progress in Russia-Ukraine peace negotiations. The dollar index fell 0.2%, making gold more affordable for holders of other currencies.
Business Recorder
28-04-2025
- Business
- Business Recorder
Revenue requirements of SSGC: Decision delayed by Ogra creates controversy
ISLAMABAD: A delayed decision by the Oil and Gas Regulatory Authority (Ogra) on Sui Southern Gas Company's (SSGC) revenue requirement for the fiscal year 2022-23 has stirred up a storm of controversy, coinciding with a staggering 600% surge in the company's share price, fuelling accusations of favouritism. Ogra approved the final revenue requirement (FRR) for SSGC on October 1, 2024 – nearly a year after it was due. The delay has raised eyebrows, especially considering the subsequent rapid rise in SSGC's share price from Rs8 on October 21, 2024, to Rs42 by January 1, 2025. The stock's dramatic spike was said to be with no significant corporate developments. This unprecedented surge in stock price did not go unnoticed by the Pakistan Stock Exchange (PSX), which on November 13, 2024, issued a notice regarding the unusual activity, asking SSGC to clarify any factors influencing the spike. In its response on November 15, 2024, SSGC responded, claiming no material developments had contributed to the fluctuations in its stock, leaving market watchers sceptical. Meanwhile, Sui Northern Gas Pipelines Limited (SNGPL) filed a writ petition against OGRA's FRR decision, dated June 27, 2024. SNGPL challenged the regulator's methodology in calculating returns on assets and human resource benchmark costs, alleging bias. A copy of the petition is available with by Business Recorder. The controversy deepened when it emerged that although Ogra published SNGPL's FRR soon after approval, it withheld SSGC's decision until after a news report by Business Recorder on April 21, 2025. The FRR was uploaded to OGRA's website the next day, fuelling suspicions of deliberate concealment. In approving SSGC's FRR for 2022-23, Ogra allocated Rs19,659 million for the company's human resource (HR) benchmark – Rs91 million more than the Rs19,568 million SSGC itself had requested. By contrast, SNGPL's HR benchmark request was entirely rejected. Ogra also approved a generous 50% allowance for the Consumer Price Index (CPI) for SSGC, while SNGPL, a profit-making entity, received only a 25% allowance. Moreover, Ogra's decision to include fixed charges – typically levied to tackle circular debt in the gas sector – in SSGC's profit has further fuelled accusations that the regulator's actions undermine the government's efforts to curb mounting debt in the energy sector. Adding fuel to the fire, SNGPL has filed a writ petition against Ogra's FRR decision for the fiscal year 2022-23, claiming unfair treatment. The petition challenges the regulator's decision on the return on assets and HR benchmark costs. SNGPL argues that despite being three times larger than SSGC, it has been subject to biased treatment, citing higher per-consumer, per-kilometre, and per-unit sale costs imposed on SNGPL compared to SSGC. In a December 2024 corporate briefing, SSGC reported a surprising Rs1,474 million gain in its HR benchmark, while SNGPL, by contrast, suffered a loss of Rs6 billion under the same head. SNGPL's legal challenge also highlighted the disparity in CPI allowances, suggesting that OGRA's decisions were unduly favourable to SSGC. Ogra, for its part, has defended its actions, dismissing the allegations as 'baseless.' A spokesperson for the OGRA stated that the matter was currently subjudice before the Lahore High Court (LHC), and it would refrain from commenting on the ongoing case. With regard to the spike in SSGC's share price, the regulator claimed that the figures being circulated were 'significantly exaggerated,' accusing SNGPL of initiating a campaign to influence OGRA's upcoming revenue determination for FY 2025-26. In 2013, an investigation focused on ex-OGRA chairman Tauqeer Sadiq, had revealed how OGRA under Sadiq's tenure had inflicted massive losses on the national kitty. Sadiq was accused of making illegal appointments in Ogra; manipulating the share prices of gas distribution companies; increasing the benchmark of the unaccounted-for-gas (UFG); allowing new CNG stations and relocating existing filling stations which inflicted Rs82 billion losses to national exchequer. Copyright Business Recorder, 2025
Associated Press
19-02-2025
- Sport
- Associated Press
TCU retires No. 1 jersey of Desmond Bane, the guard who helped Frogs get to 1st NCAA in 20 years
FORT WORTH, Texas (AP) — TCU has retired the No. 1 jersey of Desmond Bane, the standout guard who helped lead the Horned Frogs to their first NCAA Tournament in 20 years in 2018 the season after they won the NIT championship when he was a freshman. Bane, now in his fifth season with the NBA's Memphis Grizzlies, was honored at halftime of TCU's game Tuesday night against Texas Tech. He is the sixth Horned Frogs player to have his jersey retired, and it came a year after Kenrich Williams' No. 34 was retired. Williams, now with the NBA's Oklahoma City Thunder, and Bane were teammates when TCU won the 2017 NIT, the program's first postseason championship. Williams was a senior and Bane a sophomore when the Frogs went to the NCAA Tournament the next season, their first since 1998. Bane was a first-team AP All-Big 12 selection as a senior in 2020, when he averaged 16.6 points, 6.3 rebounds and 3.9 assists per game. He is TCU's career leader with 249 made 3-pointers, 84 wins and 141 games played, while ranking third with 1,784 points and 659 field goals. Kurt Thomas in 1995 was the TCU's only first-round NBA draft pick until Bane got selected in the first round in 2020.
