Latest news with #Rs353
Express Tribune
07-07-2025
- Business
- Express Tribune
Gold prices fall in international and local markets
Gold prices dropped significantly on Monday in both international and domestic markets, with per tola rates in Pakistan falling by thousands of rupees. In the international bullion market, the price of gold declined by $25 per ounce, bringing the new global rate to $3,310 per ounce. The global dip directly impacted local rates in Pakistan, where the price of 24-karat gold fell by Rs2,500 per tola, bringing the new price to Rs353,000 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association. Similarly, the price of 10 grams of 24-karat gold dropped by Rs2,143, setting the new rate at Rs302,640. Gold prices slipped to a near-one-week low on Monday due to an uptick in the US dollar, with investors awaiting details on the trade front ahead of US President Donald Trump's tariff negotiation deadline. Spot gold was down 0.8% at $3,309.21 per ounce by 1023 GMT. US gold futures shed 0.7% to $3,318.70. "We are seeing a slight pullback due to short-term positive dollar and maybe that's just since the economic data coming from the U.S. is still pretty strong, taking away the immediate need to cut rates," said WisdomTree commodities strategist Nitesh Shah.
Express Tribune
12-06-2025
- Business
- Express Tribune
'No new tax in Punjab budget'
The Punjab government will present its annual budget for the fiscal year 2025-26 on June 16, following a short delay from the previously announced date of June 13. Finance Minister Mujtaba Shujaur Rehman confirmed the change, citing the need for additional preparation. He reiterated that no new tax will be introduced in the budget. Estimated at over Rs1.2 trillion, the fiscal plan is expected to feature a record-breaking development outlay, with strong emphasis on health, education, infrastructure and tourism. According to official sources, the finalised draft includes more than 850 development schemes, with a total allocation exceeding Rs353 billion. This includes approximately Rs161 billion for 520 ongoing projects, around Rs135 billion for 333 new schemes, and over Rs57 billion allocated to six major development projects. The Punjab Planning and Development Department has outlined a wide distribution of funds across key sectors. Urban development is expected to receive Rs145 billion, while the local government and community development department is proposed to receive Rs142 billion. The road sector is set to receive Rs120 billion, with Rs90 billion earmarked for health and population welfare. The school education department is likely to receive Rs100 billion, while agriculture is expected to get Rs80 billion. Transport and specialised healthcare are set to be allocated Rs70 billion each. Planning and development, and governance and IT are each proposed to receive Rs40 billion. Additional allocations include Rs40 billion for irrigation, Rs25 billion each for public buildings and higher education, and Rs30 billion for tourism - a 600 per cent increase over the previous year. The industries sector is proposed to receive Rs12 billion and fisheries Rs10 billion, while wildlife would also be allocated Rs10 billion. The environment sector is expected to receive Rs15 billion, skill development Rs12 billion, sports Rs7.6 billion, energy Rs7.5 billion, water supply and sanitation Rs6 billion, and price control and commodities management Rs5.51 billion. Forestry and livestock are each proposed to receive Rs5 billion, while human rights, minority affairs, and literacy are each set to receive Rs4 billion. Social welfare is allocated Rs3 billion, special education Rs2 billion, and information and culture Rs5 billion. The development budget includes Rs893 billion in local funding and Rs184 billion in foreign assistance. An additional Rs125 billion is reserved for development initiatives of the chief minister. Key projects under the upcoming budget include the expansion of Nawaz Sharif Medical City in Lahore, where new hospitals will be constructed under a public-private partnership model. The government also plans to roll out extensive sanitation and drinking water programmes across the province. Infrastructure development remains a central priority. The provincial transport network will be expanded to additional cities, while road and urban infrastructure projects are planned in 66 cities. The sources confirmed that proposals for new taxes, submitted by the Board of Revenue and the Punjab Revenue Authority, had been rejected by Chief Minister Maryam Nawaz Sharif. Instead, the government is reviewing the current tax structure to assess possible adjustments in existing rates. The Punjab Assembly is scheduled to convene on June 16 for the presentation of the budget.
Express Tribune
05-06-2025
- Business
- Express Tribune
Local gold prices steady despite global surge
Listen to article Gold prices remained unchanged in Pakistan on Wednesday, despite a notable rise in the international market, where safe-haven demand and a softer US dollar buoyed prices amid heightened geopolitical concerns. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market held steady at Rs354,100. Similarly, the rate for 10 grams remained unchanged at Rs303,583. This stability comes after a sharp increase of Rs5,900 per tola on Monday when prices had surged to Rs353,100. Globally, gold prices rose on Wednesday, buoyed by a softer dollar and persistent geopolitical tensions across multiple fronts, keeping investors alert amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 1143 GMT. US gold futures were up at $3,406.80. In global markets, gold rebounded from early losses as weak US employment data prompted a shift in investor sentiment. Adnan Agar, Director at Interactive Commodities, noted that the international gold price hit a low of $3,343 earlier in the day before recovering to a high of $3,384. It was last trading at around $3,373. "Gold was declining since morning, but after the US market opened, weak employment data triggered a recovery. Prices briefly touched $3,384 before settling slightly lower," Agar explained. He added that Friday's release of the US non-farm payroll dataa key monthly employment indicatorwill be critical in determining the future direction of gold prices. "That data could be a major market mover," he said. Additionally, rising geopolitical tensions, including renewed flare-ups in the Russia-Ukraine conflict and emerging concerns over global trade disputes, are contributing to volatility in the precious metals market. "Investors are closely monitoring geopolitical developments and US economic indicators," Agar said. "These factors are driving current movements and will continue to shape gold prices in the coming days." Meanwhile, the Pakistani rupee posted a slight decline against the US dollar on Wednesday, slipping by 0.04% in the inter-bank market. By the end of the trading session, the rupee closed at 282.22 against the dollar, marking a depreciation of 10 paisas compared to Tuesday's closing rate of 282.11. At the close of the trading session, the Pakistani rupee depreciated by 0.04% day-on-day (DoD) against the US dollar, settling at 282.22, according to Ismail Iqbal Securities. On a calendar year-to-date (CYTD) basis, the rupee has depreciated by 1.30%, while the fiscal year-to-date (FYTD) depreciation stands at 1.38%. Globally, the US dollar weakened on Wednesday as investors awaited upcoming US employment figures for near-term market direction, while also monitoring progress in President Donald Trump's ongoing tariff discussions with major trade partners such as China.
Business Recorder
03-06-2025
- Business
- Business Recorder
Gold price per tola gains further Rs1,000 in Pakistan
Gold prices in Pakistan increased further on Tuesday in line with their rise in the international market. In the local market, gold price per tola reached Rs354,100 after a gain of Rs1,000 during the day. Similarly, 10-gram gold was sold at Rs303,583 after it gained Rs857, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola reached Rs353,100 after a surge of Rs5,900 during the day. The international rate of gold also gained on Tuesday. The rate was at $3,357 per ounce (with a premium of $20), an increase of $10, as per APGJSA. Meanwhile, silver price per tola increased by Rs130 to settle at Rs3,586.
Business Recorder
03-06-2025
- Business
- Business Recorder
Gold prices increase
KARACHI: Gold prices rebounded with mammoth gains on Monday, mirroring global surge, mounting close to $3,350 per ounce, traders said. Galloping to $3,347 per ounce, world bullion market posted a $59 increase in a single trading session, giving rise to local gold prices by Rs5,900 per tola and Rs5,058 per 10 grams. Subsequently, gold prices settled for Rs353,100 per tola and Rs302,726 per 10 grams, according to All Pakistan Sarafa Gems and Jewelers Association. Copyright Business Recorder, 2025
