Pakistan’s gold market witnessed a significant downturn as prices plummeted across the country. According to the All Pakistan Sarraf Association, the price of gold per tola dipped by Rs. 9,500 to Rs. 494,662. The price of 10 grams of gold also witnessed a decrease of Rs. 8,145, settling at Rs. 424,920.
Despite a 15,700-rupee increase in gold prices yesterday, the market saw a sharp decline today. The global market also saw a dip in gold prices, with the gold rate decreasing to $4723 per ounce from $95.
The decline in gold prices comes amidst a mixed market sentiment, with Asian stocks experiencing a negative trend despite a truce in the US-Iran-Israel conflict. The Pakistan Stock Exchange (PSX) also witnessed a decline, with the KSE-100 Index closing at 1,51,673 points yesterday.
The State Bank of Pakistan announced a 16.5% decrease in remittances on a monthly basis and a 5.5% decrease on an annual basis. Industry sources also reported a 15% decline in crude oil prices.
The price of petrol has increased by 48.61% in the past year, while diesel prices have surged by 101.18%. The Ministry of Commerce stated that Pakistan’s textile imports have seen an increase on a monthly basis.
Meanwhile, the government claimed to have secured a commitment of over $5 billion from two friendly countries. Prime Minister Shehbaz Sharif and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani had a telephonic conversation earlier.
Saudi Arabia’s King Salman bin Abdulaziz Al Saud announced a reduction in the number of vehicles in his official motorcade. Israeli Finance Minister Bezalel Smotrich declared that Israel would expand its borders after the conflict, stating that new settlements would be built in the occupied West Bank.
Lebanese President Joseph Aoun confirmed that direct talks between Israel and Lebanon have begun. Pakistani cricketer Shan Masood achieved a milestone by reaching 12,000 runs in 338 innings, surpassing Chris Gayle’s record.
According to Netanyahu, the talks aim to disarm Hezbollah and establish peaceful relations between Israel and Lebanon.
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