Author: newsdesk

  • Gold price drops for sixth consecutive session, now at Rs238,000 per tola

    Gold price drops for sixth consecutive session, now at Rs238,000 per tola

    Gold prices in Pakistan continued to fall on Saturday, marking the sixth consecutive session of declines. The price per tola (a traditional South Asian unit equivalent to about 11.66 grammes) dropped to Rs238,000, following a single-day decrease of Rs1,600.

    According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price for 10 grammes of gold also fell, closing at Rs204,047 after a reduction of Rs1,257. This downward trend follows a similar drop on Friday, when the price of gold fell by Rs1,400 per tola.

    While gold prices in Pakistan declined, the international market saw an uptick in gold rates. As per APGJSA, the global price of gold reached $2,301 per ounce (with a premium of $20), registering a gain of $4 during the day.

    Despite this international increase, the domestic market in Pakistan has seen a consistent downward trend. Over the past six sessions, gold prices per tola have dropped by Rs7,000. This decline is significant, considering that just last month, gold reached an all-time high of Rs252,200 per tola in the local market.

    Meanwhile, the price of silver remained stable, with rates holding at Rs2,620 per tola.

    Analysts suggest that the local decline in gold prices may be due to various factors, including market speculation, currency fluctuations, and changes in demand. With international prices showing a slight increase, it remains to be seen whether the downward trend in Pakistan will continue or if the market will begin to stabilise.

    For now, local consumers and investors in gold are watching the market closely, anticipating potential changes in the days ahead.

  • Woman keeping babies in freezer not charged

    Woman keeping babies in freezer not charged

    A 69-year-old woman from Boston, whose apartment was found to have frozen infants in the freezer in 2022, will not be charged.

    A probe into the case started back in 2022 — which was deemed as “one of the most complex, unusual and perplexing” investigations by District Attorney Kevin Hayden.

    It has been said in the statement that it has not been concluded if the four babies were born alive or not, and that is why no criminal charge has been filed against the woman.

    Additionally, the attorney stated that according to the medical examiner, there have been no signs of trauma.

    The father of the babies reportedly died in 2011, while the mother is said to be in a healthcare facility.

    When she was questioned with regards to what was found, she “appeared confused and demonstrated a lack of understanding about where she was and who she was speaking to,” Hayden said.

    The mother is said to have five children and one of them was put up for adoption and had a birth record.

    It is still a mystery as to whether the children were born dead, killed, or did something else happen; and moreover, why the mother did not disclose her pregnancy.

    Background:

    Back in 2022, four babies were found in a freezer – two boys, two girls — in South Boston. The DNA proved that all four were siblings.

  • Pakistan’s South Africa tour schedule announced

    Pakistan’s South Africa tour schedule announced

    The schedule of Pakistan cricket team’s tour to South Africa has been announced. Pakistan cricket team will visit South Africa later this year where 2 Tests, 3 ODIs and 3 T20 International matches will be played.

    The series will start from December 1, 2024 and will end on January 2, 2025.

    This will be the seventh test tour of Pakistan cricket team to South Africa.

    The national cricket team will play 3 ODI and 3 T20 matches in the tour of Australia this year. Apart from this Pakistan team will also play a tri-nation ODI series with South Africa and New Zealand this year.

    Pakistan will also host Test series against Bangladesh and England in the same year.

  • Absent teachers in Balochistan dismissed from jobs

    Absent teachers in Balochistan dismissed from jobs

    The Balochistan government has taken action against more than 2,400 absent teachers and employees in more than 8,500 schools in the province, dismissing 68 teachers while 98 have been suspended.

    Up to 33 employees were dismissed in Pishin, 13 in Quetta, six in Washik, five in Kachhi, four in Dera Bugti, reported Geo News.

    Director Monitoring and Evaluation Education has released a report stating that 8646 schools out of 15168 schools of the province were visited in the month of April, in which 2454 employees, including teachers, were found absent.

    That figure includes 238 employees from Quetta, 177 from Kohlu, 173 from Zhob, 164 from Pishin, 133 from Dera Bugti, 123 from Awaran, and 110 from Naseerabad were found to be absent.

    The report states that in April 2024, except for the dismissed and suspended teachers, 913 were issued show cause notices and 778 were asked to explain their absent.

  • Weekly inflation falls by 1%, but year-on-year rates remain high

    Weekly inflation falls by 1%, but year-on-year rates remain high

    The weekly inflation measured by the Sensitive Price Indicator (SPI) recorded a decrease of 1 per cent for the combined consumption groups during the week ended on May 02, according to data released by the Pakistan Bureau of Statistics (PBS).

    This marks a significant shift as inflation pressures ease for the first time in weeks. The SPI for the current week stands at 316.95 points, down from the previous week’s 320.14 points.

    However, compared to the corresponding week of the previous year, the SPI is up by 24.37 per cent, reflecting the ongoing inflationary trend across various sectors.

    The SPI, calculated with a base year of 2015-16, encompasses 17 urban centers and 51 essential items across all expenditure groups. The index serves as a critical barometer of inflationary trends in Pakistan.

    For the lowest consumption group, earning up to Rs17,732, the SPI decreased by 1.09 per cent, settling at 306.26 points, down from last week’s 309.64 points.

    Similarly, the SPI for consumption groups in the ranges Rs17,732-22,888, Rs22,889-29,517, Rs29,518-44,175, and above Rs44,175 saw decreases of 1.12 per cent, 1.02 per cent, 1.04 per cent, and 0.95 per cent, respectively.

    This broad-based decline indicates a general easing of inflationary pressures across different income groups.

    Price variations across essential items

    Out of the 51 items evaluated by the SPI, the prices of 18 items decreased, 15 increased, and 18 remained stable during the week.

    Items showing decreased prices

    Key items that recorded a notable decrease in their average prices on a week-on-week basis include:

    – Tomatoes: 22.05 per cent decrease

    – Chicken: 8.03 per cent decrease

    – Onions: 7.71 per cent decrease

    – Wheat flour: 6.88 per cent decrease

    – Bananas: 5.25 per cent decrease

    – Diesel: 2.89 per cent decrease

    Items with increased prices

    In contrast, some items saw a rise in their prices. These include:

    – Potatoes: 6.06 per cent increase

    – Salt powder: 0.91 per cent increase

    – Garlic: 0.85 per cent increase

    – Powdered milk: 0.70 per cent increase

    Year-on-year trends

    While the week-on-week numbers showed a decline, the year-on-year comparison paints a more complex picture.

    Certain commodities experienced significant increases over the past year. Notable among them are:

    – Gas charges for Q1: 570 per cent increase

    – Onions: 145.15 per cent increase

    – Tomatoes: 79.43 per cent increase

    – Garlic: 72.46 per cent increase

    – Chilies powder: 71.96 per cent increase

    However, some items witnessed a decrease in average prices over the year, including:

    – Bananas: 37.76 per cent decrease

    – Wheat flour: 23.15 per cent decrease

    – Cooking oil (5 litre): 20.45 per cent decrease

    These figures suggest a dynamic landscape of price fluctuations, with some areas showing improvement while others continue to face inflationary pressures.

    The decrease in SPI for the current week offers a brief respite from the upward inflation trend, but with significant year-on-year increases in many commodities, vigilance remains crucial.

  • Petroleum sales in Pakistan drop to six-month low

    Petroleum sales in Pakistan drop to six-month low

    The sale of total petroleum products in Pakistan fell to 1.1 million tonnes in April 2024, a 6 per cent decrease compared to 1.17 million tonnes in the same month last year.

    According to data released by brokerage house Topline Securities, this is the lowest level recorded in the past six months, reflecting a trend influenced by reduced demand for petrol and furnace oil (FO).

    Despite the overall decline, high-speed diesel (HSD) sales showed a modest improvement, rising by 2 per cent year-on-year, reaching 0.469 million tonnes in April.

    Meanwhile, the sale of MS (petrol) dropped by 9 per cent, totaling 0.53 million tonnes, and FO sales saw a dramatic 59 per cent decrease, settling at 0.03 million tonnes.

    Topline Securities attributed this sharp decline in FO sales to a reduction in power generation from FO-based power plants.

    Month-on-month, petroleum offtake declined by 4 per cent compared to 1.15 million tonnes in March 2024. FO experienced the most significant drop, decreasing by 33 per cent month-on-month in April.

    Looking at the broader picture, the first ten months of fiscal year 2024 saw total petroleum sales drop by 11 per cent year-on-year, totaling 12.443 million tonnes.

    Product-wise data indicate a downturn in all categories, with MS, HSD, and FO offtake settling at 5.83 million tonnes, 5.05 million tonnes, and 0.869 million tonnes, respectively. This represents a decrease of 6 per cent for MS, 4 per cent for HSD, and 53 per cent for FO.

    In terms of individual company performance, Pakistan State Oil (PSO) experienced a 3 per cent decline in offtake year-on-year in April 2024, with a 7 per cent drop in MS sales and a 4 per cent decrease in HSD. FO sales for PSO also fell by 22 per cent.

    However, despite these decreases, PSO’s market share improved from 49 per cent in April 2023 to 51 per cent in April 2024.

    Shell Pakistan Limited (SHEL) recorded a 7 per cent year-on-year decline in sales, with reductions across all product categories.

    Hascol Petroleum Limited (HASCOL) saw a significant 23 per cent year-on-year drop in sales, primarily due to a 42 per cent reduction in MS sales.

    Attock Petroleum Limited (APL) also witnessed an 18 per cent decline in sales compared to April 2023.

  • Gold price drops by Rs1,400 to Rs239,600 per tola

    Gold price drops by Rs1,400 to Rs239,600 per tola

    The price of gold in Pakistan continued its downward trajectory for the fifth consecutive session on Friday, dropping by another Rs1,400 to settle at Rs239,600 per tola.

    This sustained decline has caught the attention of investors and consumers alike, as it indicates a significant cooling of the precious metals market in the country.

    Alongside the decline in the price per tola, the rate for 10 grammes of gold also fell, reaching Rs205,418 after a reduction of Rs1,201 from the previous session.

    This comes after gold in Pakistan had already dropped by Rs900 per tola on Thursday, signalling a broader trend of decreasing gold prices.

    The downward movement in the local gold market aligns with trends observed internationally.

    The international rate of gold decreased on Friday, with APGJSA reporting a drop of $11 per ounce, settling at $2,297 (including a premium of $20).

    This decline in the global market is likely influencing the downturn in Pakistan’s gold prices.

    Interestingly, while gold has seen consistent declines, the price of silver has remained stable, with rates holding steady at Rs2,620 per tola.

    This divergence in the precious metals market raises questions about the underlying factors driving these trends and whether the gold-silver ratio is indicative of broader shifts in market sentiment.

    In the past five sessions, the cumulative decrease in gold prices per tola in Pakistan has reached Rs5,400, marking a significant reduction from the all-time high of Rs252,200 recorded last month.

    The recent volatility has left investors cautious, with many closely monitoring the market for signs of stabilisation or further declines.

    Given the significant fluctuations in the gold market, both local and international factors are likely to play a role in determining future trends.

    The ongoing uncertainties in global economic conditions and changing investor sentiment could further impact gold prices in the coming weeks.

  • Trump and Biden on same page when it comes to student protestors in America

    Trump and Biden on same page when it comes to student protestors in America

    President of the United States of America Joe Biden and his most popular opponent Donald Trump are on the same page when it comes to students protests in America.

    Trump appeared in a rally where he denounced university students protesting to end the genocide in Gaza as “radical left morons”.

    The assumed Republican US presidential candidate described New York police officers brutally raiding a Columbia University building occupied by pro-Palestinian as a “beautiful thing to watch”. He appreciated them for doing a good job against “raging lunatics and Hamas sympathizers.”

    On the other hand, Joe Biden insisted that “order must prevail” as college campuses across the country face a wave of violence, outrage, and fear. He largely dismissed protesters’ demands, which have included ending U.S. support for Israeli military operations. Asked after his remarks whether the demonstrations would prompt him to consider changing course, Biden responded with a simple “no”, reported AP News.

    Previously, Biden condemned “antisemitic protests” and “those who don’t understand what’s going on with the Palestinians.”

  • Sahiba encourages women to marry when they find Mr. Right

    Sahiba encourages women to marry when they find Mr. Right

    Lollywood actress Sahiba, wife of actor Afzal Khan aka Jan Rambo, has offered advise to women who want to get married.

    Sahiba and her husband were invited as guests on Ramiz Raja’s show where they talked about getting married young.
    The host asked Sahiba, “How did you feel when Rambo proposed to you? Masha Allah, you are very beautiful, and I’m sure many others must have approached you too. Then you made a promise to yourself, like your mother, that you wouldn’t marry for 10 years after coming into the industry. But you made the decision to marry Rambo within six years. What made you decide to marry Rambo?”
    Sahiba said, “A woman should marry when she finds a good partner.” Following her own advice, she tied the knot when she realised Afzal was the right choice.

    She also remarked, “Many women wait for the perfect man, but he may never arrive.”

  • Director of ‘Gunjal’ wins debut award at India’s Dada Saheb Phalke film festival

    Director of ‘Gunjal’ wins debut award at India’s Dada Saheb Phalke film festival

    Pakistani director Shoaib Sultan has won the debut director award for his film ‘Gunjal’ at the prestigious Dada Saheb Phalke Film Festival in New Delhi, India. The achievement is a big milestone for both Sultan and Pakistani cinema.

    The festival, which celebrates great filmmaking, featured films from around the world, and Sultan’s work shone brightly among them. Sultan thanked the organizers, saying the award is a big step forward for Pakistani cinema.

    ‘Gunjal’, a Pakistani movie released on December 15, 2023, has gotten a lot of attention for its talented cast, including Ahmed Ali Akbar, Resham, and Amna Ilyas.

    Speaking from Saudi Arabia, where he currently resides, Sultan expressed his gratitude for the honor bestowed upon him.

    He said, “The award has encouraged everyone in the Pakistani film and cinema industry.’ He added that support from the current government and the announced funding for the Pakistani film industry will lead to the production of better films and provide people with better opportunities to watch movies.