Category: Uncategorized

  • Gold prices drop again in Pakistan, 24-karat gold loses Rs500 per tola

    Gold prices drop again in Pakistan, 24-karat gold loses Rs500 per tola

    Gold prices in Pakistan continued their downward trend on Tuesday, with the value of 24-karat gold dropping by Rs500 per tola, settling at Rs240,000.

    This decrease follows a substantial decline last week, when the price of 24-karat gold fell by Rs6,400 per tola. This marks a cumulative loss of Rs14,200 per tola, or approximately 5.63 per cent, over the past two weeks.

    The Karachi Sarafa Association reported that the price of 24-karat gold for 10 grammes also dropped by Rs429, reaching Rs205,761.

    The price of 22-karat gold was quoted at Rs188,615 per 10-gramme, reflecting the broader trend of falling gold prices in the domestic market.

    Silver prices, however, remained steady, with 24-karat silver maintaining a consistent rate of Rs2,620 per tola and Rs2,254.8 per 10-gramme, providing some stability in the otherwise volatile precious metals market.

    On the global front, international spot gold experienced a slight decline, trading near $2,314.5 per ounce, a 0.41 per cent drop compared to the previous session.

  • ‘No talks with anarchist group’ says DG ISPR

    ‘No talks with anarchist group’ says DG ISPR

    Director General of Inter-Services Public Relations (ISPR) Major General Ahmed Sharif Chaudhry said on Tuesday that the people involved in the May 9 riots must be punished as per the law.

     “The issue of May 9 riots is not limited to the Pakistan Army but [in fact] concerns the whole nation,” said the General during a rare press conference.

    The military spokesperson also emphasized that dialogue should take place between the politicians rather than institutions and said, “No talks will be held with any political leader, or group which attacks its own army and indulges in propaganda [against them].”

    “There can be no dialogue with an anarchist group,” he said firmly, adding that the “only way forward for the anarchists [group] is to apologise sincerely [for their acts], abandon the politics of hate and indulge in constructive politics [instead]”.

    DG ISPR remarked, “For such people, it is said: ’ You can fool all the people some of the times, some of the people all the times but you cannot fool all the people all the times.’”

    When the General was asked about PTI’s demand of a judicial commission to probe the entire May 9 events, he replied, “Fine, we are ready, make a judicial commission but if you have to, then go to the root of this entire incident. The judicial commission should also determine what the goals of the 2014 dharna (sit-in) were and how Parliament was attacked. It should also look into the PTV attack and how people were encouraged to stand against the state, indulge in civil disobedience, and burn utility bills.”

    The Commission, the army spokesperson said, should also investigate “How Islamabad was attacked in 2016 with KP’s federal resources, and then again in 2022.”

    “It must also see how letters were written to the IMF and lobbying was conducted abroad so that Pakistan would not be given loans and fall into a state of default.”

    PTI’s response to DG ISPR’s press briefing

  • ‘Bilawal tera governor bhi KP house mein nai ghusse ga,’ threatens CM Gandapur

    ‘Bilawal tera governor bhi KP house mein nai ghusse ga,’ threatens CM Gandapur

    The Chief Minister of Khyber Pakhtunkhwa (KP) Ali Amin Gandapur has threatened former foreign minister and PPP chairman Bilawal Bhutto Zardari, saying, “Bilawal tera governor bhi KP house mein nai ghusse ga, [Bilawal, your Governor will not be able to enter KP House]” after a KP minister was allegedly not allowed to enter Sindh House.

    “I will show you here [KP] that your governor won’t be able to come here to KP House,” exclaimed Gandapur.

    The CM said that Pakistan is not the private property of Bilawal. Furthermore, he said, “If you continue to adopt this attitude then I will challenge you to even enter the Governor House here.”

  • ‘Taliban has taken over most of KP areas’ claims Mohsin Dawar

    ‘Taliban has taken over most of KP areas’ claims Mohsin Dawar

    Mohsin Dawar, former MNA and political rights activist, recently claimed that “Taliban have taken over most of the areas in KP.”

    Dawar appeared on journalist Azaz Syed’s YouTube channel and remarked, “North Waziristan, Bannu, Lakki Marwat, Dera Ismail Khan, Tank and South Waziristan are almost completely taken over by them [Taliban].”

    Dawar also said that even big cities like Peshawar are not safe anymore.

    When Azaz Syed asked if he was talking about Tehreek-e-Taliban Pakistan (TTP) specifically, Mohsin Dawar replied, “There are many groups involved but the majority is TTP that has occupied these areas.”

    When the journalist dug further into the former minister’s big claim, Dawar stated “This is not a claim but a reality. You yourself reported on the issue of abduction of session judge from DI Khan by TTP.”

    Dawar was referring to the Sessions Judge Shakirullah Marwat, who was abducted by TTP members on Dera Ismail Khan’s Tank Road and later released. KP government allegedly paid Rs 5 crore to TTP for his release.

  • PTI to hold jalsas on May 9th

    PTI to hold jalsas on May 9th

    Pakistan Tehreek-e-Insaf (PTI) has issued a notification carrying information of party leadership’s planned activities for May 9th 2024, including “Rallies/Jalsas at every Provincial Assembly level across Pakistan.”

    May 9th has become a grim event for the party and its workers. A year ago, party leaders and workers became part of protests that led to violent riots and attacks on army installations across the country. Many leaders now face trials in civilian and military courts.

    The notification was signed by PTI’s Secretary General Omar Ayub Khan.

    The circular showed that the instructions had been given by the founder Chairman Mr. Imran Khan.

    The activities include hoisting Pakistan and PTI flags on buildings and “PM Imran Khan’s photo on placards with Qaidi Number 804 written on placards to be prominently displayed.”

  • PTI will never allow any legislation for CJP Isa’s extension

    PTI will never allow any legislation for CJP Isa’s extension

    Pakistan Tehreek-e-Insaf (PTI) leader Asad Qaiser has stated that his party will not allow any “politically motivated” constitutional change that would pave the way for extending the tenure of Chief Justice of Pakistan.

    His statement came after Minister for Law and Justice Senator Azam Nazeer Tarar’s statements hinted at judicial reforms that would change the traditional approach to selecting judges for the Supreme Court as well as high courts.

    “We will not allow any such legislation. There are political motives behind it,” said the Asad Qaiser.

    According to media reports, the government was mulling that the tenure of the top judge should extend to a fixed term, besides judicial reforms.

    It should be noted that CJP Isa had assumed charge of the top court in September 2023 and will retire in October 2024.

  • Massive relief for PTI as Supreme Court accepts SIC appeal on reserved seats

    Massive relief for PTI as Supreme Court accepts SIC appeal on reserved seats

    The Supreme Court on May 6 suspended the Peshawar High Court’s (PHC) verdict on reserved seats while accepting the Sunni Ittehad Council’s (SIC) plea against the high court’s ruling.

    A three-member bench headed by Justice Mansoor Ali Shah and comprising Justice Muhammad Ali Mazhar and Justice Athar Minallah heard the SIC’s plea filed through Advocate Faisal Siddiqui last month.

    The court called the Election Commission of Pakistan (ECP) as it had rejected the SIC’s (PTI allied party) plea depriving it of reserved seats.

    Justice Syed Mansoor Ali Shah stated that “Basic principle of democracy & constitution is people mandate should be reflected in the parliament.”

    He also remarked, “Where it is written in the constitution & Elections Act that reserved seats would be re-allocated to the other parties [PMLN and PPP].”

    Journalist Asad Toor tweeted “After today’s suspension of 23 reserved seats of coalition Govt in National Assembly, Federal Govt lost two-thirds majority in the Parliament.”

  • 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.

  • 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.

  • 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.