Tag: invest

  • Gold price drops by Rs1,500 per tola in Pakistan amidst global market slump

    Gold price drops by Rs1,500 per tola in Pakistan amidst global market slump

    On Friday, the price of gold in Pakistan witnessed a decline of Rs1,500 per tola, losing its luster due to a decrease in the international market.

    The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released data indicating that the price of 24-carat gold dropped by Rs1,500 per tola and Rs1,285 per 10 grammes, settling at Rs217,000 and Rs186,043, respectively.

    Concurrently, the international market saw a $10 decrease, with the yellow metal settling at $1,919 per ounce.

    Recent times have seen the gold rate in Pakistan fluctuate amidst ongoing political and economic uncertainty, as well as high inflation. Consequently, individuals tend to view this precious commodity as a secure investment and a hedge during such periods. The association’s data revealed that the price of silver remained unchanged at Rs2,550 per tola and Rs2,186.21 per 10 grammes.

    Furthermore, the data highlighted that the cost of bullion in Pakistan is Rs4,000 per tola lower than the Dubai market, indicating that the Pakistani gold market currently offers more affordable prices than the global market.

    In terms of foreign exchange, the Pakistani rupee maintained stability against the US dollar, experiencing a nominal increase of Rs0.01. The interbank market closed on Friday with the exchange rate at Rs286.74.

  • Gold price drops by Rs8,600 per tola as rupee strengthens

    Gold price drops by Rs8,600 per tola as rupee strengthens

    The price of 24 karat gold decreased by Rs8,600 per tola and Rs7,373 per 10 grams to settle at Rs145,300 and Rs124,571, respectively, in the local market, according to figures released on Wednesday by All Sindh Sarafa and Jewellers Association (ASSJA).

    The latest decrease was in accordance with what the traders anticipated that the market would correct itself after achieving fresh heights in earlier sessions.

    On July 28, the price of a tola of gold rose to an all-time high of Rs162,500.

    The local currency made a significant comeback against the US dollar, rising by nearly Rs9 or 4 per cent, which diminished the shine of the precious metal.

    In the last three sessions, the price of gold has fallen by a total of Rs14,300 per tola, from Monday to Wednesday.

    Read more: Pakistan rupee appreciates Rs9.58 against US dollar, closes at Rs228.8

    Compared to Dubai, the price of gold in Pakistan is Rs2,000 per tola less.

    Bullion prices also fell $14 per ounce to close at $1,766 on the global market.

  • Crypto companies at risk of closure in the United Kingdom

    A number of cryptocurrency businesses in the United Kingdom (UK) may be forced to shut down if they fail to register with the financial watchdog before a major deadline next week.

    Firms providing crypto services in the UK must register with the Financial Conduct Authority (FCA) by 31 March, 2022. The FCA is in charge of supervising how digital asset firms tackle money laundering.

    In 2021, the authority stretched the deadline for businesses on a temporary register to continue trading while seeking full license. Once the deadline passes, the temporary register will be closed.

    Many crypto businesses have withdrew their applications, according to the FCA, since they did not match the required anti-money laundering criteria.

    With only days until the deadline, the status of companies on the temporary register including Revolut, a $33 billion fintech business, and Copper, a crypto start-up is in trouble which counts on UK Finance Minister, Philip Hammond as its advisor.  

    Read More: Pakistan decides to make cryptocurrency illegal

    Some businesses are now withdrawing their applications, including B2C2, a London-based crypto trading firm, just removed itself from the FCA’s provisional registry.

    B2C2’s spot trading activity has been relocated to the company’s U.S. Entity from this week. The firm’s business is now unaffected as it is handled by an FCA-authorized subsidiary.