Gold price hits above Rs50,000
KARACHI, July 13: Gold rates hit a record peak in the history of the country to Rs50,300 per tola on Wednesday, with an increase of Rs550 in its price.
The 10 gram bullion rate swelled to Rs43,114 on Wednesday from Rs42,642 on Tuesday on the back of rising gold price in world market to $1,570 per ounce from $1,547 a day back.
On July 1, per tola rate (11.664 grams) was Rs48,700 followed by 10 gram rate at Rs41,742 and $1,493 per ounce in world market.
President, All Sindh Saraf Association, Haji Haroon Rasheed Chand, claimed that the association had quoted the rate of Rs50,300 per tola based on the world trading rate at 3pm to 4pm in Pakistan, but per tola rate virtually reached Rs50,750 if
actual closing rate at $1,587 per ounce was taken into consideration.
He said it was really hard for consumers to make fresh buying of original gold jewellery sets and other related items. As a result, sales range between 20 and 25 per cent due to high prices and rising cost of living of consumers.
High gold prices, coupled with deteriorating law and order situation, pushed up demand of artificial and imitation jewellery sets.
He said many customers usually try to make new gold sets as per same weight of gold sets they bring for sale or prefer light weight sets for which they have to compromise on quality also.
Haroon said many market people are investing in gold as per their capacity to cash in on the boiling rate in world markets and its impact on domestic rates in the last few years.
According to Federal Bureau of Statistics (FBS), gold imports dropped to 2,690 kg ($104 million) in July-May 2010-2011 as compared to 4,551 kg ($131.5 million) in the same period of last fiscal year.
Export of jewellery plunged to $349 million in July-May 2010-2011 as compared to $515 million the corresponding period of last fiscal year.
He said gold import is not feasible as yellow metal is selling under cost in Pakistan by Rs400 per tola as compared to rates
prevailing in Dubai and Saudi Arabia.
Exporters usually import gold for export of jewellery and later they will have to import fine gold from abroad within 180 days.
US renews commitment to economic support for Pakistan
WASHINGTON: The United States on Thursday renewed its commitment to support Pakistan's economic development with the State Department emphasizing that Washington's economic assistance for Islamabad continues to flow, irrespective of a slowdown in the security aid.
State Department Deputy Spokesman Mark Toner told reporters that US Deputy Secretary of State Thomas Nides spoke by telephone with Pakistani Minister of Finance Dr Abdul Hafeez Shaikh.
"They discussed the importance of continuing cooperation on the US- Pakistan civilian assistance program. And Deputy Secretary Nides reiterated to Minister Shaikh that the United States remains committed to working in partnership with Pakistan to fuel economic growth and to improve its energy, education and health sectors," Toner said at the daily briefing.
The spokesman, speaking days after US decision to pause $800 million in military assistance for Pakistan, stressed that it's "important to note that while there is this slowdown on the security and military side, our civilian assistance continues."He referred to Kerry-Lugar-Berman assistance program and said the US has dispersed about 2 billion dollars in civilian assistance, which includes over $ 550 million in emergency humanitarian assistance that was in response to the floods."So, you know, we do have a slow down on the security side, but our civilian assistance remains undeterred."
The conversation between the US and Pakistani officials, he said, was an "important opportunity to touch base with Pakistan to ensure that this civilian assistance continues and to look at our priorities and make sure that they match Pakistan's.
Brief News:
Business News
Friday, July 15, 2011 08:55
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Mohammed Saleem Mansoori
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