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Gold price falls 4,600 in Pakistan; rupee strengthens against greenback

The yellow metal follows US dollar that also lost Rs4.7 against local currency

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Gold price falls 4,600 in Pakistan; rupee strengthens against greenback
GNN Media: Representational Photo

Karachi: Thursday was the day of bit respite for the people of Pakistan as the gold prices plunged more than Rs4,000 per tola and Pakistan rupee strengthened against the US dollar. 

According to Sindh Sarafa Bazar Jewelers Association, the price of gold per tola decreased by Rs4,600, after which the price per tola stood at Rs140,700.

Similarly, the price of 10 grams of gold came down by Rs3,943 to Rs120.628 per tola.

The Pakistani rupee appreciated by Rs4.7 on Thursday morning in the interbank market, a day after Finance Minister Miftah Ismail announced a $2.3 billion loan agreement with a Chinese banks consortium.

According to State Bank of Pakistan, the US dollar closed at Rs207.23 in the interbank market. The previous day's close was Rs211.93 against the greenback, according to the State Bank of Pakistan (SBP).

After losing 5.39% in last nine sessions, Pakistani rupee recovered 2.27% day-on-day against the US dollar.

Pakistan

Three terrorists killed in North Waziristan IBO: ISPR

The military’s press wing said the killed terrorists remained actively involved in activities against security forces.

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Three terrorists killed in North Waziristan IBO: ISPR

Rawalpindi: Three terrorists have been killed after security forces conducted an operation in North Wazirstan district of Khyber Pakhtunkhwa, army’s media wing reported Saturday. 

According to Inter-Service Public Relations, security forces conducted an intelligence-based operation (IBO) in Ghulam Khan Kalle area on the reported presence of terrorists.

Weapons and ammunition were also recovered from their possession, said ISPR. 

The military’s press wing said the killed terrorists remained actively involved in activities against security forces.

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Business

Brazil records trade surplus of $8.8 billion in June

The exports grew 15.6% from June last year, to $32.7 billion, while imports jumped 33.7% to $23.9 billion

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Brazil records trade surplus of $8.8 billion in June

Brazil's trade surplus reached $8.814 in June, official figures showed on Friday, below market expectations.

Economists polled by Reuters had projected a $9.994 billion surplus for the month.

The reading was the second best for the month of June, after last year, since the figures were recorded in 1989.

According to the Economy Ministry, exports grew 15.6% from June last year, to $32.7 billion, while imports jumped 33.7% to $23.9 billion.

Global inflationary pressures have been boosting the value of tradable goods, amid rising food and energy prices and disrupted supply chains with the Russia-Ukraine war.

But Brazilian imports have increased faster, which has prompted the ministry to revise its projections for the year.

The first half of 2022 ended with a $34.2 billion surplus, down from $37.0 billion in the year-ago period. The government now expects to end 2022 with a $81.5 billion surplus.

The number represents a major cut from the $111.6 billion 2022 surplus estimate made in April.

The outlook for exports was revised slightly up to $349.4 billion in 2022, from $348.8 billion. Imports are now expected to reach $268.0 billion this year, up from the previous $237.2 billion estimate.

SOURCE: REUTERS

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Regional

Eid al-Adha: Pakistan railways to run three special trains

Pakistan Railways announced on Saturday that three special train services would be run on the occasion of Eid ul Azha.

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Eid al-Adha: Pakistan railways to run three special trains

Lahore: In a bid to facilitate the passengers, Pakistan Railways has announced to run three special trains on the occasion of Eid-ul-Azha on multiple routes. 

The spokesperson of Pakistan railways said that the first Eid special train will leave from Quetta to Peshawar on Friday at 10 am. 

The second special train will leave Karachi for Lahore on Friday, while the third Eid special train from Lahore to Karachi on July 13. 

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