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Gold price decreases further in Pakistan

Precious metal lost Rs100 to settle at Rs125,600 per tola

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Gold price decreases further in Pakistan
GNN Media: Representational Photo

Karachi: The gold price recorded a drop of Rs100 per tola on Thursday, taking the price to Rs125,600 in Pakistan.

According to the All Sindh Sarrafa and Jewellers Association, 24k-gold is now selling at $1,822 per ounce. Ten grams of gold dropped by Rs85 to trade at Rs107,682 on January 13.

It gained by $4 per ounce in the international market. Gold has recorded an increase of $24 in the last four days.

The precious commodity hit a record high of $2,074 an ounce in August 2020 and a five-month high of $1,874 on November 16. It reached a peak of Rs132,000 per tola in Pakistan on October 26.

Silver rate

Meanwhile, the rate of silver stayed unchanged in the local market. It is being sold at Rs1,450 per tola and Rs1,243.14 per 10 grams.

A day earlier, the gold price recorded a drop of Rs300 per tola, taking the precious metal to Rs125,700 in Pakistan. According to the All Sindh Sarrafa and Jewellers Association, the precious metal lost Rs300 to settle at Rs125,700 per tola and Rs258 to fall to Rs107,767 per 10 grams in the domestic market. 24k-gold is now selling at $1,818 per ounce.

Meanwhile, in the international market, it gained by $11 per ounce to $1,818. Gold recorded an increase of $20 in three days.

The rate of silver stayed unchanged in the local market. It is being sold at Rs1,450 per tola and Rs1,243.14 per 10 grams.

It last changed on January 7 after being static for 45 days.

It is pertinent to mention here that the gold rates in Pakistan are around Rs1,500 below cost compared to the gold rate in the Dubai market.

Faisal Waqas

Faisal Waqas is a passionate journalist who has eight years of diversified experience in print, electronic and digital media. He has previously worked with other renowned private TV channels as well as English Newspaper and now associated with GNN as Senior Content Writer. Faisal has graduated from the University of Punjab and earned his M.Phil degree in Mass Communication from Superior University of Lahore.

World

Mali ex-president Keita dies two years after coup ouster

Mali’s interim government issued a statement hailing the memory of the illustrious Keita

Published by Faisal Waqas

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Mali ex-president Keita dies two years after coup ouster

Bamako: Mali’s former president Ibrahim Boubacar Keita, who led the West African country from 2013 until he was ousted in a coup in 2020, died at the age of 76 in the capital Bamako on Sunday, his family said.

Looming over most of Keita’s presidency was the militant insurgency that has rocked the poor Sahel country since 2012, while his toppling marked the rise of the military junta which is now under regional sanctions for failing to restore civilian rule.

Mali’s interim government issued a statement hailing “the memory of the illustrious” Keita, adding that the former president died “after a long illness”.

Keita was forced out of office on August 18, 2020, by young military officers who staged an uprising at a base near Bamako before heading into the city, where they seized Keita and other leaders.

Foreign Minister Abdoulaye Diop said he was “saddened to learn of the death of former President Ibrahim Boubacar Keita”, adding that “it is with great emotion that I bow before his memory”.

Macky Sall, president of neighbouring Senegal, said in a Tweet he was “saddened” by the news, while Niger’s ex-president Mahamadou Issoufou, a former comrade of Keita’s in the Socialist International, hailed him as “a cultured man, a great patriot and a pan-Africanist”.

Politicians and other public figures went to Keita’s home southwest of Bamako to offer their condolences, with police guarding the entrances, according to AFP journalists at the scene.

The government statement said funeral plans would be announced at a later date.

– Protests, coups –

In the weeks before the 2020 coup, Keita had been struggling with protests fuelled by his handling of the jihadist insurgency and failure to turn around Mali’s floundering economy.

Snail-paced political reforms, decrepit public services and schools, and a widely shared perception of government corruption also fed anti-Keita sentiment, driving tens of thousands of protesters into the streets.

Seized by the putschists, the junta that emerged from the rebellion — under pressure from the West African bloc ECOWAS — released Keita weeks later and returned him to his residence in Bamako, under surveillance.

He suffered a mini-stroke the following month and was sent to the United Arab Emirates for treatment. He had been based at his Bamako home since staying out of public life.

The ruling junta would stage another coup in May 2021, toppling a civilian transitional government.

The junta had vowed to hold elections next month to transition the country back to civilian rule. But at the end of the last year, the junta revised its timetable, saying it could stay in power for up to five years.

In response, ECOWAS agreed to sanction Mali earlier this month, imposing a trade embargo and shutting borders, in a decision backed by the United States, the European Union and former colonial power France.

Landlocked Mali, one of the world’s poorest countries, is already feeling the effects of the sanctions, prompting thousands to protest in Bamako on Friday.

– Political veteran –

The son of a civil servant, Keita was born in the southern industrial city of Koutiala, the declining heartland of cotton production.

After studying literature in Mali, Senegal and France, Keita became an adviser for the EU’s overseas development fund before heading a development project in northern Mali.

He then rose through the ranks under Alpha Oumar Konare, the country’s first democratically elected president.

As a socialist prime minister between 1994 and 2000, he quelled a series of crippling strikes, earning a reputation as a firm leader and helping to set up his landslide election in 2013.

Keita was then re-elected in the 2018 elections, beating opposition leader Soumaila Cisse, who died in December 2020 of Covid.

Cisse’s kidnapping by jihadists in March 2020 further illustrated Keita’s inability to stop the violence, with rising public outrage culminating in the coup months later.

Source: AFP

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World

Three-week-old baby contracts COVID-19, dies

Several countries have registered a rise in childhood infections since the spread of the Omicron variant.

Published by Siddra Sumreen

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Three-week-old baby contracts COVID-19, dies

Doha: A three-week-old baby has died from COVID-19 in Qatar, the health ministry said on Sunday, reporting a rare child fatality from the illness in the Gulf country.

"A three-week-old baby has sadly died as a result of severe infection from COVID-19," the emirate's public health ministry said in a statement.

"The baby had no other known medical or hereditary conditions", and was the second child to have died in the country since the pandemic began, it added.

Child deaths from COVID-19 are infrequent but health authorities in several countries have registered a rise in childhood infections since the spread of the Omicron variant.

The Qatari ministry said youngsters have generally been less at risk of severe COVID infection than older people, but that "a greater number of children are being infected in this current wave and needing medical care than in previous waves".

Gas-rich Qatar has officially recorded almost 300,000 cases of coronavirus and around 600 deaths, from 2.6 million residents.

Cases have surged in recent weeks, and in late December Qatar's main health care provider suspended leave for all medical and administrative staff dealing with COVID-19 cases.

SOURCE: AFP

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Regional

Govt to control Inflation before 2023: FM Qureshi

Global economy has also been in crisis for the past two years due to coronavirus, says minister

Published by Faisal Waqas

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Govt to control Inflation before 2023: FM Qureshi

Multan: Foreign Minister (FM) Shah Mahmood Qureshi on Sunday said that inflation was a temporary phenomenon and Pakistan Tehreek-e-Insaf (PTI) government would control it before 2023.

He expressed these views while addressing a function at Government Primary School Awanpura Middle School Upgradation and talking to people during his visit to different Union Councils of his constituency NA-156.

He said that the government is not indifferent to people and well aware their hardships. He observed that government was striving hard to address public problems, saying that the global economy has also been in crisis for the past two years due to coronavirus. He however maintained that difficulties were temporary.

“We love dear homeland and would continue to live in the country. We know how to be loyal to the country. We have no flats, no accounts abroad and no one has a plan to go abroad. We are among the people and will remain with them,” FM Qureshi maintained. 

The foreign minister hoped that problems of masses would end soon. “We are fighting crises with determination. No matter how much the Opposition marches, there will be no in house change or end to the government. The opposition will face defeat. The democratic government of PTI will complete its term”, remarked FM Qureshi.

He expressed satisfaction and hinted that PTI government’s intentions were positive. “The present government has a credit for not having any corruption scandal”.

Expressing the challenges, Qureshi observed that the problems were much more, compared to available resources which could not be resolved overnight. “We understand the problems and concerns of the people and trying to resolve the issues”, he added.

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