Gold prices decline in Pakistan for second consecutive day
All Pakistan Sarafa Gems and Jewellers Association (APSGJA) says the price of 24-carat gold dropped by Rs1,700 per tola and Rs1,458 per 10 grams, reaching Rs232,800 and Rs199,588, respectively.
Karachi: Gold prices in Pakistan experienced a consecutive decline for the second day on Tuesday, despite an international increase in rates.
According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold dropped by Rs1,700 per tola and Rs1,458 per 10 grams, reaching Rs232,800 and Rs199,588, respectively.
Last week, gold rates had witnessed a cumulative decrease of Rs1,100 per tola, followed by an additional decline of Rs1,700 on the first day of this week.
The fluctuating gold rates in Pakistan can be attributed to ongoing political and economic uncertainties, high inflation, and currency depreciation. During such times, individuals tend to invest in gold as a safe haven and a hedge against market volatility.
In the interbank market, the Pakistani rupee gained Re0.07 or 0.02% against the US dollar, closing at Rs285.35, as per data from the State Bank of Pakistan.
Data shared by the jewellers' association indicated that the silver rate remained unchanged at Rs2,850 per tola and Rs2,443.41 per 20 grams.
Imran Khan to face military court trial for May 9 events: Rana Sanaullah
The interior minister accuses Imran of personally orchestrating the planning of the attacks on military installations prior to his arrest.
Islamabad: Interior Minister Rana Sanaullah stated on Tuesday that PTI Chairman Imran Khan would face a military court trial for the incidents that unfolded on May 9.
Sanaullah accused Imran of personally orchestrating the planning of the attacks on military installations prior to his arrest. He emphasized that there is evidence to substantiate this claim. When asked about Imran's trial, Sanaullah firmly responded that it was indeed a suitable case for a military court, given the program designed to target military installations and its subsequent execution.
He made these remarks during an interview to a local private television channel.
These remarks from Sanaullah come after Defence Minister Khawaja Asif mentioned the possibility of Imran's trial under the Army Act, stating that no final decision had been made yet. Asif expressed that he could not rule out the likelihood that Imran was the planner who had prior knowledge of the events on May 9.
Sanaullah further alleged that Imran, as the PTI chief, played a direct role in instigating the riots on May 9. He claimed that Imran was the architect of the discord and provided evidence in the form of documented tweets and messages.
Regarding Imran's communication with party leaders from jail, the interior minister revealed that the planning and strategy were decided prior to Imran's arrest, outlining the responsibilities and strategies for the party members involved.
The violence erupted following Imran's arrest and resulted in attacks on military installations.
The unrest caused eight casualties, injured approximately 290 individuals, and led to the apprehension of over 1,900 protesters nationwide. The accountability court in Islamabad had transferred Imran's custody to NAB in connection with the Al Qadir Trust case.
Public relief, economic development among priorities in next budget: PM
The prime minister, chairing a meeting to discuss the budget proposals for the industrial sector, says the federal budget will also encompass the measures to enhance industrial growth as well as exports.
Islamabad: Prime Minister Shehbaz Sharif on Tuesday said the provision of maximum relief to the masses and economic development would be among the Federal Government’s priorities in the upcoming budget for fiscal 2023-24.
The prime minister, chairing a meeting to discuss the budget proposals for the industrial sector, said the federal budget would also encompass the measures to enhance industrial growth as well as exports.
He said he would personally make sure that the proposals coming for the industrial sector were incorporated into the budget.
The prime minister instructed the authorities concerned to remove all unnecessary impediments in the increase of small, medium and large-scale industrial production.
He told the meeting that the previous government deliberately obstructed the investment and industrial development in the country.
The previous government violated the agreement with the International Monetary Fund (IMF) to save its rule, making 220 million of Pakistan bear its brunt, he added.
He said being a resilient nation, Pakistanis were gradually coming out of the economic difficulties.
Prime Minister Shehbaz said the government, the whole nation, industrialists and the business community were working hard to improve the country’s economic situation.
He said throughout the previous year, the miscreants inflicted damage to the country through “long or short” marches and sit-ins.
He also told the meeting that the incidents of May 9 not only created violence but also inflicted huge economic loss to the country.
He said the government would help decrease industries’ production costs by supplying low-cost energy, besides arranging easy bank loans for the small industries.
Prime Minister Shehbaz directed his Advisor Ahad Cheema to finalise the proposals from the industrial sectors and ensure their incorporation into the budget.
The meeting was joined through a video link by prominent industrialists and investors from all sectors.
Besides federal ministers Ishaq Dar, Syed Naveed Qamar, Ahsan Iqbal, Makhdoom Murtaza Mahmood and Engineer Khurram Dastgir, Minister of State Dr Musadik Malik, Advisor Ahad Cheema, Special Assistants to PM Tariq Bajwa and Jahanzeb Khan, MNA Qaiser Sheikh, State Bank governor, FBR chairman and relevant senior officers attended the meeting.
The ministries of commerce and industrial production put forward the budget proposals received from different sectors.
Besides, the industrialists and investors presented their proposals for the budget.
The prime minister directed the authorities concerned to carry out detailed work on the proposals and present a report to him.
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