The one-tola and 10-gram gold rates surged by Rs3,900 and Rs3,344 to hit historic highs of Rs178,800 and Rs153,292 after the yellow metal jumped by $12 to $1,808 per ounce on the world markets on Tuesday. The rates of Rs126,300 and Rs108,196 based on $1,830 prevailing on Jan 1, the domestic prices have risen by Rs52,600 per tola and Rs45,096 per 10-gram, respectively. However, the rupee depr
Despite proclamations of ‘all is well’ from the country’s financial managers, anyone who has recently tried to buy foreign currency will tell you that things are dire. Dollars have disappeared from the open market, while a crisis in the inter-bank market has led to the stoppage of foreign payments. The country is unable to clear the dues owed to airlines or make payments for imported goods wait
In the absence of any systemic or meticulous approach to tackling deep-seated woes, the overall economic outlook appears to be blurred or bleak. But the firefighting mode is helping to superficially ease pressures on the external sector, possibly for a brief spell, while curbing domestic demand of imported goods/services amidst sliding GDP growth. However, the risk of foreign debt default is st
WITH the government left with little to offer except gimmicks, the economic situation is deteriorating by the day. According to a news report published in this paper’s Friday pages, large-scale manufacturing — a bellwether for economic activity — contracted by a staggering 7.75pc in October, registering a slowdown for the second straight month. Since the start of fiscal 2023 (the July to Octobe
Domestic gold prices continued their record-breaking spree as one-tola and 10-gram rates on Monday hit a fresh peak of Rs174,900 and Rs149,948 after adding Rs2,200 and Rs1,886 respectively. All Sindh Saraf Jewellers Association (ASSJA) quoted a jump of $3 to $1,796 per ounce on the international markets. Gold prices have risen by Rs48,700 per tola and Rs41,752 per 10 grams since Jan 1 when r