Gold hits new peak of Rs105,200

Published July 2, 2020
According to PBS data, total jewellery exports during July-May FY20 stood at $3.2 million, down 32pc over $4.7m in the same period last year. — Dawn/File
According to PBS data, total jewellery exports during July-May FY20 stood at $3.2 million, down 32pc over $4.7m in the same period last year. — Dawn/File

KARACHI: Domestic per tola and 10-gram price of gold reached an all-time high of Rs105,200 and Rs90,192, up by Rs700 and Rs600, respectively compared to Tuesday.

Meanwhile, world gold price hit $1,782 per ounce, higher by $12 per ounce.

The last local peak of the yellow metal was recorded on June 24 when per tola and 10 grams price soared to Rs105,100 and Rs90,106, based on world gold rate of $1,777 per ounce.

On the other hand, export of jewellery has stopped from May as per data of Pakistan of Bureau of Statistics (PBS).

All Pakistan Gems Jewellers Traders and Exporters Association Chairman Muhammad Akhtar Khan Tessori informed the Ministry of Commerce that in SRO760 (I)2013, proceeds in respect of jewellery exported from the country should be received within 120 days.

Jewellery exports stopped

Due to lockdown all over the world, including Pakistan amid the pandemic, there have been delays in the receipt of payments.

Trade Development Authority of Pakistan (TDAP) is not permitting exporters to undertake fresh orders who could not manage the receipt of exports from their foreign buyers on their earlier shipments.

A State Bank circular released in March states that an extension of 90 days shall be granted to all exporters.

He urged the commerce ministry to issue necessary instructions to the TDAP to allow repatriation of foreign exchange in respect of the consignments already exported within the 90 days extended period.

According to PBS data, total jewellery exports during July-May FY20 stood at $3.2 million, down 32pc over $4.7m in the same period last year.

Published in Dawn, July 2nd, 2020

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...