Gold sheds value in local market on weekend

KARACHI: Pakistani bullion market has Saturday shed Rs250 a tola on gold trade that sold at Rs124,100 at the close of the business week, ARY News reported.

The global trends have factored in the depreciation of gold today, said Muhammad Arshad of All Pakistan Jeweler Manufacturers Association. The gold ounce rates in the international market receded $15 today and is sold at $1,845.

Similarly, the 10-gram gold rate has slashed Rs214 to now stand at Rs106,395.

Experts skeptical on ‘massive’ hike in interest rates

After a huge jump in policy rates by the Monetary Policy Committee of the central bank that raised 150 basis points to now 8.75 per cent, as a measure to offset the inflationary effects in the economy, the financial experts and economists have shared their reservations.

We expected the rate would be hiked to 8.5 pc at max but what they have decided is little over that, said AKD Group chairman and Pakistani tycoon Aqeel Karim Dedhi while talking to ARY News.

Dedhi said that it must be that the government was compelled to do so to address the reservations by the International Monetary Fund (IMF) team.

The central bank announced the new raised interest rates, by 150 basis points, which now stands at 8.75 pc for the next two months.

It had convened the meeting earlier than previously scheduled and announced the rates amid unforeseen circumstances, it said.