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Gold, silver extend declines in international and domestic markets

Karachi: Gold and silver prices on Tuesday declined in both international and domestic markets, reflecting broader trends in the bullion trade.

In the international bullion market, gold fell by $10 per ounce to settle at $4,778.

In the local market, the price of gold per tola decreased by Rs1,000 to Rs500,162. Similarly, the price of 10 grams of gold dropped by Rs857 to Rs428,808.

Silver prices also recorded a decline. The price per tola of silver fell by Rs59 to Rs8,358, while the rate for 10 grams of silver decreased by Rs51 to Rs7,165.

Among other metals, spot silver fell 1.4% to $78.80 per ounce, platinum lost 0.8% to $2,072.22, and palladium was down 0.3% at $1,547.25.

On Monday, gold prices in Pakistan retreated significantly, tracking a sharp downturn in the international market as global investors navigated a volatile mix of geopolitical tensions and strengthening economic indicators.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola dropped by Rs4,900 to settle at Rs501,162.

This correction effectively wiped out the gains seen during the previous session on Saturday, when prices had climbed by Rs4,500. Similarly, the 10-gram gold rate fell by Rs4,201 to reach Rs429,665, while silver shed Rs145 to close at Rs8,417 per tola.

The domestic slump was a direct reflection of the global stage, where spot gold dipped 0.5% to $4,802.75 per ounce after hitting a one-week low of $4,736 earlier in the day.

The primary catalyst for this fluctuation was the surge in the US dollar and rising benchmark 10-year Treasury yields. As the dollar hit a one-week high, gold became more expensive for international buyers, while higher yields increased the opportunity cost of holding non-yielding bullion.

These shifts were exacerbated by renewed US-Iran tensions following the US takeover of an Iranian cargo vessel, an event that sent oil prices climbing by 5% and injected fresh uncertainty into markets.

Market experts noted that while gold initially dipped due to the news of renewed friction, it managed a slight recovery to hold near the $4,800 mark.

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Health minister orders probe into Sindh MDCAT complaints

ISLAMABAD:Federal Minister for Health Syed Mustafa Kamal has taken notice of alleged irregularities in the Medical and Dental College Admission Test (MDCAT) held in Sindh and ordered a comprehensive inquiry into the complaints.

According to official sources, the minister directed a five-member committee, including the President of the Pakistan Medical and Dental Council (PMDC), to conduct a transparent investigation and submit its report within 15 days.

The committee has been tasked with examining the complaints and reviewing the circumstances surrounding the alleged irregularities during the examination, sources said.

The minister directed the committee to complete the inquiry within the stipulated timeframe and present its findings for further action in accordance with the applicable rules.

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CDA chairman directs faster work on Expressway East project

ISLAMABAD: Capital Development Authority (CDA) Chairman Sohail Ashraf has directed officials to accelerate work on the Islamabad Expressway Service Road East project while ensuring strict compliance with approved designs and construction standards.

During an inspection of the project on Saturday, the chairman reviewed progress and was briefed on ongoing works and the next phase of development.

He directed the project director and relevant departments to maintain continuous field monitoring and quality control and ensure effective traffic management to minimise inconvenience to commuters.

The chairman described the Expressway East project as an important infrastructure scheme for improving connectivity, traffic flow and road capacity in the capital. He also stressed that construction quality should not be compromised in efforts to meet the project timeline.

During the visit, he was also briefed on an ongoing enforcement operation against unauthorised and illegal construction along the Islamabad Expressway.

According to the CDA, 377 buildings have been identified for action, including 281 commercial structures. So far, 58 buildings have been sealed, while 124 buildings between Sohan and Khanna bridges have been marked for demolition.

The authority said Rs234.685 million had been recovered through land-use conversion, unauthorised construction and de-sealing charges. Around Rs3 billion remained recoverable under applicable regulations in connection with land-use conversion and violations relating to unauthorised construction, setbacks, floor area ratio and covered area.

The chairman directed the relevant departments to ensure strict enforcement of building-control and land-use regulations, particularly mandatory fire-safety requirements.

The enforcement operation is being conducted by the CDA’s Building Control Section and Enforcement Directorate in coordination with the district administration and Islamabad police.

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GB ministers call on Governor Kundi

PESHAWAR: Governor Khyber Pakhtunkhwa Faisal Karim Kundi on Saturday held a meeting with a delegation of Gilgit-Baltistan ministers at the Governor’s House here and discussed the country’s political situation and other matters of mutual interest.

The delegation comprised Gilgit-Baltistan Minister for Local Government and Rural Development Zulfiqar Ali Murad, Minister for Health Iqbal Hassan and Minister for Education Aman Ali Ameer.

During the meeting, the two sides exchanged views on the prevailing political situation in the country and various issues of mutual interest. They also discussed the recent elections in Gilgit-Baltistan and the Pakistan Peoples Party’s success in the polls.

The visiting ministers were taken on a tour of the Governor’s House. Governor Kundi presented them with traditional shawls and caps.