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Gold Price Jumps to Rs 80,500 per tola

June 25, 2019 (MLN): Gold Price in domestic market reached all time high on Tuesday, as it rose by Rs 1,300 per tola to reach at Rs 80,500 per tola.

 While the price of 10 grams of Gold jumped by Rs1,115 to reach at Rs69,016.

Likewise, in international market the price of Gold soared by $21 to settle at $1,429 per ounce.

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Weekly SPI decreases by 0.09 percent

Jun 25, 2019 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.09% during the week ended Jun 20, 2019 while the SPI increased by 11.87% compared to the corresponding period from last year.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 257.41 compared to 257.63 on Jun 13, 2019 while the index was recorded at 230.09 a year ago, on Jun 21, 2018

Out of the 53 monitored items, the average price of 21 items increased, 7 items decreased whereas 25 items registered no change during the week.

The weekly SPI percentage change by income groups showed that SPI decreased across all quantiles ranging between 0.13% and 0.04%.

The Lowest Income Group witnessed a weekly decrease of 0.08% while the highest income group recorded a decrease of 0.04%.

On a yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 8.83% and 16.03%.

Yearly SPI for the Lowest Income Group increased by 9.42% while the highest income group recorded an increase of 16.03%.

The average price of Sona urea stood at Rs.1874 per 50 kg bag which is 0.11% higher than last week’s price and 21.45% higher when compared to last year.

Meanwhile, average Cement price was recorded at Rs.579 per 50 kg bag, which is 1.4% higher than the previous week and 3.02% higher than prices last year.

 

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Power Cement Ltd becomes the second largest cement producer...

 

June 25, 2019 (MLN): Power Cement Limited has completed the procurement and installation of Plant & Machinery of the following two expansion projects:

  1. 7700 tons per day “Clinker Production Plant”
  2. 8500 tons per day “Cement Production and Dispatch Plant”

Both these plants were procured from the World’s Best Danish cement plant manufacturer, FLSmidth.

After this expansion Power Cement Limited, with name plate capacities of 11,650 tons per day of cement and 10,700 tons per day of Clinker, has become the second largest cement producer of the South Zone of Pakistan.

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Investors rush to havens on escalating US-Iran tensions

June 25, 2019: Escalating tensions between the United States and Iran dampened equity markets and the dollar Tuesday but lifted haven investments the yen and gold, with the latter striking a near six-year high.

Oil prices steadied despite the US imposing further sanctions on key crude producer Iran, with investors on the sidelines ahead of next week's key OPEC meeting on output.

Traders looked ahead also to crucial trade talks due this week between US President Donald Trump and Chinese counterpart Xi Jinping.

"Geopolitical tensions weighed on the (stock) markets on Tuesday after the US imposed new sanctions on Iran," noted Russ Mould, investment director at AJ Bell.

"Investors (are) switching their attention once again to gold as a safe-haven asset."

The precious metal struck $1,439.65 an ounce Tuesday, the highest level since September 2013, with a softer dollar lending additional support according to traders.

Japan's currency, viewed also as a haven investment, jumped to a near six-month high at 106.78 yen to the dollar.

AFP/APP

PKR finds stable ground

June 25, 2019 (MLN): Pakistani rupee (PKR) closed today's trading session relatively unchanged against the USD with the rate remaing stable at PKR 156.99

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 8 paisa per USD showing an intraday high bid of 157.02 and an intraday Low offer of 156.98.

Meanwhile, the currency gained 2.5 rupees against the Pound Sterling as the day's closing quote stood at PKR 200.32 per GBP, while the previous session closed at PKR 200.08 per GBP.

Similarly, PKR's value strengthened by 9 paisa against EUR which closed at PKR 178.76 at the interbank today.

Within the Open Market, PKR was traded at 156/157.80 per USD.

On another note, within the money market, the overnight repo rate towards close of the session was 12.30/12.35 percent, whereas the 1 week rate was 12.50/12.60 percent.

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