GOLD PRICE EXPECTED TO RISE

All Sindh Saraf and Jewellers Association (ASSJA) President gave an interview to a newspaper and said that Gold prices in the market are expected to rise again in March next year. He further said that this current fall in gold price is rather temporary and this decrease is expected to stop at the end of current fiscal year.

            Gold’s price of 10 grams was recorded as Rs. 45,428 on November 15 which fell to Rs. 43,714 on December 9. During this period, gold price in international market also fell roughly from $ 1,290 to $ 1,240 per ounce.

            Theoretically, the price of gold is inversely proportional to the dollars’ worth. In other words, the value/price of gold will decline if the value of dollar increases and vice versa.

            Fluctuations started in gold prices internationally after US Federal Reserve decided to resort the quantitative easing in the aftermath of global recession of 2008. It started to purchase $ 85 billion worth Government bonds and other financial assets every month which kept interest rates at a low level. This decrease in the interest rates caused increased investment in gold raising its demand and price by 60%. In 2008 gold price was $ 840 per ounce.

            According to a wall street journal report published on Tuesday, financial powerhouse Goldman Sachs doesn’t expect the US Fed to start raising interest rates until 2016. This will decrease the price volatility of the gold, Analysts believe.

Overseas Pakistanis Sent Billions Home in Five Months

November, Overseas Pakistanis in UAE, USA, UK, Saudi Arabia, GCC countries and EU states sent $236.29 million, $175.82 million, $155.13 million, $334.10 million, $128.18 million and 29.84 million respectively

According to a report by State Bank of Pakistan (SBP) on Tuesday, the overseas Pakistanis from different countries such as Saudi Arabia, United Arab Emirates (UAE), United States of America (USA), England and other European Union (EU) States and other Gulf Cooperation Countries (GCC) (including Qatar, Kuwait, Bahrain and Oman) recorded remittances of $1.794 Billion, $1.297 billion, $1.026 billion, $962.76 million, $732.64 million and $179.14 million respectively. However during the past 17 months, from July 2012-November 2013, the remittances recorded were $1.609 billion, $1.241 billion, $993.57 million, $845.86 million, $676.69 million and $161.16 million respectively.

Apart from gulf and EU countries, remittances from Canada, Australia, Japan, Switzerland, Norway and other countries amounted to $415.37 million during the first five months of the current fiscal year compared to $454.69 million in the first five months of the previous year.

In the last month alone, i.e. November, Overseas Pakistanis in UAE, USA, UK, Saudi Arabia, GCC countries and EU states sent $236.29 million, $175.82 million, $155.13 million, $334.10 million, $128.18 million and 29.84 million respectively. Whereas, in last year November the remittances were recorded as $193.79 million, $152.29 million, $148.53 million, $300.84 million, $117.18 million and $26.63 million respectively. Remittances submitted by Pakistanis in other countries amounted to $71.76 million.