Gold prices hit an all-time high in Pakistan, is this the time to invest?

Gold prices in Pakistani markets have reached an all-time high in the last 24 hours, as international rates regained some of last week’s strong momentum when the US Dollar fell in global markets.

Gold is being sold for Rs. 171125 per 10 grams, and the price of Gold reached Rs. 199600 per tola in Pakistan today.

Despite the price spike in local markets, gold fell from a 9-month high on Tuesday due to a modest decline in US bond yields, although the market was bolstered by prospects of slower interest rate hikes.

At 21:40 PM, spot gold was up 0.2 percent to $1,934.82 per ounce, having touched a high of $1,934.82 earlier in the day. In the United States, gold futures settled 0.4 percent higher at $1,935.4.

Consequently, the dollar index lost 0.2 percent versus its peers, making greenback-priced gold more affordable for many investors, while expectations of another interest rate hike by the US Federal Reserve added to the commodity’s appeal.

Although gold is viewed as a hedge against economic indicators such as currency and inflation, increasing interest rates tend to reduce the appeal of zero-yielding bullion. In any event, the rare metal is still a worthwhile investment.

Pakistan’s foreign exchange reserves have decreased to $4.3 billion, the lowest level since February 2014, according to the country’s central bank, following the repayment of some of Pakistan’s external debt.

The State Bank of Pakistan (SBP) published the data on Thursday, adding that commercial banks have $5.8 billion, for a total of approximately $10.1 billion.

The IMF disbursed a $1.17 billion tranche in August of last year, but the next batch of funds has been stalled since Pakistan has yet to agree to the lender’s several criteria, such as raising energy costs and extending the tax base.

Last year, Pakistan was also hit by disastrous floods, which killed over 1,700 people, affected 33 million people, and cost the country more than $30 billion. Pakistan hosted an international donors’ summit with the United Nations earlier this week in Geneva when the world community promised more than $10 billion over the next three years.

Experts, on the other hand, have painted a bleak picture, arguing that the government should shift its focus from finding short-term fixes to more long-term reforms. According to Sakib Sherani, an economist based in Islamabad, Pakistan faces more than $20 billion in debt payback obligations over the next two years.

“In 2017, our yearly debt repayment was close to $7 billion. Over $20 billion is expected this year and next. We can’t help but borrow more, and while it may be a short- to a medium-term solution, it’s simply unsustainable,” Sherani explained in an interview.

He stated that Pakistan’s debt obligations should be restructured and that the government should develop a clearer plan for its economic strategy.

The Earth’s ozone layer is on its road to recovery, thanks to decades of work to eliminate ozone-damaging compounds, according to a group of worldwide experts supported by the United Nations.

The ozone layer performs a crucial role for all living organisms on Earth. This stratospheric shield protects humans and the environment from the sun’s dangerous UV radiation.

In May 1985, scientists detected a hole in the ozone layer, which frightened the international community. Scientists had previously discovered that compounds like chlorofluorocarbons, which are utilized in the production of aerosol sprays as well as solvents and refrigerants, might deplete ozone.

Two years following the discovery of the ozone layer’s deplorable status, international agencies adopted the Montreal Protocol. This mandated the elimination of nearly 100 synthetic compounds linked to the deterioration of the critical ozone layer.

The last assessment of the Montreal Protocol’s success indicated that approximately 99% of banned ozone-depleting chemicals have been phased out.

If current practices are maintained, the ozone layer is likely to rebound to 1980 levels by 2040, according to the United Nations. It may take longer in some areas. Experts predict that Antarctica will rebound to 1980 levels by 2066, while the Arctic will recover by 2045.

Over 30,000 young people came on Saturday to Pak Stadium in Karachi to take a police recruitment test for 1167 positions in Islamabad’s police force.

While stadiums are usually packed for sporting events, musical concerts, or political meetings, it was a different story on the last day of 2022, when youngsters gathered at the Pakistani national stadium to compete for jobs.

According to Al Jazeera, more than 31% of Pakistan’s youth are unemployed, with 51% being girls and 16% being males.

Sharing a video on Twitter, Al Jazeera said, “It’s not football that’s filled this stadium in Pakistan but the hope of finding a job. More than 30,000 people turned up to take a written test for Islamabad’s police force, where there are only 1,167 positions available.”

According to a viral video sourced by Al Jazeera, a video emerged on social media space showing thousands of aspirants seated in the stadium, looking to be writing exam papers and hoping for recruitment to the Islamabad Police.

PIDE also revealed that a shockingly large portion of the working-age population is not even in the labor force. It was stated that these persons are either discouraged workers or have other sources of income to support themselves.

It also stated that despite pronouncements and policy initiatives, the female labor force participation rate (LFPR) remains shockingly low.