Gold prices unchanged

KARACHI: Gold rates in the local market remained unchanged on Thursday.

According to data released by the All Sindh Saraf Jewelers Association (ASSJA), gold rates in the local market stood same at Rs124,300 per tola.

Similarly, 10-gram gold price also stood unchanged at Rs106,567. In the international market, however, gold rates decreased by $7 to $1,783 per ounce.

Silver rates remained unchanged at Rs1,460 per tola. The price of 10-gram silver also stood same at Rs1,251.71.

LCCI seeks cut in interest rate

By our correspondent

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) on Thursday urged the State Bank of Pakistan (SBP) to bring down interest rate by at least 250 to 300 basis points to give a jumpstart to economic activities and to revive the industrial sector.

LCCI president Mian Nauman Kabir said the policy rate of 8.75 percent prevailing in Pakistan is considerably higher than other economies in the region (India 4 percent, Bangladesh 4.75 percent, China 3.85 percent and Sri Lanka 5 percent).

LCCI’s senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq said the interest rate influences cost of production. The senior leadership said access to finance, which is imperative for growth of any industry, is already expensive in the country as compared to other economies in the region. Any further hike in the policy rate would be tantamount to putting the economic growth at risk, they feared.

It is worth mentioning that the credit availability to private sector in Pakistan is currently only 17% of the GDP (Gross Domestic Product).

Read More: Gold prices unchanged

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