Business
‘FOMO’ fuels gold rally | The Express Tribune
At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
KARACHI:
Gold prices in Pakistan climbed further on Wednesday, extending their strong upward momentum in line with record gains in the international bullion market, as investors continued to flock to precious metals amid currency weakness, expectations of easier global monetary policy, and heightened geopolitical uncertainty.
In the domestic market, the price of gold per tola rose by Rs2,000 to reach a fresh all-time high of Rs472,862, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This marked another sharp increase following Tuesday’s surge, when gold per tola jumped by Rs8,500 to settle at Rs470,862.
Similarly, the price of 10-gram gold increased by Rs1,714 to stand at Rs405,402. Market participants noted that bullion prices have been hitting successive records over recent sessions, reflecting strong spillover from global markets as well as persistent demand for safe-haven assets at home.
Silver prices also posted gains, with the price per tola rising by Rs500 to Rs7,505. Analysts pointed out that silver has dramatically outperformed gold in percentage terms this year, with prices up more than 140% year-to-date, compared with gold’s gain of over 70%. As a result, the gold-to-silver ratio, a key metric watched by investors, has narrowed sharply to around 64, down from about 105 in April, highlighting silver’s recent outperformance, according to Reuters.
Adnan Agar, Director at Interactive Commodities, said this is the “year of metals,” as all major metals have surged, with gold emerging as the favourite first among banks and later among individuals, driven by fear of missing out (FOMO).
Internationally, gold surged close to the $4,500-per-ounce mark on Tuesday, while silver hovered just below $70, as expectations of looser US monetary policy and simmering geopolitical tensions propelled both metals toward historic highs. Spot gold touched a record intraday high of $4,497.55 per ounce, while silver climbed to a peak of $69.98.
Market analysts say gold’s rally ranks among the strongest advances in the metal’s modern history, with prices scaling unprecedented highs amid a potent mix of macroeconomic and geopolitical drivers. A weaker US dollar, heightened global uncertainty, accommodative monetary policy, and sustained central bank buying have combined to push investors decisively toward traditional stores of value, reinforcing gold’s role as a cornerstone hedge.
One of the most influential factors behind the surge has been the steady weakening of the US dollar. The US Dollar Index (DXY), which measures the greenback against a basket of major currencies, has slipped to around 98 amid softer economic data and growing expectations that US interest rates will continue to trend lower. Because gold is priced in dollars, a softer greenback reduces the cost for international buyers, lifting demand and supporting higher prices. This dynamic has once again underscored the historically inverse relationship between gold and the dollar.
Concerns over fiscal sustainability have further strengthened gold’s appeal. Rising public debt, persistent budget deficits, and questions surrounding long-term economic management in major economies have increased investor unease toward fiat currencies. In response, capital has rotated toward hard assets perceived as offering protection against currency debasement and systemic risk.
Monetary policy expectations have also played a central role. The US Federal Reserve has already delivered multiple interest rate cuts, and markets widely anticipate further easing in 2026 as inflation cools and economic growth moderates. Lower interest rates reduce the opportunity cost of holding non-yielding assets such as gold, making bullion more attractive relative to bonds and other income-generating instruments. Some analysts believe markets are also pricing in a longer-term shift, with central banks potentially tolerating higher inflation, a scenario that would further bolster gold’s long-term investment case.
Geopolitical risks have added urgency to gold buying throughout the year. Conflicts involving major powers, disruptions to energy supplies, trade and tariff uncertainties, and rising tensions along key shipping routes have sustained an environment of elevated risk. During such periods, investors typically prioritise capital preservation, reinforcing gold’s safe-haven status.
Another critical pillar supporting prices has been the continued demand from central banks. Central banks worldwide have added hundreds of tonnes to their gold reserves this year, particularly in emerging markets seeking to diversify away from dollar-denominated assets. Although the pace of buying has moderated from post-pandemic peaks, it remains historically robust.
Silver has mirrored gold’s strength, albeit with greater volatility, benefiting from both safe-haven demand and strong industrial use in renewable energy and technology. While near-term technical indicators suggest bullion markets may be overbought, many investors view any pullbacks as buying opportunities rather than signs of a trend reversal.
Meanwhile, the Pakistani rupee edged up marginally against the US dollar on Wednesday, closing at 280.20 in the inter-bank market compared with 280.21 a day earlier.
Business
Apollo Techno Industries IPO Last Day: Issue Receives 50.63x Subscription; GMP Rises To 9.23%
Last Updated:
Unlisted shares of Apollo Techno Industries are trading at Rs 136 apiece in the grey market, which is 4.6% premium over the issue price of Rs 130, indicating weak listing.
Apollo Techno Industries IPO.
Apollo Techno Industries IPO GMP: The initial public offering (IPO) of Apollo Techno Industries Ltd (ATIL) has been closed today, Friday, December 26. The price band of the Rs 47.96-crore IPO has been fixed in the range of Rs 123 and Rs 130. On the final day of bidding on Friday, the IPO received a total of 50.63x times subscription, garnering bids for 12,42,53,000 shares as against 24,54,000 shares on offer.
Its retail category got a 44.81x subscription, while its non-institutional investor (NII) quota got a 98x subscription. Its qualified institutional buyer (QIB) category has received a 25.26x subscription.
ATIL is a manufacturer specialising in trenchless technology and foundation equipment for the construction industry
Apollo Techno Industries IPO GMP Today
According to market observers, unlisted shares of Apollo Techno Industries Ltd are currently trading at Rs 142 apiece in the grey market, which is a 9.23 per cent premium over the issue price of Rs 130. It indicates a weak listing. Its listing will take place on December 31, Wednesday.
The GMP had stood at 4.62 per cent in the morning.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Apollo Techno Industries IPO: More Details
The Apollo Techno Industries Limited IPO is a book-built issue worth ₹47.96 crore, comprising only a fresh issue of 0.37 crore equity shares. There is no offer-for-sale component in the issue.
The IPO opened for subscription on December 23, 2025, and will close on December 26, 2025. The basis of allotment is expected to be finalised on December 29, 2025, while the shares are scheduled to list on the BSE SME platform on December 31, 2025, subject to approvals.
The price band for the issue has been fixed at Rs 123 to Rs 130 per share. The lot size is 1,000 shares. Retail investors are required to apply for a minimum of 2 lots (2,000 shares), translating into an investment of Rs 2.60 lakh at the upper end of the price band. For HNIs, the minimum application size is 3 lots (3,000 shares), amounting to Rs 3.90 lakh.
Beeline Capital Advisors Pvt Ltd is the book running lead manager to the issue, while MUFG Intime India Pvt Ltd is acting as the registrar. The market-making duties will be handled by Spread X Securities Pvt Ltd.
Apollo Techno Industries reported strong financial growth in FY25. The company’s revenue rose 44 percent, while profit after tax (PAT) surged 327 percent for the year ended March 31, 2025, compared with the previous financial year.
Incorporated in 2016, Apollo Techno Industries operates in the manufacturing and technology space, with a focus on equipment used in the construction and infrastructure sector.
The company specialises in trenchless technology and foundation equipment, catering to complex construction requirements. Its product portfolio includes Horizontal Directional Drilling (HDD) rigs, Diaphragm Drilling Rigs, Rotary Drilling Rigs, along with associated spare parts.
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December 26, 2025, 10:51 IST
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Business
New BIS standard for incense sticks: Govt bans certain substances; flags ‘potential impact on human health’ – The Times of India
NEW DELHI: The government issued a notification announcing a new Indian Standard for incense sticks (agarbatti), laying down quality norms and specifying a list of substances prohibited for use in their manufacture.The standard has been developed by the Bureau of Indian Standards (BIS) to ensure safer products and promote responsible and sustainable practices in the incense stick industry, the minister for consumer affairs said in a statement released on National Consumer Day 2025.The ministry released a list of harmful substances. “This includes certain insecticidal chemicals such as alethrin, permethrin, cypermethrin, deltamethrin, and fipronil, as well as synthetic fragrance intermediates like benzyl cyanide, ethyl acrylate, and diphenylamine. Many of these substances are restricted or banned internationally due to their potential impact on human health, indoor air quality, and ecological safety,” it said.According to the notification, the standard classifies agarbattis into machine-made, hand-made, and traditional masala agarbattis, and prescribes norms for raw materials, burning quality, fragrance performance and chemical parameters. This, the ministry said, will ensure safer products and consistent quality for consumers.Agarbattis are deeply embedded in India’s cultural and religious life and are widely used in homes, places of worship, meditation centres.With rising global demand for incense products growing steadily in India and overseas, the international studies and regulatory developments, “particularly in Europe have raised concerns over the use of certain synthetic chemicals in fragranced products, including incense sticks,” the release stated.Some of these substances have been linked to respiratory irritation, allergic reactions, neurological effects and environmental harm when used repeatedly in indoor environments, it added.The standard has been developed by the Fragrance and Flavour Sectional Committee (PCD 18) of BIS after extensive consultations with stakeholders.India is the world’s largest producer and exporter of agarbattis. The industry is estimated at around Rs 8,000 crore annually, with exports worth nearly Rs 1,200 crore to over 150 countries, including the US, Malaysia, Nigeria, Brazil and Mexico.The sector supports a large network of artisans, micro-entrepreneurs and MSMEs, especially in rural and semi-urban areas, and plays a key role in generating employment, particularly for women.The government said the new standard is “expected to enhance consumer confidence, promote ethical and sustainable manufacturing practices, support traditional artisans, and improve access to global markets. The standard reinforces India’s commitment to protecting its cultural heritage while aligning indigenous industries with modern quality and safety expectations. Products complying with this standard can also carry the BIS Standard Mark, helping consumers make informed choices with confidence.“
A US judge has temporarily blocked the detention of British social media campaigner Imran Ahmed, who took legal action against the US government over having his visa removed.
The Center for Countering Digital Hate founder was among five people denied US visas after the Trump administration accused them of seeking to “coerce” tech platforms into censoring free speech.
The move brought a backlash from European leaders defending the work of organisations monitoring online content.
Mr Ahmed, a US permanent resident, had warned that being detained and possibly deported would tear him away from his American wife and child. Praising the judge’s decision, he told BBC News he would not be “bullied”.
Secretary of State Marco Rubio had said online that the individuals were blocked over concerns that they had organised efforts to pressure US platforms to censor and “punish American viewpoints they oppose“.
Mr Ahmed filed a legal complaint on Wednesday against officials including Rubio and US Attorney General Pamela Bondi over the decision to have him sanctioned.
In court documents seen by the BBC, US District Judge Vernon S Broderick said on Thursday he had granted Mr Ahmed’s request for a temporary restraining order.
The judge also temporarily blocked the officials from detaining Mr Ahmed without the chance for his case to be heard.
The BBC has contacted the state department and White House for comment.
When approached by AFP news agency, a state department spokesperson was quoted as saying: “The Supreme Court and Congress have repeatedly made clear: the United States is under no obligation to allow foreign aliens to come to our country or reside here.”
Mr Ahmed said: “I will not be bullied away from my life’s work of fighting to keep children safe from social media’s harm and stopping antisemitism online.”
His lawyer, Roberta Kaplan, said the speed of the judge’s decision was telling.
“The federal government can’t deport a green card holder like Imran Ahmed, with a wife and young child who are American, simply because it doesn’t like what he has to say,” she said.
In 2023, Mr Ahmed’s centre was sued by Elon Musk’s social media company after it reported on a rise in hate speech on the platform since the billionaire’s takeover of the firm, now called X.
The case was dismissed but an appeal is pending.
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