Business
Global rally pushes gold to record Rs376,700 | The Express Tribune
KARACHI:
Gold prices in Pakistan surged to yet another record on Wednesday, mirroring the yellow metal’s rally in the international market, where softer US jobs data bolstered expectations of a Federal Reserve interest rate cut later this month.
Heightened global uncertainties also kept safe-haven demand strong, further fueling the uptrend. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola rose Rs6,000 to settle at a historic high of Rs376,700. Meanwhile, the price of 10 grams climbed Rs5,144 to Rs322,959, also an all-time high.
A day earlier, domestic gold prices had remained stable, with the per-tola rate unchanged at Rs370,700.
On the global front, gold extended its record-breaking rally as investors bet on a potential rate cut by the US Fed amid soft employment data, while persistent geopolitical and economic risks sustained demand for the precious metal.
Interactive Commodities Director Adnan Agar noted that while gold continued to gain momentum, its rally appeared “very overextended.” He highlighted that gold touched the high of $3,567 and was trading around $3,564, after hitting the low of $3,526.
“There are chances that it will make a correction after going near $3,580 or $3,600, and then it may fall back into the $3,460-3,500 range,” he said. “The upcoming US data, including key releases on Thursday and Friday, will be critical for determining the next direction for gold.” Market analysts believe that while the long-term outlook remains bullish due to global macroeconomic headwinds and investor flight to safety, short-term corrections cannot be ruled out, particularly if the upcoming US data springs a surprise and tempers rate cut expectations.
Spot gold was up 0.9% to $3,562.80 per ounce by 10:46 am EDT (1446 GMT), after hitting a record high of $3,565.57. The World Gold Council, in collaboration with law firm Linklaters and consultancy firm Hilltop Walk Consulting, has announced a new framework to modernise the global gold market, according to Reuters.
The proposal introduces a new structure called Pooled Gold Interests, which allows investors to own a share of physical gold stored in vaults, including in small, fractional amounts. The system is designed to make gold easier to trade and use, including as collateral in financial markets, and allow easy and secure transfer of gold interests between parties.
Meanwhile, the Pakistani rupee extended its upward trend against the US dollar, inching up 0.01% in the inter-bank market. By the day’s close, the currency stood at 281.71 per dollar, marking an improvement of one paisa. This also reflected the rupee’s 19th straight session of gains.
Since August 6, 2025, the local currency has appreciated a cumulative 96 paisa against the greenback. A day earlier, it had closed at 281.72.
Furthermore, the State Bank of Pakistan (SBP) raised Rs551.97 billion on Wednesday through auctions of government securities, including Rs36.74 billion via Pakistan Investment Bonds – Floating Rate (10-year) and Rs515.23 billion through Market Treasury Bills (three, six, and 12 months).
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.
Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra.
According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.
Expected Powertrain
The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.
Design
In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction.
Size
The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.
Price
Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.
Jetour
Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.
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