Business
Gold hits Rs410,278/tola amid global rally | The Express Tribune
KARACHI:
Gold prices in Pakistan surged to fresh record highs on Wednesday, tracking the global rally driven by a weaker dollar, safe-haven demand, expectations of a US rate cut following softer jobs data and a looming government shutdown.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the local price of gold rose by Rs3,500 per tola to reach Rs410,278, while the 10-gram rate climbed by Rs3,001 to settle at Rs351,747.
On Tuesday, the yellow metal had already posted a sharp rise, with per-tola price touching Rs406,778 after a gain of Rs3,178.
In the international market, spot gold traded within a volatile range as investors weighed uncertainty over the US government’s budget deadlock. Interactive Commodities Director Adnan Agar said gold touched a high of $3,895, a low of $3,853, and was last hovering around $3,864.
“The market has gone so high that it’s now taking a breather,” Agar said, noting that gold’s rally appears exhausted in the short term. “If the US government shutdown continues and jobs data is delayed, safe-haven demand may sustain prices. But if Washington resolves the impasse soon, gold could see a correction, because it needs an economic reason to adjust downwards.”
Spot gold was up 0.2% at $3,864.16 an ounce at 11:20 am ET (1520 GMT) after touching a record peak of $3,895.09, according to Reuters. US gold futures for December delivery gained 0.5% to $3,891.10.
Meanwhile, the Pakistani rupee inched up against the US dollar in the inter-bank market on Wednesday. By the day’s close, the currency stood at 281.31 against the greenback, marking an improvement of one paisa from Tuesday’s close at 281.32.
The dollar weakened against a basket of other leading currencies, making dollar-priced gold more affordable for overseas buyers.
Moreover, the State Bank of Pakistan (SBP) on Wednesday raised a total of Rs2.13 trillion through the auction of Pakistan Investment Bonds – Floating Rate (PFL) and Market Treasury Bills (MTBs).
According to the central bank’s Domestic Markets & Monetary Management Department, the auction of 10-year floating-rate PIBs (semi-annual) attracted bids worth Rs394 billion. Out of these, the SBP accepted Rs244 billion in competitive bids at a cut-off price of 94.5465, along with Rs2.75 billion in non-competitive bids. The total accepted amount stood at Rs246.75 billion.
Separately, the SBP sold MTBs worth Rs1.88 trillion, including both competitive and non-competitive bids, across different maturities. Data breakdown shows that Rs310.2 billion was raised through one-month bills at a cut-off yield of 11.15%, Rs43.5 billion in three-month bills at 11.05%, Rs66.8 billion in six-month bills at 11.05%, and Rs220.9 billion in 12-month bills at 11.19%.
The latest auction results indicate that yields have remained largely stable around the 11% mark, reflecting steady market expectations on the interest rate outlook. The government continues to rely heavily on short-term borrowing while maintaining demand for longer tenor floating-rate PIBs.
Business
Cloud infra deal: Microsoft partners with Anthropic and Nvidia; $45 billion cloud deal to reshape AI infrastructure – The Times of India
Microsoft on Tuesday announced a sweeping cloud infrastructure partnership with artificial intelligence firm Anthropic and chipmaker Nvidia, marking a significant realignment in the technology giant’s AI alliances as it moves further away from exclusive dependence on OpenAI, AP reported.Anthropic, the developer of rival chatbot Claude, said it will commit to purchasing $30 billion worth of computing capacity from Microsoft’s Azure cloud platform under the new agreement. As part of the same partnership, Nvidia will invest up to $10 billion in Anthropic, while Microsoft will invest up to $5 billion in the San Francisco-based company.The joint announcement from Anthropic CEO Dario Amodei, Microsoft CEO Satya Nadella and Nvidia CEO Jensen Huang was made just before the opening of Microsoft’s annual Ignite developer conference.Microsoft had long served as OpenAI’s exclusive cloud provider, but that arrangement began to shift earlier this year. While the two companies continue to collaborate, OpenAI has expanded its cloud strategy by striking major deals with Oracle, SoftBank and other chipmakers and data-centre operators to secure additional computing capacity.The latest move strengthens Microsoft’s position in the rapidly intensifying AI infrastructure race and gives Anthropic access to one of the world’s largest cloud ecosystems as competition with OpenAI accelerates.
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Bolstered by the popularity of Premanand Maharaj and the Banke Bihari Temple Corridor, Varanasi’s land prices have gone from Rs 20,000 per 900 sq ft to Rs 1 crore in just 4 years
Ayodhya land prices increased 50-100% due to Ram Temple construction.
In a striking shift from the traditional focus on metro and tier-1 cities, the real estate landscape is witnessing a new trend as pilgrimage and religious cities are becoming prime destinations for homebuyers and investors. Cities such as Ayodhya, Varanasi, Prayagraj, Vrindavan, and Haridwar are seeing a surge in property demand, with some areas experiencing price jumps of up to 500%.
Experts attribute this boom to a combination of religious tourism, major infrastructure projects, and increased economic activity in these cities. “The construction of the Ram Temple in Ayodhya, the Kashi Corridor in Varanasi, and major festivals like the Maha Kumbh have attracted a growing number of devotees,” said a property analyst. He said that the rise in footfall is directly influencing real estate, with demand for second homes, retirement properties, and serviced apartments at an all-time high.
Vrindavan: Prices Jump 500%
Vrindavan has emerged as one of the most expensive religious real estate markets in the country. The city’s growing prominence, bolstered by the popularity of Saint Premanand Maharaj and the Banke Bihari Temple Corridor, has seen land prices escalate from Rs 20,000 per 100 square yards to over Rs 1 crore in just four years in approved residential projects like Rukmini Vihar. Developers such as Omaxe, Basera, and Amaiya are actively launching high-rise residential and commercial projects, including Omaxe Krishna Crest, Omaxe Eternity, and Omaxe Bettgather Courtyard Mall, catering to the surge in demand.
Ayodhya: Land Prices Soar 50-100%
Ayodhya has witnessed a dramatic rise in property rates since the construction of the Ram Temple started. Land surrounding the temple has seen prices climb by 50-100%, prompting developers to plan theme-based townships and modern residential projects. Local developer Ayodhya Home & Soul Developers is reportedly preparing to launch a significant residential project in the city. Improved infrastructure and government-backed initiatives are further enhancing returns, making Ayodhya a hotspot for investors and homebuyers alike.
Prayagraj: From Industrial Hub to Real Estate Attraction
The Naini area in Prayagraj is rapidly transforming, driven by its emergence as both an industrial and educational hub. Developers, including Omaxe, are establishing large residential projects such as Omaxe Sangam City and Omaxe Ananda, shifting the market from traditional low-rise housing to high-rise developments.
Dehradun: Penthouses and Luxury Apartments in Demand
In Dehradun, Sahastradhara Road and Rajpur Road, along with areas near Tapkeshwar Mahadev and Drone Cave Temples, are witnessing growing real estate interest. Projects like Sikka Kimaya Greens and Excentia Tatva are introducing luxury apartments, high-rises, and penthouses, merging modern amenities with serene surroundings. Excentia Tatva, in particular, is being promoted as the city’s first uber-luxury residential experience.
Varanasi: A Rising Hub for Real Estate Investment
Varanasi continues to attract Shiva devotees and investors alike, with both residential and commercial properties seeing heightened interest. Improved connectivity and growing religious tourism are factors driving the city’s rising property prices.
Why Religious Cities Are Gaining Momentum
Several factors underpin this new trend:
- Religious tourism is seeing record growth, drawing lakhs of devotees annually.
- Enhanced highway, rail, and air connectivity makes these cities more accessible.
- Rising demand for retirement homes and second residences is fueling development.
- Branded developers from Delhi-NCR and other major cities are entering these markets.
- Government support and infrastructure projects are boosting investor confidence.
As spiritual hubs evolve into real estate hotspots, these cities are no longer just centres of faith, they are emerging as strong, high-return investment destinations.
November 18, 2025, 20:04 IST
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New Delhi: The Income Tax Department will notify new income‑tax return (ITR) forms and related rules under the streamlined Income Tax Act, 2025, by January, and the updated regulations be effective from April 1, 2026. The updated regulations will mark the transition from the nearly six-decade old Income Tax Act of 1961, multiple reports cited Central Board of Direct Taxes chairman Ravi Agrawal as saying.
Agrawal said the department is designing the new forms keeping it simple and easy to comply and adapt to. “We are in the process of designing the new forms and rules, and our aim is to notify them by January so that taxpayers have adequate time to adjust their systems and processes,” he was quoted as saying at the inauguration of Taxpayers’ Lounge at the India International Trade Fair (IITF) here.
Analysts said that the current framework of the rules is largely drafted in traditional legal language making it hard to understand and interpret. They said new rules should use simplified language, include illustrations for valuation rules, and align form structure with revamped TDS provisions under the new Income-tax Act 2025.
The Taxpayers’ Lounge offer a wide range of assistance and interactive resources that help with PAN/e‑PAN applications, Aadhaar–PAN linking and resolving PAN-related queries. Further, it will offer support for e‑filing, Form 26AS queries, TDS issues, guidance on international taxation, faceless assessment and appeals, and and other online filing issues.
Agrawal added that the Income Tax Department will release outstanding tax refunds by December. “We have analysed and found that some wrong refunds or deductions were being claimed so there is scrutiny, but we hope to release the remaining refunds by this month or December,” he added.
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