Karachi: Gold prices rose in both international and local markets after a four-day break on Saturday, reflecting a notable increase in bullion and silver rates. In the international bullion market, the price of gold per ounce increased by 61 dollars, reaching the level of 5,171 dollars. In the local market, the price of gold per tola also rose by Rs6,100 to reach 539,862. Similarly, the price of 10 grams of gold increased by Rs5,230 to reach Rs462,844. Meanwhile, the price of silver per tola increased by Rs17 to reach Rs8,931. Web Desk
\nThe price of 10 grams of silver also rose by Rs14, reaching Rs7,656.
\nFurthermore, the State Bank of Pakistan (SBP) injected Rs1.91 trillion into the banking system through Open Market Operations (OMO) to ease short-term liquidity pressures in the money market.
\nUnder the conventional OMO, the SBP injected Rs1.53 trillion, accepting the entire amount offered by market participants. Out of the total, Rs163.5 billion was injected for seven days at a rate of 10.54%, while Rs1.364 trillion was provided for 21 days at 10.52%. The realised value of the accepted bids stood at Rs1.48 trillion.
\nIn addition to the conventional operation, the central bank also conducted a Shariah-compliant Mudarabah-based OMO, through which it injected Rs380.05 billion against an offered amount of Rs480 billion. The realised value of the accepted bids stood at Rs379.45 billion.
\nFor the seven-day Shariah-compliant operation, banks offered Rs460 billion, of which the SBP accepted Rs360.05 billion at a rate of 10.55%. The central bank noted that bids worth Rs308 billion were submitted at the rate of 10.55%, out of which Rs208.05 billion were accepted on a pro-rata basis, reflecting strong participation from Islamic banking institutions.
\nMeanwhile, in the 21-day Shariah-compliant OMO, the SBP accepted the full Rs20 billion offered by participants at a rate of 10.55%.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi: Gold prices rose in both international and local markets after a four-day break on Saturday, reflecting a notable increase in bullion and silver rates. In the international bullion market, the price of gold per ounce increased by 61 dollars, reaching the level of 5,171 dollars. In the local market, the price of gold per […]<\/p>\n","protected":false},"author":2,"featured_media":464535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-535413","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n