Gold fell and fuel prices moved in opposite directions on Tuesday, in the first revision of September.
Gold
24-karat gold fell Rs1,800 to Rs466,136 a tola, according to the All Pakistan Sarafa Gems and Jewellers Association (Pakistan Observer; Business Recorder; The Nation).
Ten grams of 24-karat gold stand at Rs399,636, down Rs1,543.
Internationally, gold fell $18 to $4,436 an ounce.
Silver moved the other way, rising Rs67 to Rs7,179 a tola.
The fall reconciles exactly against Monday’s rate of Rs467,936, and follows the Rs15,100 single-day collapse on Saturday 29 August.
Fuel
OGRA’s revision effective today raises petrol by 77 paise to Rs342.79 a litre and cuts high-speed diesel by Rs1.03 to Rs370.41 (Business Recorder; Aaj News; ProPakistani).
Both figures reconcile against Monday’s rates of Rs342.02 and Rs371.44.
The two products moving in opposite directions on the same day is a function of the pricing formula, not an error: the levy and exchange-rate components differ between petrol and diesel, and can offset a common movement in the international price. Under the daily mechanism in force since 21 July, this price stands until the next revision, which can come any day.
Stocks
At the Pakistan Stock Exchange the KSE-100 was at 176,978.91 at 12:20pm, up 3.24 points, essentially flat. The market trades until 3:30pm, so this is an intraday level and not a close. Monday’s close was 176,975.67 (Pakistan Stock Exchange).
Currency
The rupee was quoted in the open market at 277.50 buying and 278.65 selling (Pakistan Observer). We are not publishing an interbank close: the interbank session had not closed at the time of writing, and the one figure in circulation could not be corroborated against a second outlet.
