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Gold hits record Rs506,362 per tola

KARACHI: A whopping jump of $127 per ounce in the international market to $4,840 per ounce pushed the domestic gold (24 karat) rate to Rs506,362 per tola on Wednesday, the highest in the country’s history, after an increase of Rs12,700 per tola from Tuesday’s price.The record-high rate has added to the burden on gold jewellery buyers during the ongoing peak wedding season, while investors appear upbeat over the sharp rally triggered by geopolitical tensions, ongoing tariff wars and US President Donald Trump’s efforts to control Greenland.According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), based on interbank exchange rates, the domestic 10-gram gold rate rose to Rs434,123, up by Rs10,888 from Tuesday.On Jan 1, the 10-gram and one-tola gold rates stood at Rs234,568 and Rs273,600, respectively, based on the global gold rate of $2,624 per ounce. To date, prices of 10-gram and one-tola gold have surged by Rs199,555 and Rs232,762, respectively, while the international price has climbed by $2,216 per ounce.Gold currently leads in terms of returns among select asset classes, with stocks in second place.It has been observed that local gold prices have shown wide disparities in the past between the official rates announced by the association and open market rates prevailing at jewellery shops. However, on Wednesday, jewellers were offering gold at Rs503,000-505,500 per tola, lower than the association’s rate of Rs506,362.“The price difference between the association and market rates depends on demand and supply,” APSGJA President Qasim Shikarpuri said, adding that investors were currently driving the gold market rather than jewellery buyers.“Investors all over the world and in Pakistan are selling dollars to buy gold,” he said, adding that central banks in various countries were also making large purchases of the yellow metal.He said there was no shortage of gold in the market despite heavy investor interest, claiming that the per-tola gold rate in Pakistan was selling under cost by Rs25,000 compared to rates in Dubai.SilverIn contrast, investors are also active in purchasing silver, which is currently in short supply due to high demand and is available at a hefty premium.The one-tola silver (24 karat) rate rose to Rs9,933, up by Rs64 per ounce, while the 10-gram rate climbed to Rs8,515, up by Rs54 per ounce, in line with a slight increase in the world silver price to $94.58 per ounce, up by $0.64.“Silver is available at Rs14,500 instead of Rs9,933 per tola due to huge demand coupled with its shortage in the market, not only in Pakistan but also in Dubai,” Mr Shikarpuri said, adding that speculation was underway in the silver market.Meanwhile, All Karachi Jewellers and Manufacturers Association President Mohammad Haseen Qureishi recalled that silver was not available at Rs15,000 per tola on Tuesday, while on Wednesday its price was hovering between Rs13,500 and Rs14,000, depending on availability.Published in Dawn, January 22nd, 2026

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Simulating Pots with LTSpice
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Simulating Pots with LTSpice

One of the good things about simulating circuits is that you can easily change component values trivially. In the real world, you might use a potentiometer or a pot to ...read more

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Trump looks to Congress to cap credit card rates at 10%
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Trump looks to Congress to cap credit card rates at 10%

President Donald Trump said he would ask Congress to implement his proposal to cap credit card interest rates at 10% for one year, a policy that’s drawn pushback from some of the biggest banks and card issuers.

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Will benefit Indian trade and other sectors: Lulu Mall founder on signing of CEPA at WEF 2026
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Will benefit Indian trade and other sectors: Lulu Mall founder on signing of CEPA at WEF 2026

Davos (Switzerland), January 22 (ANI): Founder of Lulu Mall, Yusuf Ali, stated that all Indian products can now enter duty-free and vice versa, owing to the signing of the Comprehensive Economic Partnership Agreement (CEPA) at the 56th Annual Meeting of the World Economic Forum (WEF) in Davos. Speaking to ANI at the Business Summit, Ali said that the agreement will create effective trading opportunities for Indi

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US dollar buoyed by Trump’s Greenland about-face; Aussie jumps after jobs data
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US dollar buoyed by Trump’s Greenland about-face; Aussie jumps after jobs data

TOKYO: The US dollar held on to overnight gains against major peers on Thursday after President Donald Trump withdrew a threat to impose tariffs on a number of European NATO nations, trumpeting the framework of a deal with NATO over control of Greenland.That put the safe-harbour Swiss franc on the back foot, retreating sharply from a three-week high, while gold sank from an all-time peak.The Reuters Inside Track newsletter is your essential guide to the biggest events in global sport. Sign up here.The Australian dollar was buoyed to a 15-month high both by improvement in risk sentiment and by data showing an unexpected decline in the jobless rate.The yen remained under pressure, hovering close to a record low versus the euro, after Japanese Prime Minister this week called a snap election and pledged measures to loosen fiscal policy.The U.S. dollar held steady at $1.1685 per euro on Thursday, following a 0.3% rebound in the prior session. It was flat at 0.7953 Swiss franc after leaping 0.7% overnight.Trump’s threat to levy tariffs on allied nations opposed to his ambition to control Greenland spooked markets and triggered a broad selloff of U.S. assets, but his comment in Davos on Wednesday that he had ruled out military action offered relief.Trump vowed on Saturday to impose tariffs from February 1 on European Union members Denmark, Sweden, France, Germany, the Netherlands and Finland, along with Britain and Norway, until they abandoned their opposition to the U.S. gaining control of Greenland - a comment that major EU states decried as blackmail.The U.S. president said he has reached a framework for a deal with NATO over Greenland but did not offer any details in a post to his Truth Social platform about what that would entail. As a result, though, he said he would not impose tariffs.“Traders have been quick to react to some punchy reversals in markets, cutting back on recently entered bearish risk positioning and long volatility hedges, part covering USD shorts, and running a more balanced exposure in gold and silver,” Chris Weston, head of research at Pepperstone, wrote in a client note.“Between Trump’s speech in Davos and his posts on social media, the market has largely removed the tail risk of a U.S. confrontation with its NATO partners.”The risk-sensitive Aussie rose 0.4% to $0.6791, a level not seen since October 2024. It also hit the highest since July 2024 at 107.52 yen .Australian data for December showed a drop in the jobless rate to a seven-month low amid a surge in employment that was more than double what economists predicted.That could prove crucial in determining the Reserve Bank of Australia’s course of action when it decides policy on February 3, analysts said.“Today’s red-hot jobs report has dramatically increased the chances of an RBA rate hike,” IG analyst Tony Sycamore said in a note.“While monthly labour force data can be volatile and subject to noise, the December report aligns with the RBA’s assessment that labour market conditions remain tight.”The yen was steady against most major peers in Asian trading on Thursday, but at 184.83 a euro , it did not stray far from the record low of 185.56 touched last week.The Japanese currency changed hands at 158.31 a U.S. dollar , near last week’s 18-month trough of 159.45.

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Polymarket: Senator Eichorn Child Solicitation Odds: Bettors Lean 65% Guilty
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Polymarket: Senator Eichorn Child Solicitation Odds: Bettors Lean 65% Guilty

The political world is abuzz as bettors on Polymarket are weighing in on whether Senator Eichorn is guilty of soliciting a child. The question is drawing significant attention, with a trading volume of $16,516 and current odds indicating a 65% chance of guilt. This Polymarket bet comes amidst a high-profile investigation surrounding Senator Eichorn, who [...]

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