Gold Prices Increase by Rs. 3100 per Tola, Petroleum Prices Likely to Rise Further

Karachi: The price of gold has witnessed a continuous rise for the third consecutive day across the country. According to media reports, the price of gold per tola increased by Rs. 3100, reaching Rs. 280,500 per tola. On the international front, the price of gold per ounce rose by $31, bringing the price of an ounce of gold to $2,693.
Additionally, the price of silver also saw an increase of Rs. 50 per tola, bringing its price to Rs. 3,450 per tola.
In another development, there are expectations of a further increase in petroleum product prices from December 16. The international market has seen a rise in the prices of both American crude oil and British Brent crude. In the past ten days, the price of American crude oil has increased by 63 cents, with its price currently trading at $68.05 per barrel. Similarly, the price of British Brent crude rose by 73 cents, and it is now trading at $71.85 per barrel. The Oil and Gas Regulatory Authority (OGRA) is expected to make a final decision on the price adjustments based on the summary sent to the government, with changes likely to be implemented on December 15.
In other news, the government has decided to impose a complete ban on bringing commercial quantities of goods from abroad. However, individuals will be allowed to bring a single mobile phone for personal use. The Federal Board of Revenue (FBR) has issued a notification regarding amendments to the Baggage Rules 2006. According to the new amendments, any goods valued over $1,200 will be considered commercial goods.
Under the revised baggage scheme, only one mobile phone per individual will be allowed, and any additional phones will be confiscated. Items beyond the allowed personal use will not be cleared, even after payment of duties, taxes, or fines. The FBR has announced that recommendations regarding the changes in the baggage scheme must be submitted within seven days, after which no further suggestions will be accepted.