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FIA declares Karachi Metropolitan Corporation documents relating to cotton exchange building ‘forged’

  KARACHI: The  stand-off  over the historical Karachi Cotton Exchange building has escalated further as the Federal Investigation Agency (FIA) not only rejected the mayor’s statement, in which he described the FIA’s action as “unlawful”, but has gone a step further, accusing the Karachi Metropolitan Corporation (KMC) of relying on “fake” and “forged” documents to assert ownership of the building. Mayor Barrister Murtaza Wahab a day earlier had  challenged  the FIA and the Evacuee Trust Property Board (ETPB) and declared their recent sealing of the heritage Karachi Cotton Exchange building on I.I. Chundrigar Road “unlawful”. He also claimed that the building is “municipal land” owned by the KMC. However, in an immediate reaction, the FIA came up with a sharp and strong reply, further deepening the controversy. The FIA rejected the mayor’s claim that the action was “unilateral”, “hasty” and “unlawful”, insisting that it was acting in aid of the ETPB under the Sup...
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Gold prices surge as international rate hits $4,092 per ounce

 


In the international bullion market, gold price rises by $79 per ounce to $4,092. Gold prices increased today in both global and local markets.

Due to the global increase, the local price of gold per tola also rose by Rs7,900, reaching Rs431,562.

Additionally, the price per 10 grams of gold increased by Rs6,773 to Rs369,994.

Tuesday, gold prices fell even as the international market saw a rebound from a one-week low, supported by softer US employment data and expectations of a Federal Reserve rate cut in December.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs7,000 to settle at Rs423,662. Similarly, the rate for 10-gram gold decreased by Rs6,002, closing at Rs363,221.

The decline comes a day after domestic bullion rates remained stable, with the per-tola price standing at Rs430,662.

In the international market, gold recovered after touching a one-week low, trading between $3,997 and $4,080. Adnan Agar, Director at Interactive Commodities, said global prices showed a mild correction following two days of upward movement.

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