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CategoriesNews Economy Investment

Gold, Silver Prices Plunge After Record Rally, Wiping Out $3.4 Trillion in Value

Global gold and silver markets experienced a sharp reversal after a historic price rally earlier this week, erasing roughly $3.4 trillion in market value as investors rushed to take profits and reduce exposure to volatile assets.

Precious metals had surged to unprecedented levels in recent sessions, with gold approaching around $5,600 per ounce and silver crossing above $120 per ounce, benchmarks rarely seen outside exceptional market conditions. However, a broad sell-off in major equities, particularly in U.S. technology and artificial intelligence sectors, dampened risk sentiment and triggered significant declines in commodity trading.

Gold prices fell sharply from their record peak, retreating by nearly $500 per ounce in recent trading. Silver also surrendered gains, sliding after reaching new highs that had drawn speculative interest from investors seeking safe-haven assets amid global uncertainty.

Analysts note that the steep drop highlights how rapidly prices can adjust after an intense surge driven by speculative inflows. Bullion markets, which saw unprecedented turnover and record trading volumes in the weeks leading up to the retreat, reacted sensitively to shifts in broader financial markets as traders recalibrated positions and exited volatile holdings.

Despite the recent pullback, longer-term factors such as geopolitical tensions, inflationary pressures, and ongoing central bank purchases continue to lend structural support to gold and silver. Still, the swift reversal serves as a reminder that even traditionally defensive assets can experience dramatic price swings when market sentiment shifts.

Investors are watching closely to see whether the latest correction signals a temporary pullback or the beginning of a wider recalibration in precious metals markets.

CategoriesNews Architecture Developments Tourism

Punjab-Backed WCLA Project to Transform Old Anarkali

LAHORE: The Punjab government has directed the Walled City of Lahore Authority to begin a large-scale heritage restoration project in Old Anarkali. The initiative reflects a renewed focus on protecting Lahore’s historic identity. Officials describe it as one of the most significant conservation efforts in the area in recent years.

The project is estimated to cost Rs 1.097 billion. Work is expected to continue through December 2027. The restoration covers the historic stretch between Jain Temple and Lohari Gate, an area known for its architectural and cultural value.

The plan includes street resurfacing and improved pedestrian pathways. Modern underground electrical wiring will replace overhead cables. Street lighting will also be upgraded to improve safety and visual appeal. Authorities will introduce uniform shop signage to create a more organized streetscape. Directional signs will be installed to help visitors navigate the area.

Landscaping is another key component. Both hard and soft landscape features will be added to enhance the environment without disturbing the historic character. Selected building facades will undergo careful conservation to retain their original appearance.

A key part of the initiative focuses on the restoration of 71 building façades in both Old and New Anarkali, including 29 structures located within Old Anarkali. Prominent sites such as the Old Anarkali Food Street, Nashaman Building, and Bakhshi Market are also included in the conservation plans, highlighting the project’s emphasis on preserving well-known commercial and cultural landmarks.

Officials say the goal is to balance heritage preservation with modern urban needs. The project also aims to support tourism and local businesses. By improving infrastructure and restoring visual harmony, the government hopes to revive the historic charm of Old Anarkali.

The initiative forms part of broader provincial efforts to conserve heritage zones across Lahore while promoting sustainable urban development.

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CategoriesNews Construction Developments Urban Developments & Planning

KP Approves Comprehensive Revitalisation Blueprint for Peshawar

PESHAWAR: The Khyber Pakhtunkhwa government has granted initial approval to a wide-ranging urban revitalisation plan aimed at reshaping Peshawar into a more modern, livable, and well-connected city. The decision was made during a high-level review meeting chaired by the provincial chief minister, who directed departments to prioritise projects that are both technically sound and practically achievable.

The proposed plan spans multiple sectors and will be executed through coordinated efforts of key provincial departments and development authorities. A major focus will be on upgrading dozens of important city roads to improve traffic flow and accessibility. Authorities also intend to install underground electricity cabling along selected corridors to enhance safety and urban aesthetics.

To ease congestion, several underpasses are proposed at high-traffic intersections, alongside a new link road connecting the Hayatabad Industrial Estate with major surrounding routes. Urban beautification and recreation also form a central component of the initiative, with plans for theme parks, a modern children’s park, and new public landmarks designed to enhance community spaces.

Heritage preservation is included through proposed conservation work in the historic Walled City, while technical studies are being planned to guide improvements in public transportation. Infrastructure upgrades will extend to water supply, sanitation, irrigation channels, street lighting, and waste management systems. New municipal facilities, including slaughterhouses and sewerage treatment infrastructure, are also part of the blueprint.

The chief minister emphasised the timely completion of feasibility studies and planning documentation to prevent delays and ensure that development delivers visible improvements to residents. The revitalisation program is expected to significantly enhance Peshawar’s infrastructure, environmental conditions, and overall quality of urban life.

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CategoriesNews Construction Economy Investment

Pakistan, Russia Push Ahead with Steel Mills Revival Roadmap

ISLAMABAD: Pakistan and Russia have agreed on a target year of 2027 to begin reconstruction and expansion work on the long-inactive Pakistan Steel Mills (PSM). This timeline was outlined during a review session, where officials shared plans to move the stalled revival project toward implementation. 

The next major milestone for the project will be the signing of a formal Engineering, Procurement and Construction (EPC) contract with the Russian side, after which physical work on the mill’s rehabilitation is expected to commence. An EPC agreement is being drafted to ensure the project’s financial viability and readiness for execution.

Progress toward the revival has been ongoing since late 2025, when Pakistan and Russia formalised cooperation through a protocol aimed at rehabilitating and modernising the steel complex. As part of preparatory efforts, a Russian engineering firm conducted a technical audit of the mill and evaluated its assets, which are currently estimated to have a book value of roughly Rs. 139 million.

During discussions, lawmakers also raised legacy issues related to past disputes, including disagreements over gas supply contracts with a former operating partner. The session also addressed the status of shareholdings at the mill: the majority stakeholder has divested most of his equity, while a remaining small share cannot be transferred without regulatory approval. Government authorities retain the right to seize these shares if contractual obligations remain unmet.

The agreed 2027 timeline reflects renewed cooperation between Pakistan and Russia to restart operations at Pakistan Steel Mills, which remains one of the country’s largest industrial assets and a key component of its heavy industry sector.

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CategoriesNews Construction Developments Urban Developments & Planning

CDA Initiates Construction of New Underpass on Park Road, Islamabad

ISLAMABAD: The Capital Development Authority (CDA) has begun work on a new underpass at Margalla Enclave along Park Road in Islamabad, marking another step in its ongoing efforts to improve urban traffic infrastructure. The project is designed to ease congestion on one of the city’s busiest routes and enhance overall traffic movement for daily commuters.

To facilitate construction, the Islamabad Traffic Police (ITP) has implemented a comprehensive traffic diversion plan. Vehicles travelling from Rawal Dam Chowk toward Tramri will be redirected via NIH Road and Mohra Noor before rejoining Park Road beyond the construction zone. For traffic heading from Tramri toward Rawal Dam Chowk, a diversion has been established near Chai Khana, routing vehicles through the CDA Nursery area and back onto Park Road via temporary feeder roads.

Commuters are advised to use alternative routes such as Lehtrar Road, Khanna Pul, and the Islamabad Expressway where possible to avoid delays. Authorities have warned that the construction work is expected to cause significant traffic pressure, particularly during peak hours, and have recommended allowing an additional 20–30 minutes for travel.

Traffic police personnel will be stationed throughout the affected areas to assist motorists and manage orderly flow. Real-time updates and guidance are being provided to help drivers navigate the altered traffic patterns.

The new underpass project is part of the CDA’s broader strategy to modernise Islamabad’s road network and improve urban mobility. Once completed, it is expected to reduce congestion, shorten travel times, and support the city’s growing transportation needs, contributing to smoother and more efficient commuting for residents and visitors alike.

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CategoriesNews Developments Transport Urban Developments & Planning

Pakistan–Kazakhstan $7bn Rail MoU Expected in Feb

ISLAMABAD: Pakistan and Kazakhstan have moved a step closer toward launching a major regional railway connectivity initiative, following a high-level consultation held at the Ministry of Railways in Islamabad between Federal Minister for Railways Muhammad Hanif Abbasi and Kazakhstan’s Ambassador to Pakistan, Yerzhan Kistafin.

The meeting focused on strengthening bilateral cooperation in the railway sector and advancing Pakistan’s broader regional connectivity agenda. Both sides discussed strategic projects aimed at linking Pakistan with Central Asia through rail corridors, emphasizing the potential economic impact and long-term trade benefits for the region.

Officials stated that the proposed Pakistan–Kazakhstan Rail Connectivity Project has been identified as a strategically significant initiative under the Prime Minister’s Regional Connectivity Vision. Minister Abbasi described the project as a historic development for Pakistan’s railway sector, noting that it could open new avenues for trade expansion and strengthen regional linkages through enhanced transport integration.

Meanwhile, momentum for the agreement is expected to accelerate in the coming weeks, as Kazakhstan’s President Kassym-Jomart Kemeluly Tokayev is scheduled to visit Pakistan on February 3, 2026. The visit is expected to culminate in the formal signing of a Memorandum of Understanding, further solidifying railway cooperation between the two countries and advancing regional integration goals.

According to the discussions, a preliminary railway network linking Karachi Port to Kazakhstan has already been prepared. The network is intended to strengthen trade routes and improve Pakistan’s access to Central Asian markets. 

The plan also envisions extending the railway linkage through Chaman, connecting Afghanistan, Turkmenistan and Kazakhstan, which could further consolidate Pakistan’s role as a key transit hub for regional commerce.

The initiative, estimated to cost approximately USD 7 billion, is expected to be completed within three years, placing it among the largest railway connectivity projects currently under consideration in the region. Stakeholders believe the project could enhance freight movement, lower transportation costs and contribute to broader economic development.

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CategoriesNews Economy Investment

Gold Hits Historic High of Rs 506,362 per Tola

KARACHI: In a significant development, the price of 24-karat gold in Pakistan surged to Rs. 506,362 per tola, reaching an all-time high, following a sharp increase in international prices. Gold prices rose by $127 per ounce in global markets, reaching $4,840 per ounce, driven by geopolitical tensions, trade wars, and investment movements.

On Wednesday, the domestic gold price rose by Rs. 12,700 per tola, adding further pressure on buyers, especially during the peak wedding season. Investors, however, are showing optimism, with gold emerging as the leading asset in returns, outpacing stocks. As of January 1, gold prices have surged by Rs. 232,762 per tola, following a $2,216 per ounce rise in the international market.

Meanwhile, silver prices also saw a significant rise. The one-tola silver rate reached Rs. 9,933, up by Rs. 64 per ounce, while the 10-gram silver rate climbed to Rs. 8,515. Due to high demand, silver is now being sold at a premium, ranging between Rs. 13,500–14,000 per tola in local markets.

Despite high demand for both metals, gold remains in abundant supply in Pakistan, with investors leading market trends, while jewellery buyers appear less active. Market rates vary, with jewellery shops offering slightly lower prices than official rates, mainly influenced by demand and supply dynamics.

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Fire Safety Audit
CategoriesDevelopments News Urban Developments & Planning

Punjab CM Orders Fire Safety Audit After Tragic Gul Plaza Blaze in Karachi

LAHORE: In response to the tragic fire that claimed 26 lives at Karachi’s Gul Plaza, Punjab Chief Minister Maryam Nawaz Sharif has directed a province-wide audit of fire safety systems in both public and private buildings. The audit is part of a broader initiative to ensure public safety and prevent similar disasters.

The Chief Minister expressed her grief over the incident and extended condolences to the victims’ families. She urged the immediate implementation of safety measures, stating that fire safety systems in all buildings must be regularly inspected and upgraded where necessary.

As part of her ongoing efforts to improve infrastructure, CM Maryam Nawaz also announced a series of urban development initiatives. These include fully reconstructing roads after excavation for sewerage and drainage projects and ensuring that pits dug during development work are properly covered and fenced to avoid accidents.

The Chief Minister further emphasized the importance of transparency in ongoing development projects. Under the Punjab Development Plan (PDP), she highlighted that Phase-I projects had saved the government Rs 2.8 billion through effective transparency measures.

CM Nawaz also outlined plans for major sewerage, drainage, and water storage projects across various districts, including Sargodha, Dera Ghazi Khan, and Gujrat, as well as for developing green spaces and utility corridors in urban areas.

Punjab Emergency Services Minister Khawaja Salman Rafique also called for the complete enforcement of the Building Safety Regulations 2022, following a survey of 2,214 high-rise buildings in the province. He revealed plans to extend firefighting services to 39 additional tehsils, with an investment of Rs 2 billion. Rescue 1122 has already responded to over 280,000 fire emergencies, saving an estimated Rs 768 billion in potential damages.

These measures reflect the Punjab government’s commitment to improving public safety and urban infrastructure across the province.

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CategoriesNews Construction Developments Urban Developments & Planning

Rawalpindi Ring Road Project & Transport Terminals Relocation: A Comprehensive Development Plan

In a major move to alleviate traffic congestion and improve infrastructure, the Rawalpindi Development Authority (RDA) is making significant progress on the Rawalpindi Ring Road Project and the relocation of 44 key transport terminals. The dual initiatives are set to reshape the city’s traffic management, boost regional connectivity, and transform Rawalpindi’s transport landscape.

Rawalpindi Ring Road: Progress and Impacts

construction site of ring road Rawalpindi

The Rawalpindi Ring Road, a crucial part of the city’s transportation overhaul, is a 38.3-kilometre, six-lane highway designed to connect key zones in Rawalpindi and Islamabad. The project aims to reduce congestion and improve access to regional economic zones.

  • Current Progress: As of the latest reports, the project is 70% complete, with structural work, road surfacing, embankments, and drainage systems progressing steadily. Key sections, including the Banth to Thallian Interchange, are already under construction.
  • Revised Timeline: The Rawalpindi Ring Road, initially slated for completion by December 2025, now has a new deadline of March 2026. The project’s total cost has been revised upwards to Rs. 50 billion due to the redesigning of the Thallian Interchange, a critical junction connecting the Ring Road to the M-2 Motorway.
  • Expected Benefits: The Ring Road will significantly ease traffic congestion in Rawalpindi, improve access to major highways, and facilitate smoother connectivity to Islamabad. Once completed, it will reduce traffic volume on city roads, benefiting both commercial and commuter traffic.
  • Project Management: The construction is being carried out by Frontier Works Organisation (FWO) under the oversight of the Rawalpindi Development Authority (RDA).

Relocation of Transport Terminals: Strategic Planning for Traffic Management

Pirwadhai Bus Stand

In line with the vision to streamline Rawalpindi’s transport system, the Punjab government has approved the relocation of major transport terminals to areas near the Rawalpindi Ring Road. This move aims to reduce traffic congestion within the city, particularly from heavy transport vehicles.

  • Pirwadhai Bus Stand: The prominent Pirwadhai General Bus Stand, along with other terminals, will be shifted to a more centralised location along the Ring Road. This relocation will accommodate inter-district buses and intra-city transport, improving traffic management and passenger operations.
  • New Terminal Locations: Other transport terminals, including those at Faizabad and Chungi No. 26, will also be closed, with all long-distance and goods transport hubs moved to strategic locations along the Ring Road.
  • Key Routes:
    • Transport coming from Peshawar will now operate from a new terminal near Islamabad Airport.
    • Vehicles from Azad Kashmir via Murree will stop at Bharakahu, while those coming from other districts will enter through Rawat.
  • Traffic and Fare Adjustments: The relocation will impact local travel. Fares for intra-city buses will range from Rs. 20 to Rs. 50, while passengers travelling to the newly relocated terminals may experience changes in travel time.
  • Policy Changes: To complement the relocation, the Punjab government will enforce a ban on heavy transport vehicles entering the city’s core. Any violating vehicles will face impoundment. Public transport buses and wagons will ferry passengers from the Ring Road terminals into the city centre, offering seamless connectivity.

Long-Term Impact: Urban Mobility and Economic Growth

ring road aerial view

Both the Rawalpindi Ring Road Project and the relocation of transport terminals are part of a comprehensive urban development strategy. By reducing congestion and improving connectivity, these initiatives are expected to enhance the city’s overall mobility, improve air quality, and stimulate local economic growth.

  • Environmental and Aesthetic Benefits: The Ring Road project incorporates green initiatives, including the creation of green belts, better drainage systems, and improved traffic safety measures. These will contribute to a cleaner, more sustainable urban environment.
  • Public Response: While many residents welcome the plan for its long-term traffic management benefits, some have expressed concerns about longer travel distances and the costs of relocating terminals. However, the shift is being framed as a necessary step to manage Rawalpindi’s increasing population and transport demands.

A Vision for a Modern Rawalpindi

With Rs. 50 billion invested in the Rawalpindi Ring Road Project and additional resources allocated for terminal relocations, the city is witnessing one of its most significant infrastructural transformations. 

The development of this vital infrastructure will not only ease traffic congestion but will also position Rawalpindi as a model for modern urban mobility in Pakistan.

As the project progresses towards its 2026 completion, Rawalpindi’s residents and visitors can look forward to enhanced connectivity, reduced travel times, and a cleaner, more efficient transport system.

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CategoriesNews Construction Urban Developments & Planning

RDA Launches Major Beautification Project along Grand Trunk Road

RAWALPINDI: The Rawalpindi Development Authority (RDA) has officially launched a significant beautification project along the Grand Trunk Road, covering the stretch from Defence Housing Authority (DHA) Phase-I to Phase-II, as well as the area in front of Bahria Town. The project, which aims to transform this key corridor into an aesthetically pleasing and environmentally friendly route, has commenced under the directives of RDA Director General Kinza Murtaza.

The beautification efforts will include extensive plantation, the creation of green belts, and various aesthetic enhancements, such as painting and the installation of decorative pools. These improvements are designed to not only elevate the visual appeal of the area but also to contribute to environmental sustainability.

Director General Kinza Murtaza emphasised that the project aligns with the vision of Chief Minister Maryam Nawaz Sharif for Rawalpindi, focusing on a blend of beauty, functionality, and long-term sustainability in urban development. To ensure the project’s success, Murtaza has directed all relevant directorates to complete the work within the specified timeframe, uphold strict quality standards, and establish ongoing monitoring and maintenance protocols.

The beautification of the Grand Trunk Road is expected to significantly enhance the city’s aesthetic and environmental landscape, making it a more attractive route for both residents and visitors. The project is also aimed at contributing to Rawalpindi’s overall development strategy, improving the quality of life for its residents.

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