What happened to discovered gold in Chiniot? Shocking revelations by senior journalist

12:45 PM | 11 Jan, 2018
What happened to discovered gold in Chiniot? Shocking revelations by senior journalist
ISLAMABAD - Around two years ago a discovery of huge gold, silver and iron ore deposits in Chiniot, area of central Punjab, made headlines, but it remains a mystery even today despite the fact that Pakistan drenched in debts.

The remarks were given by senior journalist Arshad Sharif during his program on a private news channel while talking about the facts in the case.

During the program, Sharif played a video clip of 2015 showing former prime minister Nawaz Sharif stating that major reserves of iron ore as well as copper, silver and gold were discovered in Chiniot that could end the country’s “begging bowl” culture.

Senator Saleem Mandviwala, who was in the program as s guest, said that the total debt of Pakistan is about 21.5 trillion US dollars.

The journalist also played another clip showing Chief Minister Shehbaz Sharif stating, "discovery of gold is a blessing of Allah Almighty".

He said that Dr Samar Mubarkiman, a scientist who was assigned the task of processing the Chiniot project also confirmed the presence of gold and silver deposits.

He added that there is no clue for two years regarding the discovered mineral resources, however, a large cache of unrelated gold is being smuggled from Pakistan.

According to an audit report made by Auditor General of Pakistan, an attempt to smuggle foreign currency and gold worth Rs93 million was made in May 2015 at the Lahore airport.

He said that ARY reported the involvement of Mohammad Tofeeq, aka Toffee Butt, in the smuggling case. It added that prime suspect Abdul Basit during interrogation revealed Toffee Butt had given foreign currency and gold to him for smuggling. It said that Butt is considered a close aide of Nawaz Sharif.

Arshad Sharif said that the person who presented one thousand pound cake to Nawaz Sharif on his birthday was, according to Dunya News, Toffee Butt.

According to audit report, Toffee Butt has six concessions at the Lahore airport, besides observing that Civil Aviation Authority (CAA) did not take any action against Butt, who used CAA shops for unlawful activities.

The report further revealed that the CAA informed concerned authorities that the matter fell outside of its jurisdiction.

Mandviwala in reply to a question said that such crimes by Toffee Butt could not be done with the assistance of then prime minister Nawaz Sharif.


Pakistani rupee recovers against US dollar, Euro, Pound, Dirham and Riyal; check forex rates

Pakistani rupee continues recovering losses against US dollar and other currencies amid positive economic cues.

Dollar Rate in Pakistan Today

On Tuesday, the US dollar moved down and was being quoted at 283.6 for buying and 286.65 for selling.

Euro slides down to 309 for buying and 312 for selling. British Pound rate inches up to 360 for buying, and 363.5 for selling.

UAE Dirham AED dropped to 77.50 whereas the Saudi Riyal rate stands at 75.90.

Today's currency exchange rates in Pakistan - 5 December 2023

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar USD 283.6 286.65
Euro EUR 309 312
UK Pound Sterling GBP 360 363.5
U.A.E Dirham AED 77.5 78.2
Saudi Riyal SAR 75.9 76.7
Australian Dollar AUD 187.72 188.22
Bahrain Dinar BHD 757.72 765.72
Canadian Dollar CAD 209 211
China Yuan CNY 39.93 40.33
Danish Krone DKK 41.59 41.99
Hong Kong Dollar HKD 36.46 36.81
Indian Rupee INR 3.42 3.53
Japanese Yen JPY 1.49 1.56
Kuwaiti Dinar KWD 922.11 931.11
Malaysian Ringgit MYR 60.97 61.57
New Zealand Dollar NZD 175.89 177.89
Norwegians Krone NOK 26.68 26.98
Omani Riyal OMR 740.01 748.01
Qatari Riyal QAR 78.27 78.97
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.45 27.75
Swiss Franc CHF 327.65 330.15
Thai Bhat THB 8.16 8.31

Gold Rates in Pakistan - Check today gold price - 5 December 2023

The gold remained under pressure in Pakistan amid a huge drop in price of the precious metal despite in the international market.

Gold Rates in Pakistan Today - 5 December 2023

On Tuesday, the price of a single tola of 24-karat gold stands at Rs218,500 and 10 grams of 24k gold costs Rs187,330. 

Single tola of 24 karat is Rs218,500, 22 Karat Gold costs Rs200,290, rate of 21 karat gold stands at Rs191,190 whereas 18k gold rate is Rs163,875.00 for each tola.

In the global market, gold saw huge drop in price, coming down to $2037 per ounce after drop of $81.79.

Today Gold Rate in Pakistan

City Gold Silver
Lahore PKR 218,500 PKR 2,720
Karachi PKR 218,500 PKR 2,720
Islamabad PKR 218,500 PKR 2,720
Peshawar PKR 218,500 PKR 2,720
Quetta PKR 218,500 PKR 2,720
Sialkot PKR 218,500 PKR 2,720
Attock PKR 218,500 PKR 2,720
Gujranwala PKR 218,500 PKR 2,720
Jehlum PKR 218,500 PKR 2,720
Multan PKR 218,500 PKR 2,720
Bahawalpur PKR 218,500 PKR 2,720
Gujrat PKR 218,500 PKR 2,720
Nawabshah PKR 218,500 PKR 2,720
Chakwal PKR 218,500 PKR 2,720
Hyderabad PKR 218,500 PKR 2,720
Nowshehra PKR 218,500 PKR 2,720
Sargodha PKR 218,500 PKR 2,720
Faisalabad PKR 218,500 PKR 2,720
Mirpur PKR 218,500 PKR 2,720


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