Gold price in Pakistan registers whopping increase

KARACHI: The gold price in Pakistan registered a whopping increase on Saturday in line with a rally in the international market, ARY News reported.

According to All Sindh Sarafa Jewellers Association, the per tola price of 24 karat gold increased by Rs2700 and was sold at Rs235,300 on Saturday against its sale at Rs232,600 the previous day.

The price of 10 grams of 24 karat gold also increased by Rs2,315 to Rs201,732 from Rs199,417, whereas the price of 10 grams 22 karat gold went up to Rs184,920 from Rs182,800.

The price of gold in the international market increased by $13 to $1977 against its sale at $1964, the association reported.

Meanwhile, the price of per tola silver and that of ten-gram silver remained unchanged to close at Rs 2850 and Rs 2443.41 respectively.

Pakistan’s economy is in turmoil amid financial woes and the delay in an agreement with the International Monetary Fund (IMF) that would release much-needed funding crucial to avoid the risk of default.

Earlier, it was reported that the International Monetary Fund (IMF) still showing a lack of confidence and asking Islamabad to ‘do more’ to unlock loan programme despite the assurances from friendly countries about external funds to Pakistan.

According to sources, Pakistan has been asked to present a repayment plan for a $3.7 billion loan to the IMF in June as well as need to demonstrate stronger support from friendly nations in order to meet the commitment.

However, the IMF has reportedly not agreed to a proposal to exchange reserves equal to two months’ revenues, which would be valued between $11 to $12 billion.

Sources within Ministry of Finance revealed that the government has imposed Rs. 170 billion in taxes through the mini-budget in a bid to secure a staff-level agreement with the IMF, which was originally scheduled for February 9.