Gold price in Pakistan hits all-time high

KARACHI: Gold prices in Pakistan continued their record-breaking spree on Wednesday as one-tola rates hit an all-time high of 222,7000 after gaining Rs1,700, ARY News reported.

According to the All Sindh Sarafa Jewellers Association (ASSJA), the rate of gold (24 carats) jumped by Rs1,700 per tola and Rs1,457 per 10 grams to reach Rs222,700 and Rs190,929, respectively.

Pakistani rupee’s depreciation against the US dollar coupled with an increase of $25 per ounce to $2,015 in the international market were the main reasons behind the skyrocketing value of the yellow metal.

Another reason for the increased gold demand is the delay in an agreement with the International Monetary Fund (IMF).

Moreover, the association stated that the price of silver rose by Rs20 per tola and Rs17.15 per 10 grams to settle at Rs2,750 and Rs2,357.68, respectively.

Read More: Gold prices in Pakistan near record high

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.

On April 21, it was reported that the International Monetary Fund (IMF) asked Pakistan to ‘do more’ to unlock stalled loan programme despite the assurances from Saudi Arabia and the United Arab Emirates about external funds.

The meeting of Finance Secretary Hamid Yakoob in the US remained ‘unfruitful’ with the International Monetary Fund as the international lender has given the plan to arrange $1 billion from commercial banks to unlock the loan program.

The staff-level agreement was supposed to be signed on February 9 but had been delayed after then over IMF’s demands.