KARACHI: In line with the international market, gold prices dropped in Pakistan on Wednesday and broke a two-day winning streak, ARY News reported.
According to All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) increased by Rs1,600 per tola and Rs1,372 per 10 grams to reach Rs234,400 and Rs200,960, respectively.
Meanwhile, the price of gold in the international market increased by $4 to $1960 against its sale at $1954, the association reported.
On the other hand, the price of per tola silver decreased by Rs50 to Rs.2,800 whereas that of ten-gram silver went down by Rs42.87 to Rs2,400.
The gold prices in Pakistan have been volatile recently amid continued political and economic uncertainty, high inflation, and currency depreciation.
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.
Read More: Gold price in Pakistan registers whopping increase
Earlier, it was reported that Prime Minister (PM) Shehbaz Sharif had sought ‘help’ of IMF’s Managing Director Kristalina Georgieva for completion of the 9th review with Pakistan to revive the stalled loan programme with the international lender.
The premier in contact with the IMF MD reportedly asked for her ‘help’ to revive the loan programme with Islamabad, as the current program is due to end on June 30.
Read More: Ishaq Dar says ‘IMF programme’s 9th review not yet finalised’
PM Shehbaz Sharif ‘assured’ the IMF that budget details will be shared with the IMF, the sources said, and added finance ministry has been asked to ‘prepare’ the FY2023-24 budget with IMF.
Sources said the IMF’s conditions of external finance and exchange rate remain intact.
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