Gold rates hike further in Pakistan

ISLAMABAD: The per tola price of 24 karat gold increased by Rs.800 and was sold at Rs 218,400 on Tuesday compared to its sale at Rs 217,600 on the last trading day, ARY News reported.

The price of 10 grams of 24 karat gold also increased by Rs 686 to Rs 187,243 from Rs186,557 whereas the price of 10 grams 22 karat gold went up to Rs 171,640 from Rs 171,010, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten-gram silver remained unchanged at Rs.2,620 and Rs.2,246.21 respectively.

The price of gold in the international market increased by $3 to $2,033 from $2,030, the Association reported.

Read more: PKR extends gains against USD in interbank

Earlier, Pakistani rupee (PKR) gained 12 paisa against US dollar in the interbank, SBP said.

According to the State Bank of Pakistan, the local unit (PKR) appreciated by Rs0.12 to close at Rs285.52 in the interbank.

In the open market, the greenback was being traded at Rs287 against the rupee. The rupee closed at 285.48 against the US dollar the other day.

Meanwhile, the Pakistan Stock Exchange (PSX) continued its bullish trend to break another record by crossing 60,000 points for the first time in its history on Tuesday.

The market gained 611 points to reach 60,423 points at 10:00 in the morning on Tuesday. The market recovered to the 53,000-point mark in early November after a gap of six years, till then its highest level in history.

It is pertinent to mention here that reports said IMF executive board is likely to approve the staff-level agreement with Pakistan on December 07.

The IMF executive board meeting will likely be held on December 7 and is expected to consider Pakistan’s case in the meeting.

Sources said that after the approval from IMF’s Executive Board around US$700 million will be available to Pakistan, bringing total disbursements under the program to almost US$1.9 billion.