Gold price in Pakistan – 06 March 2023

Gold price in Pakistan

Islamabad: The price of gold in Pakistan ended the week on a low note as the per tola price fell by nearly 1% on Saturday.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) plunged by Rs1,600 per tola and Rs1,372 per 10 grams to settle at Rs200,000 and Rs171,468, respectively.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,140 per tola and Rs1,834.70 per 10 grams, respectively.

The fall in the price of the precious metal followed the announcement of the federal minister for finance, who, in a tweet, confirmed that cash-strapped Pakistan had received $500 million from the Industrial Commercial Bank of China (ICBC).

Cash-strapped Pakistan receives $500 million from Chinese bank

The rollover of the $1.5 billion facility by the Chinese bank will help increase the forex reserves of Pakistan, which rose to a four-week high towards the end of last month, as reported by the State Bank of Pakistan.

While the price of yellow metal fell over Rs6,000 in the last two trading sessions, it cumulatively gained Rs5,900, or 3.03% per tola, during the week ended March 4.

The precious commodity scaled to an all-time high of 210,500 per tola on January 30, 2023; however, the gold price started receding after the rupee recovered on hopes of revival of the $6.5 billion International Monetary Fund (IMF) bailout programme.