Islamabad: The price of gold in Pakistan broke its multi-session losing streak on Thursday and went up by Rs400 per tola.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs400 per tola and Rs343 per 10 grams to settle at Rs197,700 and Rs169,496, respectively.
The reversal came after amid the delay in striking the staff-level agreement with the International Monetary Fund (IMF). The government has been engaged with the global lender for over a month, giving in to the major demands put forward by the Fund.
Finance Minister Ishaq Dar Thursday showed “commitment” to completing the program that will help ease the cash inflow problems of the country.
He said that the current government was trying its best to put the economy back on track and complete the IMF programme at any cost. He said that the country was “very close” to signing a staff-level agreement with the IMF, which would offer a critical lifeline for taming a balance-of-payments crisis.
Pakistan committed to completing IMF programme, vows Dar
An agreement would release $1.1 billion, which is part of a $6.5bn bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations.
