Islamabad: Gold price in Pakistan surged by Rs1,300 per tola on Friday after Prime Minister Shehbaz Sharif admitted that the International Monetary Fund (IMF) was giving a “tough time” to Finance Minister Ishaq Dar and his team.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold increased by Rs1,300 per tola and Rs1,114 per 10 grams to settle at Rs208,500 and Rs178,755, respectively.
The precious commodity has been registering gains for three consecutive sessions amid depleting forex reserves and a weak currency — which will make it costlier as Pakistan meets its gold demand through imports.
Due to foreign debt payments, the State Bank of Pakistan (SBP)-held reserves fell $592 million to $3.08 billion during the week ended on January 27, their lowest since February 2014, and are barely enough to provide import cover for 18.5 days (0.61 months).
Gold is considered to be a safe haven as investors pour in money due to uncertainty and volatility in the market.
Similarly, silver prices in the domestic market also went up increased by Rs50 per tola and Rs42.86 per 10 grams to settle at Rs2,350 and Rs2,014.74, respectively.
