Islamabad: Amid the strengthening Pakistani rupee, the prices of gold decreased in Pakistan on Thursday for the fifth consecutive session.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold decreased Rs3,300 per tola and Rs2,829 per 10 grams to settle at Rs194,700 per tola and Rs166,924 per 10 grams, respectively.
In the last five sessions, gold lost almost Rs13,800 per tola.
As the discussion between Pakistan and the International Monetary Fund (IMF) had entered into its final phase, with the government conceding every demand put forth by the lender, the precious metal had started to lose its shine.
Deadlock persists between Pakistan, IMF over ninth review
However, the staff-level agreement between the two sides could not be reached at the end of the discussions, and the IMF team left Pakistan without the revival of the ninth program.
IMF welcomes PM Shehbaz’s commitment to implement policies needed to safeguard macroeconomic stability
Similarly, silver prices in the domestic market also decreased Rs40 per tola and Rs34.29 per 10 grams to settle at Rs2,130 and Rs1,826.13, respectively.