Islamabad: The price of gold shot up in Pakistan on Friday after five sessions, as the per tola price increased by Rs3,300.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold increased Rs3,300 per tola and Rs2,829 per 10 grams to settle at Rs198,000 and Rs169,753, respectively.
Similarly, silver prices in the domestic market gained Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,160 and Rs1,851, respectively.
The price of the precious metal spiked after the International Monetary Fund (IMF) mission led by Nathan Porter left Islamabad for Washington after the 10-day talks. Although Pakistan and the Fund did not sign the staff-level agreement (SLA), Finance Minster Ishaq Dar said in a press conference on Friday that the talks had ended “positively“.
He said that the IMF had asked Islamabad to implement further taxes to the tune of Rs170 billion.
The IMF also said in a statement that the virtual talks would continue from Monday onwards for the revival of the ninth program, under which the cash-strapped South Asian country would receive $1.18 billion.