Islamabad: The price of gold in Pakistan plunged by Rs3,700 per tola on Wednesday as the recovery of the Pakistani rupee continues against the precious metal.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold decreased by Rs3,700 per tola and Rs3,173 per 10 grams to settle at Rs192,200 and Rs164,780, respectively.
Since last week, the price of the precious has dropped significantly by nearly Rs18,000 amid hopes for the revival of the long-stalled talks between Pakistan and the International Monetary Fund (IMF).
Similarly, the price of one tola silver also declined by Rs30 to Rs2,100, whereas that of ten-gram silver went down by Rs25.72 to Rs1,800.41.
On Wednesday, the Pakistani government increased the GST to 18%, previously 17%, raised the prices of petrol and diesel, and increased FED on cigarettes. The government also presented a “mini-budget” in the parliament to unlock the bailout program.
