Islamabad: The three-day recovery of the Pakistani rupee against gold ended on Thursday, with the per tola price going up by Rs3,500.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold increased by Rs3,800 per tola and Rs3,258 per 10 grams to settle at Rs196,000 and Rs168,038, respectively.
Meanwhile, silver prices in the domestic market remained unchanged at Rs2,100 per tola and Rs1,800.41 per 10 grams, respectively.
Since last week, the price of the precious has dropped significantly by nearly Rs14,200 amid hopes for the revival of the long-stalled talks between Pakistan and the International Monetary Fund (IMF).
Pakistan caved into most of the demands put forth by the global lender for a successful staff-level agreement. The government in this regard passed a “mini-budget” of Rs170 billion, imposing new taxes on essential and luxury items.
The Shehbaz-led government increased the standard general sales tax (GST) to 18%, previously 17%, on all items. At the same time, the GST on luxury items was increased to 25%.
