Islamabad: As the Pakistani rupee continues to recover against the US dollar, gold loses traction too, as the per tola price in Pakistan dropped on Friday.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold declined by Rs2,800 per tola and Rs2,400 per 10 grams to settle at Rs193,200 and Rs165,638, 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 Rs17,000 amid hopes for the revival of the long-stalled talks between Pakistan and the International Monetary Fund (IMF).
Pakistan has caved into most of the demands put forth by the global lender for a successful staff-level agreement. The government has, in this regard, passed a “mini-budget” of Rs170 billion, imposing new taxes on essential and luxury items.
The Shehbaz-led government has also increased the standard general sales tax (GST) to 18%, previously 17%, on all items. At the same time, the GST on luxury items has also been increased to 25%.
