Islamabad: After losing more than nearly Rs10,000 per tola in the first five sessions of last week, the price of gold ended the week on a high note in Pakistan on Saturday.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold increased by Rs2,800 per tola and Rs2,400 per 10 grams to settle at Rs196,000 and Rs168,038, respectively.
Similarly, silver prices in the domestic market also rose by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,130 per tola and Rs1,826.13 per 10 grams, respectively.
The precious gold in the last two weeks 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 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%.
