Islamabad: For the third consecutive session, the price of gold ticked up in Pakistan amid the depreciation of the Pakistani rupee.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold increased by Rs2,300 per tola and Rs1,972 per 10 grams to settle at Rs201,500 and Rs172,754, respectively.
In the last three sessions, the price of the precious metal went up by Rs4,000 on a per tola basis.
The sudden jump in prices came after the Pakistani rupee extended losses against the US dollar, depreciating 0.24% in the inter-bank market on Tuesday, settling at 282.29, a decline of Re0.68, according to the State Bank of Pakistan (SBP).
Finance Minister Ishaq Dar last week said that the International Monetary Fund (IMF) was “satisfied” with Pakistan’s actions but the staff-level agreement could not be signed this week.
“We seem to be very close to signing the staff-level agreement hopefully in the next few days,” Dar said in his address during a seminar.
