Islamabad: For the fourth 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 Rs900 per tola and Rs771 per 10 grams to settle at Rs202,400 and Rs173,525, respectively.
In the last four sessions, the price of the precious metal went up by Rs4,900 on a per tola basis.
Similarly, silver prices in the domestic market rose by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,150 and Rs1,843.27, respectively.
The rise in the price of the precious metal continued as the Pakistani rupee continued to lose ground against the US dollar despite repeated assurances from Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar.
PM Shehbaz Wednesday assured the nation yet again that the threat of Pakistan defaulting on its debts was “now over” and that a staff-level agreement with the International Monetary Fund would happen “soon”.
“It has been 11 months since the coalition government took over and economically, Pakistan has moved past the fear of default but the agreements that were made with the IMF will affect citizens for some time to come,” Shehbaz said.
He accused the previous government of knowingly abandoning the agreements it made with the IMF.
