Islamabad: For the fifth consecutive session, the price of gold ticked up in Pakistan amid fears of an imminent meltdown in case the government fails to secure a bailout program from the International Monetary Fund (IMF).
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold increased by Rs1,100 per tola and Rs943 per 10 grams to settle at Rs203,500 and Rs174,468, respectively.
In the last five sessions, the price of the precious metal went up by Rs6,000 on a per tola basis.
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.
