Islamabad: After three consecutive sessions of fall, the price of gold increased by Rs1,100 per tola in Pakistan on Thursday.
According to the data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold went up by Rs1,100 per tola on Thursday to settle at Rs181,100. Similarly, the price of gold on a ten-gram basis also increased by Rs943 to settle at Rs155,264.
However, the price of per tola silver and ten-gram silver remained unchanged at Rs2,070 and Rs1,774.69, respectively.
The abnormal rise in the price of the precious metal declined in the previous three sessions mainly due to the financial assistance pledged to Pakistan by multilateral and bilateral donors at the Geneva climate conference.
Apart from that, Saudi Crown Prince also directed authorities to study augmenting investment in Pakistan to reach $10 billion. Similarly, he also directed to increase deposits in the State Bank of Pakistan to reach $5 billion, which will help ease the pressure on Pakistan’s precious forex reserves.
The UAE also rolled over a $2 billion loan and pledged to provide an additional $1 billion to Pakistan during a meeting between Prime Minister Shehbaz Sharif and UAE President Sheikh Al Nahyan.