KARACHI – Gold recorded another dip for second consecutive day in domestic market amid dropping global prices on Wednesday.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price decreased by Rs1,200 to settle at Rs440,662.
Similarly, the price of 10-gram gold fell by Rs1,029 to close at Rs377,796.
The international bullion market also remained bearish with the yellow metal witnessing a decline of $12, taking the new rate to $4,207 per ounce.
Meanwhile, the Pakistan Stock Exchange (PSX) has created another record by surpassing the 170,000 points milestone amid strong buying rally fueled by loan tranche approval by the International Monetary Fund (IMF).
The benchmark KSE-100 index has gained 1,006.12 points to reach fresh high of 170,426.50 points compared to previous close of 169,456.38 points.
The bullish rally comes as the global lender approved the $1.3 billion loan tranche for Pakistan, helping the country to improve its economic outlook.
IMF has approved nearly $1.3 billion for Pakistan in a boost to nation’s foreign reserves. Under $7 billion Extended Fund Facility (EFF) program, Pakistan is set to receive over $1 billion, alongside more than $20 million from the $1.3 billion Rapid Financing Instrument (RFI).
With this latest release, the total IMF support to Pakistan now reaches $3.3 billion, a critical move officials say will stabilize the economy and underpin urgent fiscal reforms.
