KARACHI – Gold recorded further massive gains in local market of Pakistan on Wednesday as demand for the safe-haven investment has increased globally due to tensions between the US and China.
Data shared by the All Pakistan Gems and Jewellers Association showed per tola gold price increased by Rs5,800 to historic high of Rs440,900, up from Rs 435,100 on previous trading day.
Similarly, the price of 10 grams of gold rose by Rs4,972 to Rs 378,000 from the previous day’s close of Rs373,028.
In the international market, gold prices also surged by $58, reaching $4,198 compared to the prior day’s $4,140.
Likewise, the price of per tola silver increased by Rs 90 to Rs 5,337, while the rate of 10 grams silver surged by Rs77, closing at Rs4,575.
On the other hand, The International Monetary Fund (IMF) and Pakistan have reached a staff-level agreement on the second review under Pakistan’s Extended Fund Facility (EFF) and the first review under the Resilience and Sustainability Facility (RSF).
Upon approval by IMF Executive Board, Pakistan would have access to about US$1.0 billion (SDR 760 million) under the EFF and about US$200 million (SDR 154 million) under the RSF, bringing total disbursements under the two arrangements to about US$3.3 billion, the fund said in a press release on Wednesday.
“The IMF team has reached a staff-level agreement with the Pakistani authorities on the second review of the 37-month Extended Arrangement under the Extended Fund Facility (EFF) and the first review of the 28-month arrangement under the Resilience and Sustainability Facility (RSF),” the press release added.
IMF said, implementation of the EFF-supported program remained strong adding Pakistan committed to sustaining the fiscal effort to strengthen public finances while providing needed support to the victims of the recent floods; ensuring inflation remains durably within the State Bank of Pakistan’s (SBP) target range; restoring the viability of the energy sector; and advancing structural reforms.
