The price of gold in Pakistan retreated on Thursday after consecutive gains earlier in the week.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went down by Rs, 2,500 per tola to Rs. 214,500 while the price of 10 grams went down by Rs. 2,142 to Rs. 183,900.
In the previous three trading sessions during the week, gold gained over Rs. 8,500 pushing the price of gold (24 carats) to a record high of Rs. 217,000 per tola.
The Pakistani rupee also reversed losses against the US dollar today and closed at 284.42, after gaining Rs. 3.43. The rupee strengthened on the back of news that the International Monetary Fund (IMF) has received a commitment from Saudi Arabia regarding funding for Pakistan. Although Pakistan still needs to secure more external financing but the assurance from Saudi Arabia has once again rekindled hopes that a staff-level agreement with the IMF is now close.
The price of gold also eased slightly in the international market with spot gold falling 0.1 percent to $2,018.99 per ounce by 1041 GMT.
Editorial & Legal Practice Group
Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
Advocates High Court & Tax Counsel
Jurisdiction: Pakistan