Price of Gold in Pakistan Soars to Another All-Time High

The price of gold in Pakistan surged to a new all-time high after gaining over Rs. 3,000 per tola on Monday. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went up by Rs, 3,100 per tola to Rs. 217,700 while the price of 10 grams went up by Rs. 2,656 to Rs. 186,643. Today’s increase follows the trend of the previous week during which the price of gold jumped by over Rs. 6,000 per tola. It is pertinent to mention here that the price of gold in Pakistan has more than doubled in less than two years. The Pakistani rupee also lost Rs. 2.44 against the US dollar today and closed at 287.09. The rupee recovered temporarily against the dollar last week after news emerged that Saudi Arabia has confirmed to the International Monetary Fund (IMF) that it will provide Pakistan financing of $2 billion. However, the staff-level agreement with IMF is still a distant dream as Pakistan struggles to get assurance of additional financing from friendly countries. In the international market, gold prices slipped below the $2,000 level with spot gold falling 0.9 percent to $1,990.29 per ounce by 14:22 GMT, while US gold futures slipped about 1 percent to $2,005.30.