Gold prices on the rise in Pakistan

Gold rates

Islamabad, November 27, 2023 :  The price of 24 karat gold per tola rose by Rs.1,100, reaching Rs.217,600 on Monday, as opposed to its previous sale at Rs.216,500 on the last trading day.

The cost of 10 grams of 24 karat gold rose by Rs 943 to Rs 186,557 from Rs 185,614. Simultaneously, the price of 10 grams of 22 karat gold increased to Rs 170,010 from Rs 170,146, as reported by the All Sindh Sarafa Jewellers Association.

Per tola gold prices increased by Rs 70, reaching Rs 2,620, while the price of ten grams of silver rose by Rs 60 to Rs 2,246.21.

Internationally, the price of gold increased by $8 to $2,030 from $2,022, according to the Association.

The Pakistani rupee rebounded against the US dollar in intraday trading on Monday. Forex dealers reported a recovery of Rs 0.37, with the PKR being traded at Rs 285 in the interbank market around 10:00 am.

Banks are selling the USD to importers at Rs 285.50. In the open market, the local currency was trading at Rs 286.50, according to forex dealers.

Reports indicate that the IMF executive board is expected to approve the staff-level agreement with Pakistan on December 7. The meeting of the IMF executive board is scheduled for that date, where Pakistan’s case will be considered.

Sources suggest that upon approval from the IMF’s Executive Board, approximately US$700 million will be made available to Pakistan, bringing the total disbursements under the program to nearly US$1.9 billion.

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