Gold rates in Pakistan continued to increase slightly on Wednesday. 24 karat gold per tola (a unit of weight) increased by Rs. 100 to Rs. 229,500 compared to the previous day’s price of Rs. 229,400.
According to the All Sindh Sarafa Jewellers Association, this increase was echoed in the price of 10 grams of 24-karat gold, which rose by Rs. 86 to Rs. 196,760. The price of 22-karat gold also saw a small hike, with 10 grams reaching Rs. 180,363.
Silver prices, however, remained unchanged. Per tola and 10 grams of silver held steady at Rs. 2,580 and Rs. 2,211.93 respectively.
Impact Of Global Gold Market and IMF Agreement On Gold Rates In Pakistan
The rise in Pakistan’s gold price coincides with a slight increase in the global gold market. The international price per ounce rose by $7 to $2,200.
This news comes alongside the positive development of a staff-level agreement between the International Monetary Fund (IMF) and Pakistan. This agreement signifies progress in Pakistan’s economic stabilization program supported by the IMF.
Analysts suggest there could be a few reasons behind the recent uptick in gold prices in Pakistan. Global factors, like the rising price in the international market, certainly play a role. However, some experts believe domestic uncertainties, possibly influenced by ongoing talks with the IMF, could also contribute to the slight increase in gold prices as some people view gold as a safe haven investment during economic flux.