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Delayed IMF deal, depreciating rupee push gold price to Rs219,500 per tola

News Desk

Apr 29

As the economic crisis in Pakistan persists and the International Monetary Fund (IMF) programme remains in limbo, the price of gold has surged to new heights. The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reports that the rate of gold (24 carats) has increased by Rs800 per tola and Rs686 per 10 grams, reaching a settlement of Rs219,500 and Rs188,186, respectively. Similarly, the international market witnessed a $6 increase in the price of gold, bringing it to $1,990 per ounce.

This steady uptrend in gold prices can be attributed to the weakening of economic fundamentals, the depreciation of the rupee, and the record-high inflation rates. During times of economic uncertainty, individuals often turn to precious metals like gold to protect themselves against inflation and currency depreciation.

The delay in the IMF agreement has further exacerbated the economic crisis, leading to a negative impact on the currency market and increased demand for gold. Without a much-needed economic bailout, the country risks defaulting, adding to the already tense economic situation.

While the price of silver remains stable at Rs2,600 per tola and Rs2,229.08 per 10 grams, the rise in gold prices highlights the growing economic concerns in Pakistan.

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