Gold Soars to New Heights as Rupee Stumbles Amid IMF Deal Delay
The APSGJA says the price of 24-carat gold rose by Rs2,300 per tola and Rs1,973 per 10 grams, settling at Rs207,900 and Rs178,241.
KARACHI: (UrduPoint/Pakistan Point News-March 29th, 2023) The gold prices once again went up on Wednesday due to a delay in the International Monetary Fund's (IMF) revival program.
This resulted in a weaker rupee and higher physical demand for gold from bullion consumers.
The APSGJA reported that the price of 24-carat gold rose by Rs2,300 per tola and Rs1,973 per 10 grams, settling at Rs207,900 and Rs178,241.
The IMF has requested that external financing commitments be fulfilled before releasing bailout funds, which has negatively impacted investor sentiment in the Currency market and contributed to increased demand for gold. Additionally, seasonal demand has also contributed to the rise in gold prices. The APSGJA noted that gold in Pakistan is currently Rs9,000 per tola cheaper than the Dubai market.