GOLD PRICES
KARACHI: In accordance with the worldwide trend and in the face of economic uncertainty brought on by a stalled International Monetary Fund (IMF) bailout plan, gold prices in Pakistan reached a new all-time high on Monday at Rs226,900 per tola, according to ARY News.
The price of gold (24 carats) climbed by Rs 1,400 per tola and Rs 1,200 per 10 grammes to reach Rs 226,900 and Rs 194,530, respectively, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
The increase in gold’s price coincided with the yellow metal’s value rising by $5 on the world market to close at $2,022 per ounce.
In the meantime, silver’s cost significantly dropped from its record high set yesterday. The price of silver dropped to Rs2,870 per tola and Rs2,460.56 per 10 grammes, respectively, by a reduction of Rs80 per tola and Rs68.58 per gramme.
Due to financial difficulties and a delay in reaching an agreement with the International Monetary Fund (IMF), which would release much-needed cash essential to avert default risk, Pakistan’s economy is in disarray.
In spite of pledges from friendly nations concerning external funding for Pakistan, earlier in the day it was reported that the International Monetary Fund (IMF) was still lacking trust and requesting Islamabad to “do more” to open the loan package.
Sources claim that Pakistan has been requested to provide an IMF repayment plan for a loan of $3.7 billion in June and that it must also show stronger backing from allies in order to fulfil the pledge.
A plan to swap reserves equal to two months’ worth of income, or between $11 and $12 billion, has apparently been rejected by Government raised Rs. 170 billion in taxes through the mini-budget in an effort to get a staff-level agreement with the IMF before its initial February 9 deadline.
Not on any board meeting agendas until May 17 when the IMF released its calendar of meetings.
If a staff-level agreement cannot be achieved, funding from international financial organisations will not be accessible either. In addition, the budget-making process may be impacted if transactions with the IMF are not completed.
