The gold price in Pakistan continued to decline on the second consecutive day during the ongoing week, decreasing by Rs5100 per tola on Tuesday.
According to the All Pakistan Jewellers Manufacturers Association, the per tola price of gold decreased by Rs5100 to Rs140,500 while the price of 10 grams reduced by Rs372 to Rs120,456.
The gold prices declined following the appreciation of the rupee against the US dollar after the International Monetary Fund (IMF) approved the revival of Pakistan’s bailout programme.
Rupee recovers
The Pakistani rupee jumped by Rs1.80 against the US dollar in the interbank market after the International Monetary Fund (IMF) revived the much-awaited bailout programme.
According to the data shared by the State Bank of Pakistan (SBP), the Pakistani rupee closed at Rs220.12 after gaining Rs1.80 against the US dollar, up 0.82 percent.
The rupee’s recovery comes after the International Monetary Fund (IMF) approved the seventh and eighth reviews of Pakistan’s Extended Fund Facility Programme (EFF).
The Fund in a press release announced that the executive board completed the combined seventh and eighth reviews of the “extended arrangement” under the Extended Fund Facility (EFF) for Pakistan.
“The board’s decision allows for an immediate disbursement of SDR 894 million (about $1.1 billion), bringing total purchases for budget support under the arrangement to about US$3.9 billion,” the statement read.
Read more: IMF APPROVES REVIVAL OF PAKISTAN’S EFF PROGRAMME
