KARACHI – Gold prices began the new business week with a strong upward trend, recording notable gains in both local and international markets on Monday.
According to the All Pakistan Gems and Jewellers Association, gold prices increased by Rs1,600 per tola, pushing the new rate to Rs443,762. The price of 10 grams also climbed, rising by Rs1,372 to settle at Rs380,454.
In the global bullion market, gold prices strengthened further as the rate of one ounce surged by $16, reaching $4,214. Analysts note that international uncertainty and currency fluctuations continue to influence gold’s upward movement worldwide.
Meanwhile, Pakistan’s economic outlook is also in focus as the International Monetary Fund’s Executive Board meets today to review the country’s Extended Fund Facility (EFF). The decision could unlock nearly $1.2 billion for Pakistan, offering a crucial financial boost.
The IMF Board will assess “Pakistan’s Second Review for the 37-month Extended Arrangement under the Extended Fund Facility (EFF)” along with the First Review of the “28-month Resilience and Sustainability Facility (RSF).” If approved, Islamabad will receive $1 billion under the EFF and an additional $200 million through the RSF.
These inflows would increase Pakistan’s total receipts under the two programs to approximately $3.3 billion. Economic experts suggest that the IMF’s upcoming decision may influence investor sentiment and could impact future gold prices depending on currency movement.
The meeting, scheduled for December 8, is being seen as a positive signal, with IMF officials recently describing Pakistan as a “textbook example of reform and resilience.”
In other news read more about Gold Prices Decline Slightly in Pakistan, Silver Remains Stable
The high-level IMF team, led by Iva Petrova, conducted extensive discussions in Karachi and Islamabad from September 24 to October 8 before concluding a staff-level agreement in Washington, D.C. The Fund confirmed the agreement on October 15, and many now await the Board’s final verdict.
