Gold has gotten duller. In hopes of restarting the International Monetary Fund’s (IMF) stalled bailout, which would also unlock inflows from other sources and stabilise the economy, the rupee appreciated against the dollar on Wednesday. The price of gold (24 carats) decreased by Rs2,000 per tola and Rs1,715 per 10 grammes to settle at Rs198,000 per tola and Rs169,753 per 10 grammes, respectively, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). Gold dropped for the fourth session in a row, dropping a total of Rs10,500 since February 4. If the government is successful in restarting the IMF programme, it will aid Pakistan in attracting investment and boosting its foreign exchange reserves; however, if the economic unrest continues, gold is predicted to become more expensive as Pakistan imports the yellow metal. Investors were, however, purchasing only gold bars, not jewellery, which had not only reduced goldsmiths’ profit margins but the labour force was also at the stake of losing jobs, as jewellery makers were moving towards other professions in absence of work. In the international market, gold extended gains to a third session boosted by a weaker dollar and comments from US Federal Reserve Chair Jerome Powell, while markets awaited more economic data for guidance on future rate hikes. Spot gold rose $11 to $1,880 per ounce. Meanwhile, silver prices in the domestic market decreased Rs60 per tola and Rs51.44 per 10 grams to settle at Rs2,170 and Rs1,86042, respectively.
