KARACHI – Gold broke its three-day losing streak in domestic market of Pakistan with strong recovery on Friday.
Data shared by All Pakistan Gems and Jewellers Association showed per tola price surged by Rs3,000 to settle at Rs444,462.
Additionally, the price of 10 grams of gold increased by Rs2,358, bringing the new rate to Rs 381,054.
In the global market, the price of gold also saw a rise, with an increase of $30, reaching $4,221 per ounce.
A day earlier, gold recorded losses amid dropping global prices on Thursday.
The rate of 24-karat gold fell by Rs1,700 per tola to reach Rs441,462 while the price of per 10 grams also dropped by Rs1,457, bringing the new rate to Rs378,482.
The association reported that the 22-karat gold price fell by Rs1,336 per 10 grams, lowering the rate to Rs346,954.
Meanwhile, as Pakistan neared deadline to repay crucial $3 billion deposit, Saudi Arabia extended deposit for another year, allowing State Bank of Pakistan to retain funds first provided in 2021. The move prevents pressure on Pakistan’s foreign reserves and offers much-needed relief to its fragile economy, showing continued Saudi support during challenging times.
In dramatic boost to Pakistan’s struggling economy, Kingdom once again stepped in as a financial rescuer, extending its massive $3 billion deposit with the State Bank of Pakistan for another full year.
This crucial deposit comes from Saudi Development Fund and has been cornerstone of Pakistan’s foreign exchange reserves since 2021. With economic pressures mounting and repayment deadlines looming, extension arrives like lifeline at the eleventh hour.
