The All-Pakistan Gems and Jewelers Association claims that the price of gold rose by Rs1,600 per tola, bringing the new rate to Rs443,762. The cost of 10 grams also increased, reaching Rs380,454 after rising by Rs1,372.

Gold prices continued to rise in the global bullion market as the price of an ounce increased by $16 to $4,214. Analysts observe that currency fluctuations and global uncertainty continue to impact gold's global upward trend.

As the Executive Board of the International Monetary Fund convenes today to examine Pakistan's Extended Fund Facility (EFF), the country's economic prospects are also under scrutiny. The choice could give Pakistan access to almost $1.2 billion, which would be a significant financial boost.

In addition to the First Review of the "28-month Resilience and Sustainability Facility (RSF)," the IMF Board will evaluate "Pakistan's Second Review for the 37-month Extended Arrangement under the Extended Fund Facility (EFF)." Islamabad will get $200 million through the RSF and $1 billion under the EFF if it is approved.

Pakistan would receive a total of about $3.3 billion from the two programs as a result of these inflows. According to economic experts, the IMF's impending decision could affect investor sentiment and, depending on currency movement, future gold prices.

Given that IMF officials recently referred to Pakistan as a “textbook example of reform and resilience,” the meeting, which is set for December 8, is being viewed as a positive signal.

Before reaching a staff-level agreement in Washington, D.C., the high-level IMF team, headed by Iva Petrova, held lengthy talks in Karachi and Islamabad from September 24 to October 8. Many are currently awaiting the Board's final decision after the Fund confirmed the agreement on October 15.

What Lies Ahead?

As gold prices continue their upward march and Pakistan anticipates a crucial IMF approval, the coming days could be pivotal for financial markets. Whether the IMF decision brings stability—or adds another layer of economic complexity—remains to be seen. For now, investors, analysts, and citizens alike are watching closely.

Credit: Independent News Pakistan (INP)