Gold prices in both global and local markets remained stable on Friday, although per tola rates continued to hover at record highs. In the international bullion market, the price of gold per ounce held steady at $3,865 with no change. Similarly, in local bullion markets, the price of gold per tola stayed unchanged at Rs407,778. In line with the global movement, domestic prices followed suit, with gold per 10 grams remaining stable at Rs349,603. Meanwhile, spot gold inched up 0.03% to $3,857.25 per ounce after hitting a record high of $3,896.49 on Thursday. The bullion has gained 2.6% so far this week. Among other precious metals, spot silver climbed 0.6% to $47.24 per ounce, platinum rose 0.5% to $1,576.25, and palladium gained 1.4% to $1,258. 25.
The Pakistan Tehreek-e-Insaf (PTI) party has requested the International Monetary Fund (IMF) to factor in Pakistan's ongoing political instability in any future negotiations regarding an economic bailout package. According to sources within PTI who spoke to Reuters, the party has sent a letter to the IMF outlining its position on the matter. While details of the letter have not yet been publicly disclosed, PTI indicates more information will be shared in due course. The IMF has confirmed receiving no such communication as yet. A Fund spokesperson noted last week that the current priority is completion of the existing $3 billion Stand-By Arrangement agreed upon last summer. However, the IMF stated it stands ready to support Pakistan's incoming government through a new program if requested. This comes after PTI Chairman Imran Khan urged the IMF to conduct an independent audit of Pakistan's disputed February general elections prior to approving additional funds. Khan has qu...