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Gold maintained its record-breaking spree on Monday as it hit a new all-time high at Rs226,900 per tola (11.66 grams), partially due to a downtick in rupee’s value against the US dollar in inter-bank market.
In another development, the government revised up profit rates for a few national saving schemes up to 100 basis points (bps) to encourage savings by people at a time when inflation was skyrocketing. Gold pricing body All Pakistan Saraf Gems and Jewellers Association (APSGJA) revised up the bullion price by Rs1,400 to the record high at Rs226,900 per tola.
The precious metal’s price rose after the rupee depreciated by 0.09%, or Rs0.26, at Rs283.85 against the US dollar in the inter-bank market. The bullion pricing body takes the exchange rate into account while determining the price of the metal.
An increase in gold price in the global market also encouraged the body to raise the commodity’s price. APSGJA said gold rose by $5 to $2,022 per ounce (31.10 grams) in the international market.
The latest drop in the rupee came after the International Monetary Fund (IMF) said that Pakistan was yet to meet the condition of acquiring financial commitments from friendly countries.
Previously, the IMF recommended the government to ensure financing arrangements of $6-7 billion for the revival of its loan programme. So far, the government has arranged $3 billion only.
A research house reported that the government increased the rate of return on three saving schemes. Of these, the profit on Savings Account was increased by 100 bps to 19.50%.
The government increased the rate by 98 bps to 20.80% for Short-Term Savings Certificates and raised the rate by 27 bps to 17.40% for Special Savings Certificates.
Published in The Express Tribune, May 9th, 2023.
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