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Gold prices edge up in Pakistan on depreciating rupee

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Web Desk
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News Stories Posted by ARY News Digital Team

KARACHI: The gold prices continue to soar in Pakistan as the glittering metal saw another increase of Rs1200 per tola in the local market on Monday.

According to the All-Pakistan Jewellers Manufacturers Association, per tola price of the precious yellow metal increased by Rs650 to Rs147,500.

Similarly, the price of 10 grams jacked up by Rs557 to Rs126,457.

Global rates

In international market, gold prices held above the key $1,700 per ounce level on Monday, as hopes that the Federal Reserve might slow the pace of rate increases after mixed U.S. jobs data helped offset pressure from a robust dollar.

Spot gold was up about 0.1% at $1,712.89 per ounce. U.S. gold futures rose 0.1% to $1,724.10.

Spot silver rose 0.4% to $18.10 per ounce, platinum gained 1.4% to $846.83, while palladium eased 0.1% to $2,021.43.

Rupee depreciates 

The US dollar on Monday continued its upward trend in the exchange market despite Pakistan getting a US$1.16 billion loan tranche from the IMF.

According to the SBP, in the interbank, the dollar closed at Rs219.47 after a hike in value against rupee by Rs0.49.

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