Gold experiences sharp rise locally, drops globally

Gold rates in Pakistan experienced a sharp rise on Wednesday while the USD continued its surge against the PKR.

According to details, the price for 24kt gold on Wednesday experienced a sharp rise by 1400 rupees to Rs1,35,800. The price for 10 gram Gold in the country increased by Rs1201 to settle at Rs1,16,426.

The price of the precious metal dropped in the international market. The price for one ounce of 24kt gold dropped by $14 to sell at $1852.

Meanwhile, the US dollar continued its surge against the Pakistan Rupee on Wednesday.

According to data provided by the State Bank of Pakistan (SBP), the PKR further depreciated by 0.72% against the USD. After a depreciation of Rs1.36, the local currency is settled at Rs190.02 against the greenback in the interbank market.

According to experts, the surging dollar has shattered the confidence of the rupee-based economy and its stakeholders.

The gloomy macros will continue to put pressure on the local unit, they said.

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