Business & Finance

Gold Prices Dip as Pakistani Rupee Faces Continued Pressure

On the first working day of the week, the Pakistani rupee remained under pressure against the US dollar, declining by 0.34 percent. The rupee settled at Rs285.29, compared to Friday’s rate of Rs284.31 against the US dollar. Earlier, on November 3, the local currency faced further losses against the greenback, settling at 283.43.

In the international market, the price of the precious commodity, gold, decreased by $9, closing at $2003.

Gold prices in Pakistan experienced a slight decline on Monday, following the downward trend in the international market. Data from the All Pakistan Gems and Jewellers Association reveals a decrease of Rs400 per tola, bringing the gold price to a close at Rs214,200. Similarly, the price of 10 grams of gold dropped by Rs343, settling at Rs183,642.

Previously, the Pakistani rupee had rebounded after implementing stringent measures but has been on a continuous decline for the third consecutive week. Last month, the PKR maintained a positive close for 28 successive sessions and was recognized as one of the top-performing currencies. However, the US dollar has since continued to rise due to increasing demand.

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