Gold rates in Pakistan experienced a sharp rise on Wednesday while the USDcontinued its surge against the PKR.
According to details, the price for 24kt gold on Wednesday experienced asharp rise by 1400 rupees to Rs1,35,800. The price for 10 gram Gold in thecountry increased by Rs1201 to settle at Rs1,16,426.
The price of the precious metal dropped in the international market. Theprice for one ounce of 24kt gold dropped by $14 to sell at $1852.
Meanwhile, the US dollar continued its surge against the Pakistan Rupee onWednesday.
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According to data provided by the State Bank of Pakistan (SBP), the PKRfurther depreciated by 0.72% against the USD. After a depreciation ofRs1.36, the local currency is settled at Rs190.02 against the greenback inthe interbank market.
According to experts, the surging dollar has shattered the confidence ofthe rupee-based economy and its stakeholders.
