Gold expected to stay in consolidation phase this week

Gold rate in Pakistan

After closing another week on a positive trajectory with 0.60 percent gain on a week-on-week basis to reach $1828.60 per ounce against last week closure price of $1,817.80, gold is expected to stay in a consolidation phase with an average target of $1,832 in the week starting today (Monday).

Meanwhile, the price of gold surged by 0.92 percent in Pakistan during the week, mainly due to depreciation of rupee against the US dollar.

The local currency depreciated by 0.78 percent against the US dollar during the week, as the dollar opened at Rs165.62 on Monday last and closed at Rs166.91 on Friday last. The price of 10 grams of yellow metal in Pakistan was Rs97,300 at the opening . —TLTP

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