Gold likely to move sideways after 2.04pc gain on weekly basis

Gold rate in Pakistan
Staff Reporter 

After closing the last week on a positive trajectory, gold price is likely to move sideways in the week starting today (Monday).

Gold price gained 2.04 percent on a weekly basis and surged to its highest level since early August to close at 1,817.80 per ounce last week due to heavy selling pressure surrounding the US dollar.

Meanwhile, the price of gold surged by 3.50 percent in Pakistan during the week, mainly due to depreciation of rupee against the US dollar. The local currency depreciated by 0.88 percent against the US dollar during the week.

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