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Sunday, November 17, 2024

Home Business Gold ups to Rs97,700 per 10gm due to rupee devaluation

Gold ups to Rs97,700 per 10gm due to rupee devaluation

by News desk
October 19, 2021
in Business

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Islamabad

Gold price inched down in the international market on Monday, as the underlying narrative of sooner than expected US Federal Reserves’ monetary policy normalisation to counter inflationary risks continues to play out.

Gold in the international market was available at $1,764 per ounce after shedding $4.40 at 1230 hours GMT.

Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs97,700 on Monday after gaining Rs500. Gold in the local market was available at Rs97,200 per 10 grams on Saturday.

The increase in price of gold in the local market was due to depreciation of the rupee against the US dollar, which fell by 0.93 percent on Monday.—TLTP