Karachi: Gold prices raced ahead to once again cross 0.2 million mark with rupee remaining stuck in reverse gear amid economic frets from dried-up foreign reserves and beleaguered loan deal with lender of last resort.

Data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that price of gold (24 carats) increased by Rs 2,300 per tola and Rs 1,972 per 10 grams to settle at Rs 201,500 and Rs 172,754. Cumulatively, yellow metal had shed Rs 1,300 per tola during last week and it had only registered gains twice as movement of Pakistani currency remains volatile. International gold prices slipped from more than five-week high, but held just above key $ 1,900 level as expectations grew that US Federal Reserve would dial back its rate hikes after collapse of two big regional banks.

Published in The Daily National Courier, March, 15 2023

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