Gold extends losses as rupee rebounds

Gold extends losses as rupee rebounds


Karachi: As the rupee rebounded, gold fell slightly on Friday. Gold is still facing pressure from expectations that the global recovery phase will help the stock market and currencies remain strong.

Compared with Thursday’s price, the price fell by 50 rupees per tora to 126,100 rupees per tora, 43 rupees per 10 grams, to 108,110 rupees per 10 grams.

According to the rates published by the All Sindh Sarafa Association, the price of gold on Thursday (December 6) was 126,150 rupees per torah and 108,153 rupees per 10 grams.

The association determines local prices based on rupee-dollar parity and international exchange rates. According to market practice, local gold prices usually fall as the rupee appreciates against the U.S. dollar and commodity prices in the international market rise.

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