KARACHI: The price of gold hit another all-time high of Rs170,800 after it gained Rs2,000/tola in the Pakistani market on Tuesday, as the dollar continued battering the rupee.

The rupee remained under pressure, as the foreign exchange reserves of the country continue to deplete at a faster pace. The exchange rate witnessed another decline in the opening session of the week after recording consecutive losses during the previous week.

With reduced inflows in the shape of remittances and export receipts, the foreign exchange reserves declined to a level, where it is not enough to cover the import bill of one month.

The foreign exchange reserves held by the State Bank of Pakistan fell $134 million to reach $7.82 billion during the week ended November 18, compared with $7.95 billion on November 11.

According to the central bank, the decrease in the foreign exchange reserves came due to external debt repayments.

The overall liquid foreign exchange reserves held by the country, including the net forex reserves held by commercial banks, stood at $13.64 billion, while the net foreign exchange reserves held by the commercial banks amounted to $5.81 billion.

Spot gold went up to $1,809.13/ounce, while the US gold futures rose to $1,836.10/ounce.
The price of silver also increased to Rs1,970/tola and Rs1,688.95/10 grammes.

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