Gold continues to shine

KARACHI: Gold prices in the local market increased by Rs6,500 per tola on Saturday to a fresh all-time high in the country, following a record depreciation of the rupee.

According to All Sindh Saraf Jewellers Association, gold rates surged to Rs209,000 per tola in the local market.

Similarly, 10-gram gold price also increased by Rs5,574 to Rs179,184.

In the international market, however, gold rates decreased by $2 to $1,928 per ounce.

Silver rates also jumped by Rs100 to an all-time high price of Rs2,300 per tola. The price of 10-gram silver also rose by Rs85.74 to Rs1,971.88.

Devaluation of the local currency and shrinking foreign exchange reserves of the country have pushed investors to turn to the precious metal. However, there has been demand of raw gold bars only, and jewellery makers have not been able to make the most of high prices.

Gold prices in the local market remained higher by Rs5,000 per tola as compared with the rates in Dubai’s gold market.