Gold prices up Rs2,000 per tola

KARACHI: Gold prices increased by Rs2,000 per tola on Saturday in the local market following an increase in the international market.

The All Sindh Saraf Jewellers Association stated that gold rates reached Rs246,400 per tola.

Similarly, the price of 10-gram gold rose by Rs1,740 to Rs211,247.

Gold rates increased by $24 to $2,388 per ounce in the international market.

Silver rates increased by Rs50 to Rs2,900 per tola. Similarly, 10-gram silver rates also rose by Rs42.87 to Rs2,486.28.

Prices in the local market are adjusted by a premium of $20 against rates in the international market.

Local jewellers said that looking at the weak purchasing power in the country, gold rates were undervalued by Rs3,500 per tola, compared with the international market.