Gold prices climb to Rs80,500/tola

KARACHI: Gold continued its upwards momentum on Tuesday, and increased by Rs1,300/tola to Rs80,500/tola from Rs79,200 on the previous day.

According to rates announced by All Sindh Saraf and Jewellers Association, price of 10 gram gold moved up by Rs1,115 to Rs69,016 from Rs67,901/10 gram a day ago.

In the international market gold traded at $1,429/ounce, up $21 from $1,408/ounce. Traders said that despite an increase of Rs1,300/tola in the local market in a day, local market was going under cost by Rs2,500/tola. A continuous surge in gold prices in the international market and unstable rupee were the two major reasons behind the surge in prices, they said.