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July 12, 2019

Gold shoots up to Rs82,000/tola

Business

July 12, 2019

KARACHI: Gold on Thursday shot up to another all-time high in the local market, tracking fresh rupee depreciation, while the precious metal also became pricier in the international trade, dealers said.

Rates provided by Karachi Saraf Association showed gold prices increased Rs1,700/tola to Rs82,000/tola from Rs80,300/tola on Wednesday.

Similarly, price of 10 gram gold jumped Rs1,458 to Rs70,302 from Rs68,844.

In the international market, the price of bullion grew by $24/ounce to $1,420/ounce from $1,396/ounce a day ago.

One jeweller said despite an increase in the prices in the local market, local rates were still below by Rs3,000 per tola as compared to Dubai gold market rates.

Al-Haj Haroon Chand, president All Sindh Saraf and Jewellers Association, said international market rates had increased, impacting the local market as well.

“Gold rates will further increase in the international market, while currency depreciation, if it continued, would further push the market upwards,” Chand said.

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