Gold reaches new historic high

KARACHI: Gold rates in the local market rose by Rs300 per tola on Thursday, reaching a fresh all-time high in the country despite a decline in the international market.

Jewelers said depreciation of the rupee had pushed prices of the precious metal increase further.

According to data released by All Sindh Saraf Jewelers Association, gold rates in the local market moved up to Rs136,000 per tola on Thursday.

Similarly, 10-gram gold price also rose by Rs257 to Rs116,598.

In the international market, however, gold rates decreased by $6 to $1,846 per ounce.

Silver rates increased by Rs60 to Rs1,500 per tola. The price of 10-gram silver also rose by Rs51.44 to Rs1,337.44.

Local jewelers said gold prices in the local market remained lower by Rs1,000 per tola as compared with rates in the Dubai market.