Gold hits new all-time high

KARACHI: Gold prices in the local market increased by Rs2,000 per tola on Monday to a new all-time high in the country on further depreciation in value of the rupee.

According to data released by All Sindh Saraf Jewelers Association, gold rates in the local market moved up to Rs148,300 per tola. Similarly, 10-gram gold price also rose by Rs1,714 to Rs127,143.

In the international market, gold rates increased by $2 to $1,730 per ounce.

Silver rates remained unchanged at Rs1,580 per tola. The price of 10-gram silver also stood the same at Rs1,354.60. Jewelers said prices in the local market still remained lower by Rs2,500 per tola as compared with rates in Dubai gold market. They said prices increased as Pak rupee further depreciated, which created uncertainty in the currency market and investors moved to gold and other assets.