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KARACHI: Gold prices are on the upward trend once again as the price of tola rose by Rs5500 on Wednesday, registering an increase of nearly 4%.
Data released by All Sindh Sarafa Jewellers Association (ASSJA) showed that the price of gold surged by Rs5,500 per tola and Rs4,715 per 10 grams to settle at Rs145,400 and Rs124,657.
Moreover, the depreciation of the Pakistan rupee against the US dollar after a gap of 11 sessions further brightened the appeal of the safe-haven asset.
Cumulatively, the yellow metal gained Rs11,200 per tola in the last two sessions; recovering the losses incurred during the period of August 10-15 which amounted to Rs9,300 per tola.
In the international market, bullion prices declined by $8 per ounce to settle at $1,769 as investors watched for signs of further policy tightening by the US Federal Reserve
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams today.