Wednesday Jul 06 2022

Gold extends gain on rupee depreciation, price increases by Rs100 per tola

A representational image of gold jewellery. — Reuters/File
A representational image of gold jewellery. — Reuters/File

  • Gold price settles at Rs143,000 per tola.
  • 10 gram gold price settles at Rs122,600.
  • Silver prices in domestic market remained unchanged.

KARACHI: Gold price in the local market recorded an increase of Rs100 per tola on Wednesday as the local currency once again plunged to Rs207.99 against the US dollar in the interbank market.

According to rates issued by the All Sindh Sarafa Association, the yellow metal's price hit Rs143,000 per tola and increased by Rs86 to Rs122,600 per 10 grams.

A day earlier, the precious commodity closed at Rs142,900 per tola and Rs122,514 per 10 grams.

Gold is considered a hedge against higher inflation and a safe store of value in times of uncertainty.

The price of the precious commodity decreased by $40 per ounce to settle at $1,763 in the international market and dropped below the key support level of $1,800 an ounce.

Meanwhile, the silver prices in the domestic market remained unchanged at Rs1,520 per tola and Rs1,303.15 per 10 grams today.