ISLAMABAD: Gold prices in the local market increased by Rs1,200 per tola on Thursday due to continuous depreciation of rupee against the US dollar despite the price hovering around its weakest level in more than two months in the international markets. According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola of 24-karat gold increased to Rs225,000 from Rs223,800. Similarly, the gold price for 10 grams of 24-karat surged to Rs192,901 from Rs191,872, depicting a rise of Rs1,029. This rise in prices indicates a trend of increased demand for gold among local investors. Market analysts attribute the surge in gold prices to the ongoing volatility in both the forex and financial markets. As traditional investment options display uncertainty, investors are turning to gold as a safe haven to safeguard their wealth. This heightened demand for the yellow metal has acted as a catalyst for the price escalation. TLTP
