Gold shines to Rs214,400 a tola amid rupee’s depreciation


ISLAMABAD: Gold prices in the local market gained traction for the second straight day on Friday and surged by Rs1,100 per tola, following an uptick in price in the international bullion market and rupee;s depreciation. According to the Karachi Sarafa Association, the price of one tola of 24-karat gold increased to Rs214,400 from Rs213,300. Similarly, the gold price for 10 grams of 24-karat gold increased to Rs183,813 from Rs182,870, showing an increase of Rs943. Following suit, the price for 10 grams of 22-karat gold rose to Rs166,452. The upward momentum in gold prices can be attributed to the increasing gold prices internationally. The rupee’s depreciation against the US dollar helped increase the yellow metal’s price in the local market. The rupee depreciated for the 10th straight session against the greenback during the day. TLTP