The price of gold witnessed an increase of Rs. 2,000 per tola and was sold at Rs.148,300 on Monday against its sale at Rs.146,300, the previous day in the local market.

According to Sarafa Jewellers Association, the price of 10 gram gold increased by Rs.1,714 and was sold at Rs.127,143 against its sale at Rs.125,429.

The increase in the price of gold is due to the continuous depreciation of the rupee against the US dollar. The speculations that the rupee will further depreciate added fuel to the already surging price of the yellow metal.

Gold rates in Pakistan are around Rs2,500 below the cost compared to the rate in the Dubai market.

The price of per tola and ten gram silver remained stagnant at Rs.1580 and Rs.1354.60 respectively.

The price of gold in the international market increased by $2 and was sold at $1730 against its sale at $1728.