Gold price witnessed an increase of Rs2,100 per tola in the local market on Wednesday as the continuous depreciation of the local currency against the US dollar boosted the appeal of the safe-haven asset.

All Sindh Sarafa Jewellers Association reported that the price of per tola gold edged up to Rs186,500 against its sale at Rs184,400 the last trading day, while the price of 10 grams of gold also increased by Rs1,801 to Rs159,894.

The rupee depreciated 0.11% in the inter-bank market on Wednesday. As per the State Bank of Pakistan (SBP), the rupee declined by Re0.25 to close at 228.91.

The price of gold in the international market increased by $6 per ounce to $1,909 against its previous price of US$ 1,903, the association reported.

Meanwhile, the price of silver increased by Rs30 per tola to Rs2,100 whereas that of 10 gram silver went up by Rs16.78 to Rs1,800.41.