Gold price continued an upward trend to edge higher to near all-time high in the local market as the instability of the rupee contributed to pushing the prices of precious metal up significantly.

According to All Sindh Sarafa Jewellers Association, the gold price witnessed an increase of Rs.950 per tola on Monday and was traded at Rs.188,150 against sale at Rs187,200 the last trading day.

The price of 10 grams of gold also increased by Rs.814 to Rs.161,308 against Rs160,494.

The price of gold touched a record high of Rs188,600 per tola in the local market on January 4. The instability of the local currency against the US dollar shifted investors’ focus towards a safe-haven asset.

The price of gold in the international market decreased by US$3 to US$1,924 as compared to its sale at US$1,927 on the last trading day, the association reported.

Meanwhile, the price of per tola silver increased by Rs.20 to Rs.2,100 whereas that of ten gram went up by Rs.17.15 to Rs.1,800.41.