Gold prices jumped to a record high in the local market on Thursday after an increase of Rs.4,900 as the local currency continues depreciating against the US dollar.

According to All Sindh Sarafa Jewellers Association, after the surge, the price of per tola gold settled at Rs.195,500 against its sale at Rs.190,600 the last trading day. The price of 10-gram gold also increased by Rs.4,201 to Rs.167,610 against its sale at Rs163,409.

Bullion prices witnessed a sudden surge in the Pakistani market after the local currency depreciated by Rs.22 against the US dollar in a single day amid reports that the forex traders were removing the “unofficial” cap on the US dollar’s value.

The price of gold in the international market increased by US$11 to US$1,936 as compared to its sale at US$1,925 on the last trading day, the association reported.

Meanwhile, the price of per tola silver increased by Rs.50 to Rs.2,150 whereas that of ten-gram silver went up by Rs.42.87 to Rs.1,843.28.