Gold prices hit a new all-time high in the local market on Friday after the Pakistani rupee plummeted to a record low against the US dollar.

According to the All Sindh Sarafa Jewellers Association, the price of gold was increased by Rs.7,000 per tola and was traded at Rs.202,500 against its sale at Rs.195,500, the last trading day. The price of 10-gram gold also increased by Rs.6,000 to Rs173,610 against Rs.167,610.

The increase in the price of gold is due to the instability of the local currency. The analysts said that black marketing in the currency market and a continuous devaluation of the rupee were major reasons behind the current increase in gold prices.

Meanwhile, the price of gold in the international market decreased by US$6 to US$1,930 as compared to its sale at US$1,936 on the last trading day.

The price of silver increased by Rs.50 to Rs.2,200 per tola whereas that of ten-gram silver went up by Rs.42.86 to Rs.1,886.14.