The price of gold surged by Rs6,500 to hit Rs214,500 per tola in the local market in Pakistan amid a weakening rupee on Friday.

Gold 10 grammes price also recorded an increase of Rs5,574 to reach Rs183,900 in the domestic market.

The hike in the price of the yellow metal came amid renewed pressure on the rupee which declined by Rs1.1 to clock-in at Rs277.59 in the interbank foreign exchange market on Friday.

The local unit also tumbled in the open market and dipped by Rs2 as the greenback was trading at Rs281.

The prices of gold are affected by the currency movement around the world. The investors opt for gold-buying for insurance against currencies and market fluctuations.

In the international market, gold bullion steadied as it was trading at $1,959 per ounce.