The price of gold recorded a significant increase of Rs 4,600 and was available at Rs234,500 per tola on Tuesday compared with Rs229,900/tola the previous day.

The price of 10 grammes of gold also increased by Rs 3,944 to reach Rs 201,046. It was sold at Rs197,102 per 10 grammes the previous day, All Sindh Sarafa Jewellers Association reported.

The price of per tola and 10 grammes silver remained unchanged at Rs 2,800 and Rs 2,400 respectively.

In the international market, gold bullion increased by $10 to $1,901 per ounce from the earlier price of $1,891/ounce.

The significant increase in the prices of gold came after the local currency closed at a record low of Rs299 against the dollar in the interbank foreign exchange market on Tuesday.

The decline in the value of the local unit came following ease in import restrictions that has increased the demand for the dollar.

Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. The removal of those restrictions beginning in June was a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.