The gold price in Pakistan recorded a significant increase of Rs5,500 per tola after a hike in the international gold price amid the tension in the Middle East.

The price of per tola gold rose by Rs5,500 to Rs205,000. Similarly, the price for 10 grammes of gold increased by Rs4,715 to Rs175,754 in the local market of Pakistan.

In the international market, the gold bullion recorded an increase of $16 per ounce to reach 1,871 per ounce.

Meanwhile, the rupee’s march against the dollar continued for the 24th consecutive session on Wednesday, as the greenback recorded a further loss of Re1 in the interbank foreign exchange market.

The foreign currency was trading at Rs279.51 at the closing of the interbank market, against the closing of Rs280.51 the previous day. This is the first time it has fallen below 280 in five months.

The local unit also recorded gains against the dollar as it declined by Re1. The greenback was selling at Rs279 on Wednesday.