The price of gold surged in the local market on Tuesday despite the appreciation of the rupee against the US dollar in interbank trading.

The price of gold increased by Rs5,700 per tola and was sold at Rs139,900 in the local market against its sale at Rs. 134,200 the previous day, All Sindh Jewellery Association reported.

Similarly, the price of 10 gram of gold increased by Rs4,887 and was sold at Rs119,942 against its sale at Rs. 115,055 per 10 gram.

The price of gold had registered losses over the last five sessions amid the hopes that Pakistan gets close to a green signal from the International Monetary Fund to avail its bailout package.

The price of gold in the international market increased by $2 and was sold at $1777 against its sale at $1875.

Meanwhile, the price of per tola and ten gram silver remained unchanged at Rs1,540 and Rs1,320.30 respectively.