The price of 24 karat gold increased by Rs1,000 to hit Rs220,600 per tola for selling on December 28, compared with the previous price of Rs219,600/tola, the All Sindh Sarafa Jewellers Association reported.

The price of 10 grammes of gold also recorded an increase of Rs857 and the price now stands at Rs189,129 from the earlier rate of Rs188,272.

Similarly, the price of 10 grammes 22 karat gold went up to Rs173,368 from Rs172,582.

Additionally, the price of silver increased by Rs30 to Rs2,680 per tola whereas 10 grammes silver went up by Rs25.72 to Rs2,297.66.

In the international market, gold prices crept up on Wednesday, hovering near their highest in almost three weeks, on market expectations the Federal Reserve will start cutting interest rates in the first quarter of 2024.

Spot gold was up nearly 0.1% at $2,068.59 per ounce and was on track to mark an over 13% gain this year - its best since 2020.

US gold futures rose 0.5% to $2,079.90 per ounce.