Gold extends gain on rupee depreciation, price increases Rs100 per tola

• The price of gold rose by Rs100 per 10 grammes in the local market on Wednesday.
• The precious metal’s price fell below the critical support barrier of $1,800 per ounce.
• Silver prices remained constant at Rs. 1,520 per tola and Rs.1,303.15 per 10 grams.

As the local currency once more fell to Rs207.99 versus the US dollar in the interbank market on Wednesday, the price of gold rose by Rs100 per tola in the local market.

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The All Sindh Sarafa Association published rates stating that the price of the yellow gold reached Rs143,000 per tola and climbed by Rs86 to Rs122,600 per 10 kilos.

The valuable commodity had a previous day’s closing price of Rs142,900 per tola and Rs122,514 for 10 grammes.

In times of uncertainty, gold is regarded as a safe store of wealth and a hedge against rising inflation.

The precious metal’s price fell below the critical support barrier of $1,800 per ounce and fell by $40 per ounce to close at $1,763 on the international market.

In the meantime, today’s domestic market silver prices remained constant at Rs. 1,520 per tola and Rs. 1,303.15 per 10 grammes.

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