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Gold extends gain on rupee depreciation, price increases by Rs800 per tola
KARACHI: Gold price in the local market recorded an increase of Rs500 per tola on Friday as the local currency plunged to Rs197.92 against the US dollar in the interbank market.
According to rates issued by the All Sindh Sarafa Association, the yellow metal’s price hit Rs139,100 per tola and increased by Rs429 to Rs119,256 per 10 grams.
A day earlier, the precious commodity closed at Rs138,600 per tola and Rs118,827 per 10 grams.
Gold is considered a hedge against higher inflation and a safe store of value in times of uncertainty.
In the international market, the price of yellow metal rose by $11 per ounce to settle at $1,867.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 per tola and Rs1,346.02 per 10 grams.
