Gold price surges by Rs1,200 per tola

Karachi: The yellow metal witnessed an upward trend in the local bullion market on Thursday, surging Rs1,200 per tola. 

The surge is linked to depreciation of rupee against the US dollar in both open and interbank markets.

Data released by All Sindh Saraf Jewellers Association (ASSJA) showed that gold prices in the local market declined by Rs1,200 per tola and Rs1,029 per 10 grams to settle at Rs147,100 per tola and Rs126,115 per 10 grams. 

In the international market, bullion prices jumped by $18 per ounce to settle at $1,764.