KARACHI: Local gold prices continued their upward trend on Tuesday, hitting a peak of Rs103,100 per tola and Rs88,391 per 10 gram, up Rs1,100 and Rs943 from Monday’s rates.

According to All Sindh Saraf Jewellers Association, world gold price further went up by nine dollars to $1,757 per ounce from $1,746 on Monday.

From January 1, 2019 till to date, per tola and 10 gram gold price has increased by Rs35,300 and Rs30,263, following the rise in world gold price by $474 per ounce. On Jan 1, 2019, local per tola and 10 gram gold prices were Rs67,800 and Rs58,128 while international bullion price was $1,283 per ounce.

On Jan 1, 2019, one dollar was equal to Rs139 as compared to the current rate of Rs167.65. Rupee devaluation against the dollar also plays a main role in raising the prices of imported items.

Director Top Line Secu­ri­ties, Mohammad Sohail said that with falling returns on bank deposits and national savings, investors are looking at other avenues like dollar, stocks and gold.

Published in Dawn, June 24th, 2020