Gold prices reach record high

KARACHI: Gold prices increased Rs550/tola to an all-time high price in the local market on Saturday.

Rates in the gold market were revised twice on Saturday.

According to All Sindh Saraf Jewellers Association, in the first revision, bullion prices rose to Rs90,200/tola, while in the second revision the prices went up by another Rs600 to close the market at Rs90,800/ tola.

Similarly, the rate of 10 grams gold moved up Rs472 to Rs77,332, while in the second revision it further went up by Rs42 to close at Rs77,846.

In the international market, bullion rates rose $1 to $1,552/ounce.

Prices in the local market remained Rs1,500/tola lower, compared with the rates in the Dubai gold market, local jewellers claimed.

Jewellers said the market fluctuated heavily due to tensions between Iran and the US over killing of Iranian General.