KARACHI: Local gold prices on Saturday scaled new peaks of Rs78,600 per tola and Rs67,387 per 10 grams, up Rs500 and Rs429 respectively from Friday.

The price hike comes on the back of $6 increase in per ounce prices of gold in the international market.

During the calendar year, per tola and 10 gram prices of gold have increased by Rs10,800 and Rs58,128 respectively.

Moreover, during the last seven months, rupee has depreciated by 13 per cent against the dollar.

In open and interbank markets, the greenback is currently trading at Rs157.

Mounting tensions between Iran and the USA and reports of further cut in interest rate by US Federal Reserves have brought world gold prices under pressure, said All Sindh Saraf Jewellers Association President Haji Haroon Rashid Chand.

Soaring yellow metal prices has also affected jewellery sales amid ongoing marriage season as consumers have become reluctant towards jewellery buying in view of rising cost of living, Haroon added.

Published in Dawn, June 23rd, 2019