Karachi: Gold prices rose by Rs 500 per tola in the local market on Friday as the local currency slumped to Rs 197.92 against the dollar in the interbank market.
The price of the yellow metal reached Rs 139,100 per tola, up Rs 429 to Rs 119,256 per 10 grams, according to prices published by the All-Sind Salafah Association.
A day earlier, the precious commodity settled at Rs 138,600 per tola and Rs 118,827 per 10 grams.
Gold is considered a hedge against high inflation and a safe store of value in uncertain times.
On international markets, gold rose $11 an ounce to settle at $1,867.
Meanwhile, the domestic market silver price was unchanged at Rs 1,570 per tola and Rs 1,346.02 per 10 grams.
