Gold prices surge by Rs 550 per tola

KARACHI – Gold prices in the country surged in local and international markets on the first day of the week on the back of soaring prices on the international market and a weakening dollar.

According to Karachi Saraf Jewelers Association, gold prices reached Rs 51,500 per tola (12 grams) after an increase of Rs 550 while 10 grams of gold reached Rs 44, 142 after an increase of Rs 471.

Gold prices in the international market rose to $11 and reached to $1359 per ounce.

Experts believed that the reduced demand for dollars and the increased requirement for gold by international investors had caused gold prices to reach new heights.