Gold shines as rupee falls to record low

• Bullion prices settle at Rs116,000 per tola with an increase of Rs750 per tola.
• Gold rates in the international market record a nominal increase of $8 per ounce to $1,763.
• "The precious commodity is expected to trade within a range of $1,720-1,800 during the ongoing month," Adnan Agar predicts.

KARACHI: Gold prices recorded a gain of Rs750 per tola in the local market on Tuesday.

The yellow metal's price thus hit Rs116,000 per tola and increased by Rs643 to Rs99,451 per 10 grams.

The rates of gold were Rs115,250 per tola and Rs98,808 per 10 grams on Monday.

Speaking to Geo.tv, AA Commodities Director Adnan Agar said the gold price in the local market is rising on the back of currency devaluation.

The Pakistani rupee closed at an all-time low of Rs171.04 against the US dollar in the inter-back market today.

Meanwhile, the gold prices in the international market recorded a nominal increase of $8 per ounce to $1,763 due to cautious trading.

“International gold prices, however, are rising at a slower pace due to concerns regarding US monetary policy tightening due in November,” Agar said, adding that the precious commodity is expected to trade within a range of $1,720-1,800 during the ongoing month.

However, it is pertinent to mention that gold rates in Pakistan are around Rs2,000 below the cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,400 per tola and Rs1,200.27 per 10 grams today.