Increasing demand in the local market pushed by the wedding season have resulted in a Rs 1,000 increase in the price of 24 karat gold with prices reaching Rs 49,700 per tola in Sindh Sarafa markets and Rs 50,185 per tola in other markets of the country.
An upward trend was witnessed in prices of gold in the international market as well where per tola of 24 karat gold was sold at $1,259.
“Main reason behind the increasing gold prices is its growing demand in the local market in the last few days,” said Haroon Chand, president of All Sindh Sarafa and Jewelers Association. The gold rates have gone up by $10 in the London market, he added.
He said the sales of jewelry items picked up because of wedding season in January and February.