KARACHI: Gold prices edged higher on Friday as a softer rupee and a pullback in global equities lifted demand for the safe-haven metal.
Gold prices in the local bullion market gained Rs400 per tola and Rs343 per 10 grams on Friday to reach Rs112,400 from Rs96,365 amid rising prices in the international markets.
The precious commodity closed at Rs112,000 per tola and Rs96,022 per 10 grams on Thursday.
Earlier, speaking to Geo.tv, a currency dealer said that with the wedding season drawing close, the demand for the yellow metal is slightly improving.
Meanwhile, significant fluctuations in the local currency against the US dollar aided the increase in prices of the safe-have asset.
The international gold price rose by $2 per ounce to $1,797 on Friday.
However, it is pertinent to mention that the gold rates in Pakistan are around Rs3,000 below cost compared to the gold rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,430 per tola and Rs1,226 per 10 grams on Friday.