Gold’s per tola price increased Rs2,800 in the local market on Monday, putting it at Rs142,000, according to rates compiled by the All Sindh Sarafa Jewelers Association.

Gold’s price stood at $1,854 per ounce in the international market at around 4pm.

Being a price-taker, rates of gold and other precious metals in Pakistan follow the trend in the international market. International prices of gold and other precious metals such as silver are quoted in ounces.

Pakistan Gems Jewelry Traders and Exporters Association (PGJTEA) Chairman Akhtar Tesori said the gold jewelry business has declined considerably due to rising gold prices in the country.

He said rupee depreciation and increase in the price of international gold has seen the commodity price reach new highs in the country in recent years.