KARACHI: Gold price in Pakistan increased by Rs500 to Rs241,700 per tola in the local market on Friday (May 31).

All Sindh Sarafa Jewellers Association reported that 10 grams of 24-karat gold price witnessed an increase of Rs429 and is being sold at Rs207,219.

These movements are closely linked to changes in the value of the US Dollar, indicating the close relationship between currency values and gold prices. This underscores the impact of global economic factors on local gold markets.

Internationally also, the gold price also witnessed an increase of seven dollars to reach 2342 dollars per ounce.