Despite an uptick in worldwide prices on Friday, the price of gold on the local market remained steady. The price of gold was Rs120,200 per tola and Rs103,052 per gram at the end of the day.
On Thursday, the rates increased by Rs2,800 per tola and Rs2,400 per ten gram as compared to Wednesday’s pricing.
In the meanwhile, international gold prices rose from $13 to $1,792 on Friday.
AA Commodities Director Adnan Agar that excessive inflation has harmed people’s buying power, resulting in a reduction in local demand for the valuable commodity despite the wedding season.
Agar projected that the price of gold will continue to rise in the future.
Gold is drawing safe-haven investment once again.
Because the government and the central bank have tightened laws governing the purchase of foreign currencies on the open market, investors who used to pump money into other currencies, notably the US dollar, to escape the effect of inflation are now purchasing gold.
People used to take aggressive positions in gold during inflationary times, according to past trends.
“International gold prices, on the other hand, are growing more slowly due to fears about US monetary policy tightening anticipated in November,” Agar had said.
Meanwhile, domestic silver prices remained constant at Rs1,420 per tola and Rs1,217.42 per ten gram.