KARACHI: In the local market, the gold price maintained its upward trend on Wednesday, rising Rs2,500 to finish at Rs124,100 per tola, despite a decrease in the international bullion market.
The price of gold in the local bullion market increased by Rs2,144 per gram to Rs106,396.
The precious metal had finished the previous day at Rs121,600 per tola and Rs104,252 per gram.
According to the All Sindh Saraf and Jewellers Association, the price of gold has dropped by Rs3,000 in the previous three trading days.
As is customary, the current uncertain economic circumstances have prompted a flight from riskier commodities to safer commodities, with gold being one of the safest assets.
The volatility in gold prices, on the other hand, has had little effect on local demand, which has remained modest owing to a lack of buying power.
Due to continued inflation fears, the price of gold fell to $9 on the international market, finishing at $1,788.
Meanwhile, domestic silver prices stayed constant at Rs1,460 per tola and Rs1,251.71 per ten gram.