KARACHI: Gold Rate in Pakistan increased by Rs2,800 on Saturday, settling at Rs123,000 a tola, in line with worldwide prices.
According to dealers, the return of inflationary days in Pakistan and throughout the globe has rekindled investor interest in the yellow metal.
On Saturday, gold prices in the local bullion market increased by Rs2,800 per tola and Rs2,401 per gram, reaching Rs123,000 per tola and Rs105,453 per gram.
The precious metal had finished the previous day at Rs120,200 per tola and Rs103,052 per gram.
During the week, the yellow metal has gained Rs5,700, or 4.85 percent.
According to the All Sindh Saraf and Jewellers Association, gold rose $26 to settle at $1,818 per ounce on the international market (ASSJA).
Excessive inflation has harmed people’s buying power, resulting in a reduction in local demand for the valuable commodity despite the wedding season.
Agar predicts 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.
Meanwhile, silver prices in the domestic market rose by Rs20 per tola and Rs17.14 per gramme to Rs1,440 per tola and Rs1,234.56 per gram, respectively.