With the return of inflationary days in Pakistan, gold has re-attracted investors’ interest, with the safe-haven rising by Rs1,700 per tola to Rs119,700 on Monday.
In the local bullion market, gold prices increased by Rs1,700 per tola and Rs1,457 per gram to Rs119,700 per tola and Rs102,623 per gram.
On Saturday, the precious metal traded at Rs118,00 per tola and Rs101,166 per gram.
The rise in commodities prices in the world market, as well as the rupee’s devaluation, drew attention to the yellow metal.
In the midst of a growing current account deficit, the Pakistani rupee struck a fresh all-time low of Rs172.78 versus the US dollar in the interbank market.
To fulfill local demand, the country also imports precious metals. According to the All Sindh Saraf and Jewellers Association, gold fell $4 to $1,763 per ounce on the international market (ASSJA).
It’s worth noting that gold prices in Pakistan are about Rs500 lower than those on the Dubai market.
Meanwhile, domestic silver prices remained steady at Rs1,430 per tola and Rs1,226 per ten gram.
