Islamabad: Ahead of the monetary policy meeting, gold prices in Pakistan went up on Saturday to settle at Rs187,200 per tola.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of the precious metal increased by Rs1,200 per tola and Rs1,029 per 10 grams to settle at Rs187,200 per tola and Rs160,494 per 10 grams, respectively.
In the last two weeks, the market remained volatile as the prices went up and came down in multiple sessions.
The association has also reported that the precious metal is currently in “overcost” condition in Pakistan, which means it is being traded at a higher rate in the local market compared to the international market.
The distressful economic condition of the country has forced investors to turn towards the precious commodity, which in turn raised the prices to an all-time high.
Gold is considered to be a safe haven against inflation — which has climbed to a multi-decade high both on a weekly and monthly basis.
Meanwhile, silver remained unchanged at Rs2,080 per tola and Rs1,783.26 per 10 grams.
