Islamabad: The price of gold in Pakistan witnessed a big jump amid the political and economic unrest in the country, going up by nearly 2% in one session.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold surged by Rs4,100 per tola and Rs3,516 per 10 grams to settle at Rs208,300 and Rs178,584, respectively.
During the week, the precious commodity’s price didn’t decline for a single session and jumped by nearly 5% cumulatively.
Irked by the rising political tension and the record high inflation, investors run towards gold as it is considered to be a safe haven during periods of uncertainty.
However, it is also important to note that the price of gold is Rs11,500 per tola “undercost” in Pakistan, as compared to the Dubai market, showing that the Pakistani gold market is currently cheaper than the global.
Similarly, silver prices in the domestic market also jumped by Rs100 per tola and Rs85.73 per 10 grams to settle at Rs2,250 per tola and Rs1,929 per 10 grams, respectively.
