Gold price in Pakistan rises to new all-time high

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Gold price in Pakistan

Islamabad: Gold price in Pakistan set a new all-time high value on a tola basis after increasing by Rs700 on Monday.

Data released by the All Sindh Sarafa Jewellers Association showed that the price of per tola gold increased by Rs700 to settle at Rs164,000. Similarly, the price on a ten-gram basis also rose by Rs601, settling at Rs140,604.

Pakistan fulfils its gold demand by importing the precious commodity. Therefore, the rise and fall in the price depend upon many factors, including prices in the international market, the PKR to the USD exchange rate, and the demand and supply in domestic markets.

The increase in gold prices owing to internationally induced inflation has not only impacted the sale and purchase of gold-made jewellery but also compelled people to opt for other modes of investments.

Gold always remained a favourite saving option for investment purposes, especially for people belonging to the middle class, which they use to transfer to the next generation as assets.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,780 per tola and Rs1,526.06 per 10 grams.