Islamabad: After having two sessions of drop in prices, gold edged up in Pakistan on Wednesday to settle at Rs186,500 per tola.
According to the data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold went up by Rs2,100 per tola on Wednesday to settle at Rs186,500. Similarly, the price of gold on a ten-gram basis also rose Rs1,801 to settle at Rs159,894.
It 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 prices of gold have remained volatile in the last few sessions. The price went up Rs7,300 in the last three sessions before coming down on Monday and Tuesday.
Similarly, silver prices in the domestic market rose by Rs30 per tola and Rs16.78 per 10 grams to settle at Rs2,100 and Rs1,817.19.
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.