Islamabad: The price of gold in Pakistan edged up slightly on Friday to settle at Rs186,000 per tola.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of the precious metal increased by Rs700 per tola and Rs600 per 10 grams to settle at Rs186,000 per tola and Rs159,465 per 10 grams, respectively.
Since last week, the market has been witnessing volatility as the economic downturns of the country have affected investors’ moods.
The association 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 prices in the domestic market remained unchanged at Rs2,080 per tola and Rs1,783.26 per 10 grams.
