Islamabad: For the third consecutive session, the price of gold went up in Pakistan on Monday amid bleak economic data and a shaky pace of growth.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed the price of gold surged by Rs950 per tola and Rs814 per 10 grams to settle at Rs188,150 and Rs161,308.
In the last three sessions, the per tola price of the precious metal went up by Rs2,850.
The association 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.
Similarly, silver prices in the domestic market also rose by Rs20 per tola and Rs17.15 per 10 grams to settle at Rs2,100 and Rs1,800.41.
