Islamabad: The price of gold in Pakistan rose to a new all-time high after the per tola rate went up by Rs1,150 on Tuesday.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed the price of gold surged by Rs1,150 per tola and Rs986 per 10 grams to settle at Rs189,300 and Rs162,294.
In the last three sessions, the per tola price of the precious metal went up by Rs4,000.
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.
Meanwhile, silver prices in the domestic market remained unchanged at Rs2,100 per tola and Rs1,800.41 per 10 grams.
