Islamabad: With another Rs1,300 per tola rise, the price of gold in Pakistan jumped to a new all-time high on Wednesday.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold surged by Rs1,300 per tola and Rs1,115 per 10 grams to settle at Rs190,600 and Rs163,409.
In the last four sessions, the per tola price of the precious metal went up by Rs5,300.
It is also association also reported that the precious metal is currently in “over-cost” condition in Pakistan, which means it is being traded at a higher rate in the local market compared to the international market.
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.
At the same time, 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.
Meanwhile, silver prices in the domestic market remained unchanged at Rs2,100 per tola and Rs1,800.41 per 10 grams.
