Islamabad: The price of gold in Pakistan bounced back and regained its shine on Saturday to end the week on a high note.
After minimal depreciation on Friday, data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold increased by Rs1,200 per tola and Rs1,029 per 10 grams to settle at Rs198,700 and Rs170,353, respectively.
Meanwhile, silver prices in the domestic market remained unchanged at Rs2,080 per tola and Rs1,783.26 per 10 grams, respectively.
The price of the precious metal reached its peak towards the end of January when, marred by political and economic instability, the demand for gold increased manifold. The per tola price reached Rs210,000.
Analysts say gold may be an effective way to defend investments against inflation, but only over long periods of time.
Comparatively, over shorter periods of time, the inflation-adjusted price of gold swings wildly, making it not a very strong near-term hedge for inflation.