Islamabad: The abnormal rise in the price of gold continues as the per tola rate increased by Rs1,600 in Pakistan on Saturday.
According to the data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold went up by Rs1,600 per tola on Friday to settle at Rs185,300. Similarly, the price of gold on a ten-gram basis also rose by Rs1,372 to settle at Rs158,865.
The precious metal had started 2023 on a higher note, increasing by nearly Rs5,000 per tola in the first three sessions before coming down massively by Rs5,200 on Thursday last week.
Since then, it has set up three consecutive winning sessions.
In 2022, the per tola price of gold gained Rs57,900 or 45.95%, going up from Rs126,000, reaching the all-time high of Rs184,100, and closing the year at Rs183,900.
Gold is considered to be a safe haven against inflation — which reached a multi-decade high during the year.
Investors poured money into the precious yellow metal to safeguard their positions during the year as the economic crisis led by political turbulence boosted the metal’s appeal.
However, the price of silver in the local markets decreased by Rs30 per tola to reach Rs2,070, while the price of 10-gram silver slipped by Rs25.71 to settle at Rs1,774.71.
