A sudden demand for gold was observed in Pakistan on Friday, as the per tola price spiked by Rs5,000 to inch towards its all-time high value.
According to the data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold went up by Rs5,00 per tola on Thursday to settle at Rs186,100. Similarly, the price of gold on a ten-gram basis also increased by Rs4,287 to settle at Rs159,551.
During this week, it seemed at one point that the pledges made to Pakistan at the Geneva climate conference brought back investors’ faith in the Pakistani rupee.
However, during the last two sessions, the per tola price went up by nearly Rs6,100.
Gold is considered to be a safe haven against inflation — which has climbed to a multi-decade high during the year.
Investors poured money into the precious yellow metal to safeguard their positions as the economic crisis led by political turbulence boosted the metal’s appeal.
Similarly, the price of per tola silver increased by Rs30 and was sold at Rs2100 whereas that of ten-gram silver went up by Rs25.72 to Rs1800.41.