Gold prices rises by Rs1,200 per tola

KARACHI:The price of 24-karat per tola gold witnessed an increase of Rs1,200 on Saturday and was sold at Rs 187,200 against its sale at Rs186,000 the last trading day.

The price of 10 grams of 24-karat gold also increased by Rs 1029 and was sold at Rs 160,494.

In the international market, the price of one ounce of gold decreased by $2 to reach $1927. Since last week, the market has been witnessing volatility as the economic downturns of the country have affected investors’ moods.

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.