In line with the prevailing trend during the week, the gold price rose by Rs600 per tola (11.66 grams) in Pakistan on Saturday, settling at Rs136,000 – near its all-time high.
According to the All Sindh Sarafa Jewellers Association (ASSJA), the price of gold per tola rose by Rs514 per 10 grams to settle at Rs116,512.
During the week ended May 14, the precious commodity made and broke new records as it gained Rs3,100 cumulatively as the rupee continued to plunge to new lows.
On May 12, the yellow metal hit a fresh all-time high of Rs136,000 per tola as it provided protection to investors from rupee depreciation. Gold has emerged as a safe asset in these challenging times of the economic crisis. People were aggressively buying gold to protect their cash from deflation.
In the international market, the price of yellow metal recorded a decrease of $5 per ounce to settle at $1,813. Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,560 per tola and Rs1,337.44 per 10 grams on Saturday. staff report