Gold price in Pakistan gained Rs800 per tola as the local currency plunges to an all-time low of Rs185.23 against the US dollar in the interbank market.
The yellow metal gained Rs800 per tola and Rs686 per 10 grams to settle at 132,000 and Rs113,169, respectively.
The precious commodity market remains torn between those investors looking towards gold as an offset against inflation, growth worries and high volatility in the other financial markets. In the international market, gold recorded a meagre gain of $2 per ounce to settle at $1,928 as higher US Treasury yields and expectations of aggressive interest rate hikes by the Federal Reserve dimmed the appeal of the non-yielding bullion.
Gold rates in Pakistan are around Rs5,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 and Rs1,303.15 today.