Gold price in Pakistan rises by Rs2,500 per tola

• Gold price resumes its uptrend in the domestic market and rise by Rs2,500 to close at Rs124,100 per tola.
• Cumulatively, in the last three trading sessions, the price of gold has plunged by Rs3,000.
• However, the fluctuations in gold price are not affecting the local demand.

KARACHI: The gold price resumed its uptrend in the domestic market and rose by Rs2,500 to close at Rs124,100 per tola on Wednesday contrary to a decline in the international bullion market.

Gold prices in the local bullion market jumped Rs2,144 per 10 grams to reach Rs106,396.

A day earlier, the precious commodity closed at Rs121,600 per tola and Rs104,252 per 10 grams.

Cumulatively, in the last three trading sessions, the price of gold has plunged by Rs3,000, according to the All Sindh Saraf and Jewellers Association.

In line with the traditional practice, prevailing uncertain economic conditions have sparked a flight from risky commodities towards safer commodities as gold is considered one of the safest investments.

However, the fluctuations in gold price are not affecting the local demand, which remained subdued due to lack of purchasing power.

The price of gold in the international market decreased by $9, settling at $1,788, due to persistent inflation concerns.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams.