Gold shines again, price jumps by Rs1,750 per tola in Pakistan

• Gold price in the local bullion market settles at Rs142,150 per tola.
• It has cumulatively gained Rs2,950 per tola during the week.
• Silver prices in the domestic market remain unchanged.

KARACHI: Gold prices resumed their upward trend as the per tola rate of the precious metal on Saturday witnessed an increase of Rs1,750 to Rs142,150 in the domestic market.

Dealers suggest that the return of inflationary days in Pakistan and around the world has once again invited investors’ attention to the yellow metal.

Gold prices in the local bullion market jumped Rs1,750 per tola and Rs1,500 per 10 grams to reach Rs142,150 per tola and Rs121,870 per 10 grams on Saturday.

A day earlier, the precious commodity closed at Rs140,400 per tola and Rs120,370 per 10 grams.

The yellow metal has cumulatively gained Rs2,950 or 2.12% per tola during the week ended June 11.

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Gold recorded an increase of $31 to close at $1,871 per ounce in the international market, according to the All Sindh Saraf and Jewellers Association (ASSJA).

The precious commodity is once again attracting safe-haven investment.

Investors who used to pour money into foreign currencies, particularly the US dollar to avoid the impact of inflation, are now buying gold because the government and the central bank are trying to reduce the rupee-dollar parity.

Past practices suggest that people used to take aggressive positions in gold in inflationary days.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams.