After a massive decline in the previous session, gold prices in Pakistan saw an increase on Wednesday in line with their rise in international rates. In the local market, the price of gold per tola gained Rs1,400, clocking in at Rs271,900.
Similarly, 10-gram gold was sold at Rs233,111 after it recorded an increase of Rs1,200, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
On Tuesday, gold price declined by Rs7,000 to settle at Rs270,500.
Meanwhile, the international rate of gold increased on Wednesday. As per APGJSA, the rate was $2,607 per ounce (with a premium of $20) and was up by $14 during the day.
Silver prices remained unchanged at Rs3,250 per tola.
Last month, gold hit an all-time high of Rs287,900 per tola in Pakistan.
Gold prices have surged to record highs in recent weeks, as conflicts in the Middle East and uncertainty surrounding the upcoming US election spurred demand for safe-haven assets.
Internationally, gold prices edged up on Wednesday as investors hunted for bargains after steep declines in the previous session, while spotlight shifted to the US inflation print, which could shed more light on the Federal Reserve’s monetary policy path.
Bullion is considered a hedge against economic and geopolitical uncertainties.
Source: Brecorder
