Gold price in Pakistan resumed its upward trend on Saturday after dropping in the previous two trading sessions.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), which releases gold rates on a daily basis, the price of the precious metal increased by Rs2,000 per tola to Rs284,300.
The ten-gramme gold price was also recorded up by Rs1,714, reaching Rs243,741, which means the gold rate currently stands at Rs24,374 per gramme in Pakistani market.
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Silver prices in the country remained unchanged and were traded at Rs3,350 per tola.
Gold prices also increased in the international market as the price per ounce was recorded at $2,748 after observing an increase of $22.
Notably, before today’s gain, the gold price had increased for seven straight sessions before witnessing a decline on October 24 and 25. The gold price recorded a total loss of Rs3,100 per tola this week, falling Rs2,300 per tola on Thursday and Rs800 per tola on Friday.
Interestingly, the gold rate in Pakistan was recorded at its historic peak of Rs285,400 per tola. The latest price of gold is about Rs1,100 lower than the historic high observed this week.
As gold is considered a hedge against economic and political uncertainties, the demand for the yellow metal is on the rise internationally as Middle East tensions and uncertainty regarding the upcoming US election spurred demand for safe-haven assets.
