KARACHI: The gold price in Pakistan soared to an all-time high at Rs134,400 per tola on Tuesday as currency devaluation eclipsed pressure from riskier assets to safe-haven assets.
According to the All Sindh Saraf and Jewellers Association (ASSJA), with a fresh increase of Rs1,400 per tola and Rs1,200 per 10 gram, the gold price settled at Rs134,400 and Rs115,226, respectively.
Investors buy gold as a hedge against the devaluation of their respective local currencies during inflationary days.
The gain in gold was seen as the commodity turned positive because risk-off sentiment gripped financial markets amid the ongoing political crisis in the country.
It has maintained an uptrend for the past four successive working days in the domestic market.