Tuesday May 10, 2022

Gold Price Touches All-time High of Rs134,400 in Pakistan

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.

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