For the latest Gold Rates in Pakistan, click here: https://theasianmirror.com/finance/gold-rate-in-pakistan-today/
KARACHI: The demand for gold as a safe haven asset soared on Monday as the rupee dropped and inflation fears increased.
As the rupee continues to fall against the US dollar, gold prices in the local bullion market have risen by Rs2,350 per tola and Rs2,015 per 10 gramme.
Saturday’s closing price for the precious commodity was Rs139,300 per tola and Rs119,427 per gramme.
Local currency swings and expectations that the rupee will continue to weaken fueled the already soaring price of the yellow metal.
Since the beginning of the bullish period, the yellow metal’s price has increased cumulatively by Rs9,300 per tola (May 6).
Gold is seen as a safe haven in times of political and economic turmoil since it is considered a buffer against surging inflation.
Despite the depreciation of the local currency and the rise in vital commodity prices, gold remains a safe haven from inflation (the depreciation of the currency and the rise in essential commodity prices).
The yellow metal’s price soared to $1,862 an ounce on the world market, up by a healthy $15.
Gold prices in Pakistan are about Rs1,500 cheaper than in the Dubai market, where they are more expensive.
Also today, the domestic silver price rose to Rs1,590 per tola and Rs1,363.16 per 10 gramme, respectively, gaining Rs20 and Rs17.14, respectively.
