ISLAMABAD: Gold price in the domestic market jumped 2% on Saturday amid the ongoing political unrest coupled with an economic quagmire.
As per data by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24 karats of gold witnessed an increase of Rs4,100 per tola and Rs3,516 per 10 grams to settle at Rs208,300 and Rs178,584 respectively.
Investors’ risk aversion was on display as political tensions sent money into safe-haven assets.
As the markets of other items slide investors generally find refuge in the yellow plates to keep themselves in a low-risk profile.
The price of gold is Rs11,500 per tola “cost” in the domestic market, as compared to the market in Dubai market, showing that the Pakistani gold market was still a bit cheaper than that of the global.
It is likely to shine through the chaos as investors adopt a guarded stance
Meanwhile, silver prices in the domestic market went up by Rs100 per tola and Rs85.73 per 10 grams to settle at Rs2,250 per tola and Rs1,929 per 10 grams, respectively.
Gold price in international market
In the international market, gold prices surged more than 2% as a wave of banking crises affected global markets and put bullion on track for its biggest weekly surge in three years, while bets solidified for a less aggressive Federal Reserve in its fight against inflation. The per-ounce price settled at $1,989 after an increase of $53.
