- Gold prices in local bullion market settles at Rs142,000 per tola.
- Cumulatively, gold price rose by Rs4,700 per tola during last four sessions.
- Silver prices in domestic market remain unchanged.
KARACHI: Gold prices in Pakistan skyrocketed on Monday as a softer rupee and concerns regarding inflation lifted the demand for the safe-haven asset.
Gold prices in the local bullion market soared by Rs2,800 per tola and Rs2,400 per 10 gram today to reach Rs142,000 and Rs121,742, respectively, amid the depreciation of the rupee against the US dollar — that surpassed the Rs200 mark once again.
The precious commodity closed at Rs139,200 per tola and Rs119,342 per 10 grams on Saturday.
Fluctuations in the local currency coupled with inflation concerns added fuel to the already surging price of the yellow metal.
Cumulatively, the price of the yellow metal significantly gained Rs4,700 per tola since the start of the bullish spell (June 2).
Gold is considered a hedge against soaring inflation and is often used as a safe store of value during times of political and economic uncertainty.
The precious commodity remains a safe haven against inflation (rupee depreciation and increase in essential commodity prices) and people invest in gold to avoid the impact of the devaluation of the local currency.
In the international market, the price of yellow metal increased by $3 per ounce to settle at $1,854.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 and Rs1,346.02 today.
