Gold prices up by Rs 350 to Rs133,500 per tola

Gold price rises in Pakistan but local demand remains flat

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Karachi: Gold prices maintained their upward trend in the domestic market, rising Rs 300 per tola to close at Rs 126,650 per tola on Tuesday, in line with a surge in international gold markets.

Gold prices in the local gold market rose by Rs 257 per 10 grams to Rs 108,582. A day earlier, the precious commodity settled at Rs 126,350 per tola and Rs 108,325 per 10 grams.

As gold is considered one of the safest investments, current uncertain economic conditions have sparked a shift from risky commodities to safer commodities; as a result, its price has skyrocketed as investments have poured in quickly, gold traders said.

As the dollar continued to strengthen day in and day out, investors’ confidence in the currency plummeted and they turned their investments into gold.

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