Price of gold in Pakistan continue to rise in sync to set a new record Saturday

The price of gold in Pakistan continues to rise in sync to set a new record Saturday!

The rise in the bullion rate in the country came despite the precious metal’s value declining in the international market by $19 to settle at $2,017 per ounce.

According to the data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24-karat) increased by Rs500 per tola and Rs429 per 10 grams to reach Rs225,500 and Rs193,330, respectively.

Similarly, the gold price for 22-karat was recorded at Rs 206,798 per tola as per the bullion market.

Meanwhile, the price of silver receded slightly from a record high reached yesterday.

The rate of silver decreased by Rs80 per tola and Rs68.58 per 10 grams to settle at Rs2,870 and Rs2,460.56, respectively. 

During uncertain economic conditions, people prefer to buy yellow metal to protect themselves against inflation and currency depreciation.

The bullion rate has been on a steady uptrend in Pakistan while the April inflation clocked in at 36.4% year-on-year — a record high.

Pakistan has now become the most expensive country in Asia surpassing Sri Lanka where inflation was measured at 35.3% in the previous month.