KARACHI: Gold rose on Thursday in the local bullion market recorded an increase of Rs50 per tola and Rs43 per 10 grams to settle at Rs128,850 per tola and Rs110,468 per 10 grams.
A day earlier, the yellow metal closed at Rs128,800 per tola and Rs110,425 per 10 grams.
According to the All Sindh Sarafa and Jeweller Association, the precious commodity has gained Rs1,350 in the last five sessions.
As the dollar continues to strengthen day after day, investors’ confidence in the currency has tumbled and they have diverted their investment to gold.
Local dealers had also said that the return of inflationary days in Pakistan and around the world has once again invited investors’ attention towards the yellow metal as at such a time, safer commodities become attractive.
However, the increase in prices is negatively affecting the local demand.
