Gold jumped over Rs3,500 per tola on Thursday, snapping a three-day losing streak to trade above the key Rs195,000-per tola level as record high inflation once again shifted investors’ attention towards the precious commodity. Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs3,800 per tola and Rs3,258 per 10 grams to settle at Rs196,000 and Rs168,038, respectively. Gold is considered an inflation hedge, but is highly sensitive to rising interest rates, which increase the opportunity cost of holding the non-yielding bullion. The data from the APSGJA also showed that local gold is Rs2,000 “undercost” compared to the Dubai bullion market. Meanwhile, silver prices in the domestic market remained unchanged at Rs2,100 per tola and Rs1,800.41 per 10 grams, respectively. In the international market.