KARACHI: The gold price in Pakistan soared to an all-time high at Rs134,300 per tola on Thursday as currency devaluation eclipsed pressure from riskier assets to safe-haven assets. According to the All Sindh Saraf and Jewellers Association (ASSJA), with a fresh increase of Rs1,500 per tola and Rs1,286 per 10 gram, the gold price settled at Rs134,300 and Rs115,141, respectively.
Investors buy gold as a hedge against the devaluation of their respective local currencies during inflationary days.
The gain in gold was seen as the commodity turned positive because risk-off sentiment gripped financial markets amid the ongoing political crisis in the country.
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