(CTN News) – The price of gold rose towards a record high on Tuesday as investors moved into the traditional safe-haven metal amid mounting inflation fears, looking ahead to the next federal budget for the fiscal year 2022-23.
Meanwhile, the price of the yellow metal remained near all-time highs amid concerns over the ongoing depreciation of the Pakistani rupee against the US dollar and further monetary policy tightening.
Gold prices settle at Rs143,250 per tola.
Gold settled at Rs143,250 per tola according to rates issued by the All Sindh Sarafa Association. By closing at Rs122,814, the Gold prices jumped by Rs1,072 per 10-gram.
In total, the price of the yellow metal has gained Rs5,950 per tola since the start of the bullish spell (June 2).
A tola of the precious metal reached an all-time high of Rs143,600 on May 24.
A safe store of value during times of political and economic uncertainty, gold is often considered a hedge against soaring inflation.
Gold remains a safe haven against inflation (rupee depreciation and increase in essential commodity prices) and people invest in gold to beat the impact of currency devaluation.
Yellow metal’s price fell by $5 per ounce on the international market to settle at $1,849 per ounce.
Silver prices in the domestic market today remained unchanged at Rs1,570 and Rs1,346.02.