Gold price in Pakistan extended gains for the fourth consecutive session on Wednesday as political and economic uncertainty triggered demand for the safe-haven asset.
The price of gold (24 carats) increased by Rs900 per tola and Rs771 per 10 grams to settle at Rs202,400 and Rs173,525, data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.
Recent events show that gold remains a safe haven asset as it is able to benefit from market uncertainty.
The yellow metal gained Rs4,900 per tola during the last four sessions as the movement of Pakistani currency remained on a downward trajectory.
In the international market, gold reversed course and rose on Wednesday, as a tumble in Credit Suisse shares rekindled fears about the banking sector and hammered appetite for riskier assets. The per-ounce price settled at $2,150 after an increase of $30.
Meanwhile, silver prices in the domestic market rose by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,150 and Rs1,843.27, respectively.
