Gold price extends gains in Pakistan, rises by Rs600 per tola

KARACHI: Gold price in Pakistan extended gains on Monday amid depreciation in the Pakistani rupee and ongoing geopolitical crisis.

The price of the precious commodity rose by Rs600 per tola and Rs515 per 10 grams to settle at Rs130,000 and Rs111,454, respectively.

Bullion is considered a safe store of value during such uncertainties and also a hedge against rising inflation. Cumulatively, the yellow metal had gained Rs1,450 per tola in the local market during the week that ended on March 5.

In the international market, gold tested the psychological $2,000 mark in response to demand for safe-haven assets.

Gold gained $17 per ounce to settle at $1,991.

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