Gold prices rise for sixth session at over Rs 204,000 per tola

Undated photo of gold jewelry on display in a jewelry store. — AFP/File

Gold fell on Friday, extending gains into a sixth straight session, as worsening economic indicators boosted demand for the precious commodity.

Gold prices (24 carat) rose by Rs 700 per tola and Rs 600 per 10 grams to Rs 204,200 and Rs 175,068 respectively, according to data released by the All Pakistan Sarafa Gems and Jewelers Association (APSGJA).

Gold hardly answered Strengthening of Pakistani rupee Against the US dollar and moved in a narrow range above the key threshold of Rs 200,000 per tola.

In six sessions (Saturday-Friday) aggregate, the precious commodity fetched Rs 6,700 per tola.

When other markets slide, investors typically seek refuge in gold to maintain a low risk profile.

Pakistan is likely to experience an economic downturn amid political and economic uncertainty and a stalled revival of the economic crisis. International Monetary Fund (IMF) loan.

According to the association, prices in the local market remained lower by Rs 4,000 per tola compared to prices in the Dubai gold market.

Meanwhile, domestic silver prices remained unchanged at Rs 2,150 per tola and Rs 1,843.27 per 10 grams, respectively.

Gold prices rose in international markets on Friday, seeing their biggest weekly gain since mid-November as the global banking crisis sent investors flocking to the safe-haven metal. The price of an ounce settled at $1,936 after rising $10.

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