Gold price extends gains in Pakistan, rises by Rs350 per tola

• Bullion prices in the local market settle at Rs124,000 per tola and Rs106,310 per 10 grams.
• Analysts believe that inflation is always a favourable scenario for gold.
• The price of gold in the international market slightly dropped by $4 settling at $1,773.

KARACHI: Gold gained for the third consecutive session on Friday, boosted by concerns regarding uncertain economic conditions which have once again sparked a flight from risky commodities towards safer ones.

Bullion prices in the local market gained Rs350 per tola and Rs300 per 10 grams today to reach Rs124,000 and Rs106,310.

On Thursday, the yellow metal closed at Rs123,650 per tola and Rs106,010 per 10 grams.

Analysts believe that inflation is always a favourable scenario for gold as concerns regarding an economic slowdown in Pakistan and worldwide are adding fuel to the uptrend in gold prices.

Local gold dealers said that the return of inflationary days in Pakistan and around the world has once again invited investors’ attention towards the yellow metal.

The price of gold in the international market slightly dropped by $4 settling at $1,773.

Both local and international investors now await the US jobs report for November due later on Friday.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams.