In Pakistan, gold and silver prices rose to new heights every day, continuing the recent sessions' dominant pattern.

According to data from the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), gold prices only marginally increased by Rs 100 per tola and Rs 86 per 10 kilos to close at historic highs of Rs 170,900 and Rs 146,519, respectively.

Silver prices increased by Rs. 20 per tola and Rs. 17.15 per 10 grammes, respectively, to reach record highs of Rs. 1,990 and Rs. 1,706.10.

Depreciation of the Indian rupee sparked a rally in the gold market, which resulted in a rise of Rs7,850 per tola during the previous seven sessions.

The local prices are based on rupee-dollar parity and international rates. According to market practice, local prices of gold usually go down on the rupee's appreciation against the US dollar and rising prices of commodities in the international market.

Speaking to Geo.tv earlier during the week, AA Gold Commodities Director Adnan Agar said the shortage of dollars was the major reason behind the constant increase in gold prices in the local market.

In Pakistan, gold and silver prices rose to new heights every day, continuing the recent sessions' dominant pattern.

According to data from the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), gold prices only marginally increased by Rs 100 per tola and Rs 86 per 10 kilos to close at historic highs of Rs 170,900 and Rs 146,519, respectively.

Silver prices increased by Rs. 20 per tola and Rs. 17.15 per 10 grammes, respectively, to reach record highs of Rs. 1,990 and Rs. 1,706.10.

Depreciation of the Indian rupee sparked a rally in the gold market, which resulted in a rise of Rs7,850 per tola during the previous seven sessions.

Investors are drawn to the dollar because of the widening gap between the open market and interbank market rates, which is currently between Rs20 and Rs30. However, despite the dollar's lack of availability and people's worries about Pakistan's financial situation and default risks, he explained why investors' attention suddenly shifted to the dollar.

He continued by saying that because of the rumours that the dollar could rise to 350–400 versus the rupee, investors were attempting to buy the precious metal.

But given the lack of dollars, Agar argued, "they have turned their attention to gold as the price of the yellow metal is likewise growing in the worldwide market."

The price of gold decreased by $9 per ounce on the global market, finishing at $1,817. As hopes that the Federal Reserve will adopt a less aggressive policy stance later in the day increased, the price maintained above the $1,800 per ounce pivot.