Gold prices continue to rise in Pakistan
July 24, 2020
KARACHI: Gold prices in Pakistan continued their surge for the ninth consecutive day on Friday, setting sights for the Rs120,000-a-tola mark, as gold rate reached Rs118,700.
Investors have been pouring money into gold for a while now, boosting its demand, as the coronavirus pandemic weakens confidence in other commodities, currencies, and stocks.
Read more: Gold prices in Pakistan continue rallying, reach all-time high of Rs117,300 a tola
According to the All Sindh Sarafa and Jewellers Association (ASSJA), gold rates shot up by Rs1,400 a tola (11.66 grammes), while the price of 10 grammes rose by Rs1,200 to Rs101,766.
A day prior, gold registered an increase of Rs2,300 to clock in at Rs117,300 a tola despite vaccine trials around the world churning out successful results to curb risks of a recession over the ongoing coronavirus pandemic. Yesterday, the price of 10 grammes of gold became Rs1,972 costlier.
Related: How has the world responded to coronavirus pandemic through gold reserves?
Moreover, the gold rates in international markets surged $14 an ounce to almost $1,896.
The yellow metal has been been on a steady path to go beyond the $1,900-an-ounce levels in the global markets — past the nine-year peak hit earlier — as fears of economic stagnation grew owing to the skyrocketing coronavirus cases.
