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business
Friday Jul 24 2020
By
Web Desk

Gold prices continue to rise in Pakistan

By
Web Desk
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. REUTERS/Rupak De Chowdhuri/Files

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.