Gold prices hit another record high in Pakistan
KARACHI: Gold prices continue to see a surge in Pakistan as Thursday 24 carat gold price increased by Rs2000 per tola. With this increase, the price for 24-carat gold has reached Rs97,000 per tola.
The price of 22-carat gold has reached Rs88000 per tola. During the current week, the gold prices have surged Rs4500 per tola so far. The same trend is also evident in the international gold market where the price of gold has increased by $39 per ounce during the current week.
The gold prices are surging in the country despite all the gold markets are under closure due to the countrywide lockdown. Increase in the dollar rate against Pakistan rupee has also played a part in the elevation of gold prices to a new high.
It has been predicted that the gold prices would further rise as the Gold is prized by investors in times of crisis as a safe haven and is experiencing surging demand in the face of the coronavirus outbreak — from both commodity traders and retail buyers.
The precious metal had forged a seven-year peak on commodity markets this month as traders sought shelter from the COVID-19 pandemic and its destructive economic impact.
The commodity has also rocketed as investors seek to guard against rising inflation — with many central banks injecting immense amounts of liquidity into the financial system to counter virus fallout.