KARACHI: Gold prices in Pakistan climbed more than 2 percent today (Monday) and reached an all-time high this week.
Gold rates in Pakistan increased to Rs104, 400 a tola is the world economy headed towards a recession due to the spread of the COVID-19 outbreak. According to rates issued by the All Sindh Sarafa and Jewellers Association (ASSJA), prices moved up Rs1, 600 per tola on Monday.
It further informed that the price of 10 grams of gold bumped up Rs1,372 to Rs89,506. On the other hand, the international gold rate has gone up to $10 an ounce to almost $1,772.
The upward price fluctuation, however, was still considerably less than the surge that came last week when gold rates went up Rs2, 000 a goal.
Earlier, the All Sindh Sarafa and Jewellers Association (ASSJA) had informed the price of gold per tola has risen by Rs2,000 on June 24.
As per details, with the increase of Rs2,000, gold is now priced at Rs105,100 per tola, whereas the price of 10 grams of gold shot up to Rs1,715 to Rs90,106. On the other hand, the international gold price has gone up to $20 an ounce to $1,777.
The risk of a further rise in prices is likely to happen according to global economists. This change in the market is mainly due to the COVID-19 pandemic and tensions between India-China as the supply of crude oil and gold affected.
June gold futures prices rose 0.7 percent to Rs 45,830 per 10 gram on the Multi Commodity Exchange (MCX), against a gain of Rs650 per 10 gram in the previous session. July silver futures edged 0.44 percent higher at Rs 41,780 per kg.
Gold had risen 18 percent last year as the China-US trade dispute increased demand for the safe-haven amid interest rates cuts by the US central bank.