Gold prices jump to new peak, reach Rs 123,900 per tola

ISLAMABAD: The price of 24 karat gold increased by Rs. 400 on Tuesday and was traded at Rs. 123,900 as against its trading at Rs. 123,500 the previous day.

According to the Karachi Sarafa Association, the price of 10-gram gold also witnessed an increase of Rs. 343 and was traded at Rs. 106,224 against its sale at Rs. 105,881.

Contrary to this trend, the price of per tola silver witnessed no change and was traded at Rs. 1500 whereas that of 10-gram silver also remained constant at Rs. 1286.

The gold prices in the international market remained stable at $1975 on Tuesday, the association reported.

Gold rates have broken a series of records over the past few weeks amid rising COVID-19 cases around the globe and worsening ties between the world’s two largest economies.

Typically, any sign of uncertainty in the financial markets boosts the appeal of gold as a safe-haven bet, as investors rush away from riskier asset classes.