KARACHI: Gold rates shot up Rs4, 800 per tola, the All Sindh Sarafa and Jewellers Association (ASSJA) said Wednesday, with prices around the world surging to their historic high as economic woes and resurgence in COVID-19 cases kept investors on edge.
According to All Sindh Sarafa and Jewellers Association, with the latest bump, gold is now priced at Rs128,700 per tola. On the other hand, the international gold prices have gone up to $66 an ounce to a little over $2,041.
On Tuesday, The gold prices in the international market remained stable at $1975. Gold rates had 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.
Gold prices have risen more than 30% this year as the COVID-19 epidemic has weakened the economy and clouded the international financial outlook.
Also weighing on investors were concerns over whether the US will pass another spending step to support the world’s largest economy as it weathers a prolonged and deadly COVID-19 pandemic.
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