Gold rates reach all-time high over economic woes
KARACHI: Gold rates shot up to Rs132, 000 per tola, the All Sindh Sarafa and Jewellers Association (ASSJA) said Friday, 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, the latest uptrend in the gold price in Pakistan was worth Rs2, 500 per tola, compared to an increase of Rs800 a day prior. Similarly, the gold rate for 10 grammes climbed Rs2, 144 to reach Rs113, 169.
On the other hand, gold prices in the international markets went up to $4 an ounce to $2,054.
Analysts across the globe continue predicting more gains in gold given the speed at which the yellow metal broke through $2,000-an-ounce mark a couple of days ago, leaving some in the market fearing a correction as the COVID-19 crisis spurs investors to buy into bullion’s relative safety.
On Tuesday, gold prices hit $2,000 an ounce for the first time, the latest surge in a commodity seen as a refuge during economic ambiguity.
The precious metal hit the symbolically important benchmark near 4:15 pm GMT before retreating somewhat then crossing the line again about 30 minutes later.
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