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Business

Web Desk
August 6, 2020

Gold rally continues in Pakistan, gaining Rs800 to reach Rs129,500

Business

Web Desk
Thu, Aug 06, 2020
Gold prices in the international markets went up $9 an ounce to $2,050. AFP/Patrick Hertzog/Files

KARACHI: Gold rally continued on Thursday as the yellow metal gained Rs800 a tola in Pakistan, the All Sindh Sarafa and Jewellers Association (ASSJA) said.

With the latest bump in rates, gold is now priced at Rs129,500 per tola. Similarly, the gold rate for 10 grammes climbed Rs685 to reach Rs111,025, according to the ASSJA.

The gold rates around the world are on an upwards trend after recording a historic high yesterday amid economic woes and resurgence in coronavirus cases keeping the investors concerned.

In the international markets, bullion went up $9 an ounce to $2,050.

Analysts around the world forecast gold to record more gains considering the speed at which the yellow metal broke through $2,000-an-ounce mark, leaving some in the market fearing a correction, as the coronavirus pandemic spurs investors to buying into the relative safety the precious metal offers.

Gold has gained almost $500 this year and $200 in just the past two weeks.