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Business

Web Desk
August 7, 2020

Gold prices break past Rs132,000-a-tola mark, registering record high

Business

Web Desk
Fri, Aug 07, 2020
Gold prices in the international markets went up $4 an ounce to $2,054. AFP/Michal Cizek/Files

KARACHI: Gold prices broke past the Rs132,000-a-tola mark on Friday, the All Sindh Sarafa and Jewellers Association (ASSJA) said, registering record high, with prices around the world shooting up as well amid weak investor confidence in stocks over economic woes and resurgence in coronavirus cases.

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, according to the ASSJA.

On the other hand, gold prices in the international markets went up $4 an ounce to $2,054.

Analysts across the world 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 coronavirus crisis spurs investors to buying into bullion’s relative safety.

Gold prices on Tuesday hit $2,000 an ounce for the first time, the latest surge in a commodity seen as a refuge during economic uncertainty.

The precious metal hit the symbolically important benchmark near 4:15pm GMT before retreating somewhat then crossing the line again about 30 minutes later.

Gold prices have risen more than 30% this year as the coronavirus outbreak has weakened the economy and clouded the global financial outlook.

"The gold price is viewed as buying opportunities," Commerzbank said in an analysis.

Additional input from AFP