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Gold hits all-time high of Rs108,300/tola

Business

July 9, 2020

Ag AFP

KARACHI: Bullion rates in the local market rose Rs2,400/tola to an all-time high of Rs108,300/tola on Wednesday.

According to data released by the All Sindh Saraf Jewellers Association, 10 grams gold price raised Rs2,058 to Rs92,850.

Local jewellers claimed gold prices in the local market remained Rs6,000/tola lower, compared with the gold rates in the Dubai market.

Meanwhile, gold reached above $1,800 an ounce Wednesday at the international market for the first time since 2011, with the precious metal benefitting from its haven status as the coronavirus outbreak triggers global economy fears.

Gold hit $1,800.86 an ounce around 0830 GMT on the London Bullion Market, the highest level in 8.5 years, as a weaker dollar also makes the metal priced in the US unit attractive to investors.

"It is little surprise that the original safe haven is continuing its rally," said Carlo Alberto De Casa, chief analyst at ActivTrades. "Investors are still buying stocks but it seems they want to be covered in case of any market correction."

Neil Wilson, chief market analyst for Markets.com, said gold was winning support also thanks to fears of high inflation caused by central bank stimulus to prop up the global economy.

"The gold bull thesis rests not only on the requirement for safe assets given the economic uncertainty, but also longer term on fears of a surge in inflation caused by the massive increase in the money supply," he said in a client note. Gold´s record-high stands at $1,921.18 an ounce.