All Sindh Saraf Jewellers Association notes that after price hike, one tola of gold now costs Rs1,600 more
KARACHI: Gold rates in Pakistan on Wednesday surged Rs1,600 to Rs104,400 a tola as the global economy neared a recession owing to the coronavirus pandemic.
According to rates issued by the All Sindh Sarafa and Jewellers Association (ASSJA), prices moved up Rs1,600 per tola on Monday, bumping up the price of 10 grammes of gold Rs1,372 to Rs89,506.
On the other hand, the international gold rate has gone up $10 an ounce to almost $1,772.
The upward price fluctuation, however, was still considerably less than the surge that came last week when gold rates went up Rs2,000 a tola.
On June 24, the ASSJA said that the gold rates had shot up Rs2,000 per tola as prices around the world surged to their highest in nearly eight years as signs of an acceleration in the coronavirus cases kept investors on edge.
With the increase in gold rates, the price was at that time ascertained to be at Rs105,100 per tola, whereas the price of 10 grammes of gold bumped up Rs1,715 to Rs90,106 last week.