Gold skyrockets to Rs117,300 a tola in Pakistan, touching new all-time high

KARACHI: Gold prices in Pakistan skyrocketed to a whopping Rs117,300, touching a new all-time high as the precious metal continued its rallying both here and in international markets.

The yellow metal shows no signs of stopping, likely to even touch $1,900 in international markets as the global economy headed on towards recession due to the ongoing coronavirus pandemic, even though trials around the world have been churning out successful results.

The prices of gold issued Thursday by the All Sindh Sarafa and Jewellers Association (ASSJA) indicate a tola was Rs2,300 costlier now. The price of 10 grammes of gold shot up to Rs1,972 to Rs100,566 as well.

Moreover, the international gold rates have gone up to $26 an ounce to almost $1,882. The yellow metal has been staying above $1,800 in the global markets — close to nearly the nine-year peak hit in the previous session — as fears of economic stagnation grew owing to the skyrocketing coronavirus cases.

In addition, gold rates shot up for a fifth straight session around the world on Thursday as escalating tensions between the US and China increased its safe-haven appeal.