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Business

Web Desk
July 24, 2020

Gold rally continues in Pakistan

Business

Web Desk
Fri, Jul 24, 2020
Investors have been pouring money into gold both internationally and in Pakistan for a while now, boosting its demand, as the coronavirus pandemic weakens confidence in other commodities, currencies, and stocks. The News/Files

KARACHI: Gold continued rallying in Pakistan for the ninth consecutive day on Friday, eyeing the Rs120,000-a-tola mark and reaching Rs118700.

Investors have been pouring money into gold for a while now, boosting its demand, as the coronavirus pandemic weakens confidence in other commodities, currencies, and stocks.

According to the All Sindh Sarafa and Jewellers Association (ASSJA), gold rates shot up Rs1,400 a tola, while the price of 10 grammes rose Rs1,200 to Rs101,766 as well.

A day prior, gold registered an increase of Rs2,300 to clock in at Rs117,300 a tola despite vaccine trials around the world churning out successful results to curb risks of a recession over the ongoing coronavirus pandemic. Yesterday, the price of 10 grammes of gold became Rs1,972 costlier.

Moreover, the gold rates in international markets surged $14 an ounce to almost $1,896.

The yellow metal has been been on a steady path to go beyond the $1,900-an-ounce levels in the global markets — past the nine-year peak hit earlier — as fears of economic stagnation grew owing to the skyrocketing coronavirus cases.