Gold hits record Rs93,650/tola

KARACHI: Bullion prices increased Rs1,150/tola to an all-time high of Rs93,650/tola in the local market on Friday.

According to the data released by the All Sindh Saraf Jewellers Association, the local market witnessed increase in prices; following a surge in gold rates in the international market.

In the meantime, price of 10 grams gold raised Rs986 to Rs80,290. In the international market, bullion rates increased $23 to $1,635/ounce.

Abdul Razzaq, a member of the All Sindh Saraf Jewellers Association, said that international market showed an increase in prices after stockers purchase gold amid trade issues created by the coronavirus.

“They were buying gold as a safe heaven,” he added. Since buying power was low in Pakistan, bullion prices in the local market remained Rs2,000/tola lower, compared with the rates in the Dubai gold market, he added.