Rs123,800 per tola, gold price reached an all-time high in Pakistan
Gold price in Pakistan hit an all-time high after clocking in at Rs. 123,800 per tola on Monday, as per the ASSJA (All Sindh Sarafa and Jewelers Association) on Monday.
Amid the ongoing pandemic, a lot of the investors have shifted their focus on investing in gold which has hiked its demand and fueled the prices to reach an all-time high in the country’s history.
While the price of 10-gram gold got increased by Rs4,372 and was traded at Rs106,138, against its previous day price of Rs101,766.
— Anam Hameed (@anamhameed) July 28, 2020
The past couple of weeks has seen the continuous increase in gold prices, and now it has further increased by Rs5,100, according to the prices issued by the ASSJA.
The major factor behind this constant increase in the gold prices is the fact that investors are losing confidence in other stocks, commodities, and currencies, and have instead shifted their focus on investing in the yellow metal.
While internationally, the gold rates also shot up by $46 and reached the highest price of $1,942 per ounce, since September 2011. According to Forbes predictions, the gold price will soon reach $2,000 per ounce.
Gold rates have continuously been increasing for the last 10 consecutive days, and last Friday saw an increase of Rs1,400 per tola that took the price to Rs118,700. While the rates got shot up by Rs2,300 on the day before, despite the successful results of the vaccine trials being performed all over the globe that reduces the risk of recession amid the ongoing pandemic.