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Gold price surges to Rs103,800 per tola

Gold price surges to Rs103,800 per tola

ISLAMABAD: The price of a tola of 24-karat gold rose by Rs2,500 on Tuesday to Rs103,800, as per the Karachi Sarafa Association. The rate of 10-gram gold is now Rs89,000.

This rise in gold price is an international phenomenon. India, Pakistan’s immediate neighbour, witnessed an all-time high in their gold prices today as investors rushed to safer investment classes.

On a global level, safe-haven metals are attracting investors as the coronavirus pandemic moves from panic territory towards stabilization. As a result, investors are encouraged to re-enter markets.

In addition, owing to the expected supply-side shocks and quantitative easing movements, investors stockpile on gold in anticipation of price inflation in the future.