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Gold prices rise to all-time high of Rs109,100 per tola

Gold prices rise to all-time high of Rs109,100 per tola

KARACHI: Gold rates in Pakistan on Thursday reached a new all-time high, going up to Rs109,100 a tola, as the world economy continues on its path towards a recession due to the coronavirus pandemic.

According to rates issued by the All Sindh Sarafa and Jewellers Association (ASSJA), prices moved up Rs800 per tola on Thursday. The price of 10 grammes of gold was also bumped up Rs686 to Rs93,536.

In addition, the international gold rate has gone up to $12 an ounce to almost $1,814.

On the other hand, the dollar fell Rs0.18 in the interbank market to clock in at Rs166.58 by the closing bell.

The yellow metal stayed 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.

Investors immediately bolted for safety from the novel virus while central banks around the world poured in powerful stimulus to cushion the pandemic’s economic fallout.

Spot gold was little changed at $1,809.19 per ounce at 1133 GMT. It had climbed to its highest since September 2011 at $1,817.71 on Wednesday. US gold futures were 0.3% lower at $1,816.

“The combination of global central bank easing, geopolitical risks, the persisting pandemic impact, and global recession could continue to push gold prices higher in the medium-term,” said Bank of China International analyst Xiao Fu.

But the analyst also said: “There’s volatility ahead … There could be some better economic data or (signs economies are) returning to normal, it could slow down the rally to a certain extent.”