KARACHI: Gold rates in Pakistan have surged to a record high, crossing the Rs123,800-a-tola mark on Monday, according to the All Sindh Sarafa and Jewellers Association (ASSJA), as markets opened on the first day of the week leading up to the Eid-ul-Azha 2020.
Gold rates issued by the ASSJA indicate that the yellow metal rose Rs5,100, continuing its rally since the past couple weeks, with investors pouring in money as the coronavirus pandemic weakens confidence in other commodities, currencies, and stocks.
In the international markets, on the other hand, gold prices shot up $46 to $1,942, registering the highest rate since September 2011. According to Forbes, gold prices are expected to rise further to $2,000 an ounce.
Last week, bullion had surged for the ninth consecutive day on Friday, reaching Rs118,700. The ASSJA noted that gold rates shot up Rs1,400 a tola (11.66 grammes), while the price of 10 grammes rose Rs1,200 to Rs101,766.
A day prior to that, the precious metal had registered a rise of Rs2,300, clocking 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.
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.