Gold scales new peak in domestic market

KARACHI: Gold price hit an all-time high of Rs110,900 per tola in the domestic market on Monday.

Per tola and 10 gram price of yellow metal rose by Rs300 and Rs257 to reach Rs110,900 and Rs95,078, respectively.

According to Reuters, gold prices in international market inched up today as escalating numbers of coronavirus cases around the world raised concerns over the pace of economic recovery and fuelled expectations of more stimulus measures.

Spot gold was up 0.1% at $1,810.79 per ounce by 1010 GMT, while U.S. gold futures were also 0.1% higher at $1,812.30.

Coronavirus cases continue to surge in the United States, and experts at the U.S. Centers for Disease Control and Prevention have warned that cases and deaths could rise this autumn and winter.

“The increase in the number of (Covid-19) infections in countries like the U.S., Brazil and India will make it longer for economies to recover,” said ActivTrades chief analyst Carlo Alberto De Casa.

“Uncertainties remain high, and that is supporting gold prices,” De Casa said, adding that markets are also betting on more dovish decisions by central banks. The pandemic has so far infected more than 14 million people worldwide.