KARACHI: Extending an upward trend, gold rates increased by Rs750 to hit an all-time high of Rs94,250 per tola in the domestic market on Saturday, reported ARY News.
Likewise, the price of 10 grams of the yellow metal recorded an increase of Rs643 to clock in at Rs80,804 at the end of the day’s trading.
The latest surge in prices of gold bullion is attributed to a rise in rates of the precious yellow metal in the global market.
Reports say gold jumped more than 1.5% to its highest level in seven years in the global market as investors rushed to the metal’s safety due to concerns over global economic fallout from the fast-spreading coronavirus.
Spot gold rose 1.7% to $1,646.89 per ounce by 01:46 p.m. EST (1846 GMT), after hitting its highest level since Feb. 13, 2013, at $1,648.75 earlier in the session. U.S. gold futures settled up 1.7% at $1,648.80.
Bullion has risen 4% so far this week, on track for its best week since late June.
“Markets are once again anxious because the coronavirus outbreak is possibly spreading outside China. There is huge amount of safe-haven demand as economic slowdown in China, Japan and Germany is expected to persist in the first half of the year,” said Edward Moya, a senior market analyst at broker OANDA.
