Gold witnessed whopping surge during 2020 in Pakistan  

KARACHI: Gold prices have witnessed a whopping surge during 2020 in Pakistan after it gained Rs25,300 on a tola, ARY NEWS reported quoting All Pakistan Jewelers Manufacturers Association.

According to the annual gold report, the prices of the precious metal were at Rs 88,300 per tola at the end of 2019 as compared to Rs 113,600 per tola in December 2020, witnessing an increase of Rs25,300 per tola.

The 10-gram prices witnessed an increase of Rs21,693 after it traded at Rs 97,393 per 10-gram in December 2020 as compared to Rs75,700 per 10-gram in December 2019.

According to the annual bulletin, the precious metal’s prices peaked in the month of August 2020 when it traded at Rs131,500 per tola. In the international market, the gold was traded at US$2055 per ounce in August 2020.

Gold price in International Market today

Gold rose on Tuesday as the prospect of additional US stimulus bolstered the metal’s appeal and weighed on the dollar, with Washington’s lawmakers set to address President Donald Trump’s request for larger coronavirus relief checks this week.

According to a Reuters report, The Spot gold rose 0.3 percent to $1,877.51 per ounce. The metal climbed as much 1.3 percent on Monday after U.S. President Donald Trump’s approval of a $2.3 trillion stimulus package.

The US gold futures settled up 0.1 percent to $1,882.90.

Read More: Gold continues upward journey

As 2020 winds down, gold, a hedge against inflation, has risen about 24% this year, mainly due to stimulus measures rolled out across the globe to curtail the economic damage from the pandemic.

Silver was up 0.1 percent at $26.12 an ounce. Platinum rose 1.5% to $1,046.26 and palladium was steady at $2,322.80.