Gold hits all time high of Rs102,000 per tola in domestic market
- By Web Desk -
- Jun 23, 2020
KARACHI: Gold prices hit an all-time high of Rs102,000 per tola in the domestic market on Monday.
The per tola price of yellow metal rose by Rs1,300 to Rs102,000 while 10 gram gold rate rose by Rs1,114 to trade at Rs87,448, according to All Sindh Saraf Jewellers Association (ASSJA).
The increase in domestic gold prices was attributed to $12 per ounce rise in world gold rate to $1,746.
According to Reuters, gold jumped to its highest in more than a month on Monday as investors sought the safe-haven metal after surging coronavirus cases intensified concerns over a delay in global economic recovery.
Spot gold was up 0.7% to $1,754.74 per ounce by 0225 GMT after hitting its highest since May 18. U.S. gold futures rose 1.1% to $1,771.40.
“General risk aversion is helping the market, we are seeing pressure on growth exposed currencies and on share markets. Overall, there are concerns about increasing infection rates,” said Michael McCarthy, chief strategist at CMC Markets.