Gold hits all-time high of Rs113,500 per tola

KARACHI: Gold prices hit an all-time high of Rs113,500 per tola in the domestic market on Tuesday, ARY News reported.

The per tola price of yellow metal rose by Rs2,250 to Rs113,500 per tola while the 10-gram gold rate increased by Rs1,929 to trade at Rs97,308.

According to Reuters, gold soared to a nine-year peak on Tuesday, boosted by a dollar sell-off and expectations for increased stimulus to aid the recovery of pandemic-hit economies, while silver dashed past the $20 threshold to an over six-year high.

Spot gold rose 1.5% to $1,842.52 per ounce by 1:49 p.m. EDT (1749 GMT). It hit its highest since September 2011 and was track to post its biggest daily gain since early May.

Read More: Gold scales new peak in domestic market

Earlier on July 20, gold price had hit an all-time high of Rs110,900 per tola in the domestic market.

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

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