Gold hits all-time high of Rs124,300 per tola

KARACHI: Gold prices hit an all-time high of Rs124,300 per tola in the domestic market on Monday, ARY News reported.

The per tola price of yellow metal rose by Rs3,500 to Rs24,300 per tola while the 10-gram gold rate increased by Rs3,001 to trade at Rs106,567.

The increase in domestic gold prices was attributed to $42 per ounce rise in world gold rate to $1,943.

Gold prices in the international market hit a record high on Monday as investors rushed into the safe-haven on concerns about a spike in virus infections around the world and a lack of progress on a new stimulus bill in Washington.

With vast monetary easing measures put in place by the Federal Reserve pushing the dollar lower against most other currencies, gold is flying, hitting an all-time high of $1,944.71, well above its previous record of $1,921.18 seen in 2011.

Eyes are on the Fed’s next policy meeting this week, with some predicting further measures to boost the economy — possibly negative interest rates — that could put more pressure on the dollar and send bullion above $2,000.