Gold scales new peak of Rs131,500 per tola

KARACHI: The gold on Friday continued upward journey and hit an all-time high of Rs131,500 per tola in the domestic market, ARY News reported.  

According to the details, the per tola price of yellow metal rose by Rs 2000 to Rs 131,500 per tola. The price of 10-gram gold also increased by Rs1,715 to trade at Rs 112,740.

All Sindh Saraf and Jewellers Association fixed the higher domestic rate based on a four dollar per ounce jump in world gold price to $2,051.

Reuters said that the gold’s record-breaking rally paused on Friday as the dollar got some respite from investors looking for a hedge against the U.S.-China spat, but fears over worsening pandemic kept bullion on track for its longest streak of weekly gains in about a decade,

Spot gold was 0.6% lower at $2,051.52 per ounce by 1158 GMT, having hit another record high of $2,072.50 in early trade. It has added about 4% so far this week for what would be its ninth straight weekly gain.

Read More: Gold price jumps to new peak in domestic market

Earlier on August 6, Gold prices had hit an all-time high of Rs129,500 per tola in the domestic market.

The per tola price of yellow metal rose by Rs750 to Rs129,500 per tola. The per tola price of 10-gram gold rate also increased by Rs643 to trade at Rs111,025.

Gold surged to a record high on Thursday in the international market as the COVID-19 pandemic clouded the economic outlook.