KARACHI: The gold rates in Pakistan have reached an all-time high, crossing the Rs123,800-a-tola mark today (Monday) after an increase of Rs 1,300, according to the All Sindh Sarafa and Jewellers Association (ASSJA).
Gold rates indicate that the yellow metal rose Rs5,100, continuing its rally for the past couple weeks, with investors pouring in money as the coronavirus pandemic weakens confidence in other commodities, currencies, and stocks.
On the other hand, the gold prices in the international markets shot up $46 to $1,942, registering the highest rate since September 2011. Forbes has predicted that the prices of the yellow metal are expected to rise further to $2,000 an ounce.
Earlier on Friday, the gold prices surged for the ninth consecutive day, reaching Rs118,700. A day prior to that, the precious metal had registered a rise of Rs2,300, clocking in at Rs117,300 a tola.
Gold rates across the world soared to a record high as investors rushed into the safe-haven commodity over concerns stemming from worsening China-US tensions and a lack of progress on a new stimulus bill in Washington.
ADVERTISEMENT
