Gold in a new market glory has gained Rs1400 per tola to reach the historic price of Rs99,700 on Monday. Gold in a new market glory has gained Rs1400 per tola to reach the historic price of Rs99,700 on Monday. Gold in a new market glory has gained Rs1400 per tola to reach the historic price of Rs99,700 on Monday.
The yellow metal’s price surge is attributed to a rise in demand. In the international market, gold gained $3 per oz to $1690 in the London market when All Sindh Saraf and Jewellers Association announced the increased rates for local buyers.
Jewelry markets are closed due to lockdown but Pakistan Mercantile Exchange (PMEX) and Karachi Bullion Exchange are operating online and through telephony managing remote transactions.
The bullion price gained value globally along with the greenback which has continuously gained over the past many weeks.
The price increase is being seen as speculative by commodities experts as they say the physical demand of the metal is almost nil currently and is likely to impact futures contracts.
The price surge also came on the back of a slight decline in COVID-19 growth and is being feared to go down if the disease grows again in the developed block.
The metal price has gone up by $225 per oz from March to $1700 currently in different markets around the world. In Pakistan, gold gained Rs10,000 per tola.
