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Gold price increases as world fears spike in coronavirus cases

A tola hits all-time high of Rs105,100

SAMAA | - Posted: Jun 24, 2020 | Last Updated: 12 months ago
Posted: Jun 24, 2020 | Last Updated: 12 months ago

Photo: AFP

The price of gold continues to rise as the world fears a spike in coronavirus cases in the coming days.

Gold prices have continuously been rising since Covid-19 cases started appearing in Europe and America.

The international price of the precious metal stood at $1,777 Wednesday, according to MAFA Capital CEO Adnan Agar.

Gold saw a surge of Rs2,000 in its per tola price in Pakistan Wednesday. It rose to Rs105,100 from Rs103,100 on Tuesday, according to the All Sindh Saraf and Jewellers Association.

The price of gold has been crossing its all-time high for the last five consecutive days.

Agar said gold is considered safe for investment in times of calamities like war and pandemics.

“People are pulling their investment out of stocks and investing in safe places like gold,” he said.

“Such times of crisis make investors turn to safe investments and this trend is likely to take the gold price further up.”

Bullion prices in Pakistan surpassed Rs100,000 per tola on April 14 for the first time but later fell below that level.

Last week, it breached that threshold again and the surge continues this week.

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