The price of the precious metal increases 33% since January
Gold continued its record-setting streak as the price of a tola reached Rs117,300 in Pakistan on Thursday, according to the All Sindh Saraf Jewelers Association. The precious metal recorded an increase of Rs2,300 in its price.
The price of gold has increased by 33% since January 1, when a tola would cost Rs88,150.
Its international price has also reached a nine-year high. The gold price rose by $26 in the international market to reach $1882 an ounce Thursday.
Experts attribute this hike to uncertainty created by the coronavirus pandemic.
Even countries like China are on a buying spree for the precious metal, according to Akhtar Tessori, the chairman of All Pakistan Gem and Jewellery Traders and Exporters Association.
Adnan Agar, the COO of Rays Commodities, says that people are concerned and therefore they are opting for gold as a safe investment.
Elections in the US scheduled for later this year are adding to this uncertainty too. Gold is considered safe to invest in during uncertain times.