Precious metal reaches its highest ever price in Pakistan
The price of gold has continually been rising. It reached on Wednesday a new high in Pakistan with an increase of Rs400 per tola, taking the total price per tola to Rs109,300, according to gold rates compiled by the All Sindh Sarafa Jewelers Association.
Since the start of this year, gold prices have increased by Rs21,150 in Pakistan. The main reason behind it is the increase in its international prices and experts believe it will continue to rise unless coronavirus cases peak in major countries, especially America. The international price of gold per ounce jumped by $14 to reach $1,808.
Rays Commodities COO Adnan Agar said that the price of the precious metal will continue to rise until coronavirus cases peak in major countries.
“The market was expecting that coronavirus cases will peak by mid of August but now that has changed. Now people are expecting it may not appear by mid of August and it move further forward, therefore increasing uncertainty,” he explained.
According to Agar, people sell stocks and buy quickly cashable commodities, especially gold, in times of crisis like wars.