The price of gold has gradually been moving up and breaking its previous highest price records every other day.
The precious metal did it again on Wednesday with a Rs700 price increase, according to prices compiled by the All Sindh Saraf Jewellers Association.
Gold prices in the international market increased by $12 to $1,782.
In Pakistan, the increase in gold prices is attributed to the precious metal’s international price hike.
The rising trend in the price of gold is attributed to the bleak outlook of the economic performance of the world. Investment in the precious metal is considered safe in times of disasters like war and the current COVID-19 pandemic.
ASSJA chief Haroon Chand said the virus outbreak has been pushing the gold prices up.
However, the precious metal’s price increase is proving difficult for the people in the gold business. Demand has dropped considerably as weddings are getting postponed and people are selling gold to meet their expenses because of financial strains.
“I think small businesses will not survive for long,” he said.