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Gold bounces back to Rs122,300 per tola in Pakistan

International price crosses $2000 mark again

SAMAA | - Posted: Aug 18, 2020 | Last Updated: 10 months ago
SAMAA |
Posted: Aug 18, 2020 | Last Updated: 10 months ago

Photo: Samaa TV FILE

The price of gold has started increasing again as a tola rose by Rs2,900 to reach Rs122,300 in Pakistan on Tuesday, according to the All Sindh Saraf Jewellers Association (ASSJA).  

Gold hit $2,063 an ounce in the international market on August 6, but moved down to as low as $1,867 on August 11, after it apparently lost the ‘safe haven’ appeal for investors. The decline came after an announcement made by Russian President Vladimir Putin that Moscow had developed an effective coronavirus vaccine.

But the gold price has since shown recovery and once again crossed the $2,000 mark. It reached $2,005 in the international market on Tuesday.

In Pakistan, a tola of gold reached an all-time high of Rs132,000 on August 8. But it fell to as low as Rs119,000 on August 13.

Gold prices have shown resilience because the reasons for uncertainty have not been alleviated completely. The yellow metal is considered a safe investment during the uncertain times.

Russia made an announcement regarding the coronavirus vaccine but it didn’t share details with the rest of the world. There are concerns regarding clinical trials of the vaccine and the potency of its results.

The US-China trade tensions and the US elections by the end of this year have also been adding up to this uncertainty.

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