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Gold price moves up in Pakistan as Trump contract’s coronavirus

Per tola price moves up by Rs1,500 in two days

SAMAA | - Posted: Oct 6, 2020 | Last Updated: 4 months ago
Posted: Oct 6, 2020 | Last Updated: 4 months ago
Gold price moves up in Pakistan as Trump contract’s coronavirus

Gold’s per tola price moved up by Rs1,500 in two days to reach Rs113,300, according to rates compiled by the All Sindh Saraf Jewelers Association on Tuesday. 

The price of gold has again showed an upward trend after it recently dropped to a two-month low.

Adnan Agar, the director of AA Commodities, says the factors that tend to swell the price of gold and other metals are still intact.

Agar added that the recent news of US President Donald Trump contracting the coronavirus has also affected the price.

He said Trump’s term as president has proved to be good for the capital markets. The chance of him not getting re-elected negatively affects the market sentiments, which tends to increase the price of gold, he said.

Gold and other metal prices feed on uncertainty, since they are considered a safe haven for investment during uncertain times.   

The international price of gold appreciated to $1,917 per ounce by the time this story was filed. The price of gold started increasing internationally as countries across the world went into lockdowns in March due to the COVID-19 pandemic. It rose from $1,471 to reach an all-time high of $2,063 by August 6.

But recently, a fall in the price of gold was also seen. It fell to $1861 per ounce by September 25. But Agar thinks it fell because of consolidation or profit-booking. Whenever the price increases quickly, people start selling to book profits. This, in turn, brings the prices down.  

He said he doesn’t see the precious metal losing its appeal anytime soon.

“The price of gold must be closely followed for the next two or three months as it can be highly volatile,” he suggested.

The US may have one of its most controversial elections in November as Trump has suggested he won’t accept defeat.

Agar says the US election itself, and the possibility of a controversial one, adds to political uncertainty. It can cause the gold price to rise because of the safe haven appeal to investors. 

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