Gold rates rose by Rs26,000 per tola in a year

Business Report

KARACHI: Gold rates continued their upward trend in the domestic market on Tuesday as prices of one tola and 10 grams of yellow metal recorded a marginal increase of Rs200 and Rs171 respectively.

Per tola price of gold rose to Rs104,650 after the Rs200 increase while 10 gram gold price increased to Rs89,720 showing an increase of Rs171, according to the chairman of the All Pakistan Jewellers Manufacturers.

All Pakistan Jewellers Association chairman Muhammad Arshad said gold rates recorded an increase of Rs26,000 per tola in the fiscal year 2019-20 as the precious yellow metal was priced at Rs78,500 on June 30, 2019.

Gold prices firmed near an eight-year peak on Wednesday, as the metal’s safe-haven demand was boosted by worries about the global economic impact of surging coronavirus infections around the world.

Spot gold was up 0.1% at $1,782.67 per ounce by 0336 GMT, after hitting its highest since early October 2012 at $1,785.46 in the previous session. U.S. gold futures were steady at $1,800.60.