Domestic gold price scales new peak of Rs105,200/tola

Business Report

KARACHI: Gold price hit an all-time high of Rs105,200 per tola in the domestic market on Wednesday.

The per tola price of yellow metal rose by Rs700 to Rs105,200 while 10 gram gold rate rose by Rs600 to trade at Rs90,192.

On June 24, the domestic per tola and 10-gram price had soared to Rs105,100 and Rs90,106 respectively.

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

However, international bullion market saw gold dropping from a near eight-year high as equities gained on the back of encouraging U.S. manufacturing data and rising hopes for a potential COVID-19 vaccine.

Spot gold fell 0.6% to $1,770.57 per ounce by 1:31 p.m. EDT (1731 GMT), having earlier hit a peak since October 2012 at $1788.96. U.S. gold futures settled down 1.1%, at $1,779.90.