Gold Prices Reach All-Time High in Pakistan

The demand for safe haven assets rose after the outbreak of the deadly coronavirus in China, with gold rising to an all-time high in Pakistan.

The price was recorded at Rs 96,300 per tola (increasing by Rs. 2000), according to All Sindh Saraf Jewellers Association. Similarly, the price of 10 grams of gold increased by Rs. 1715 and reached at Rs. 82,562.

This breaches the previous peak of Rs. 93,650 and Rs. 80,075 achieved last week over the same issues as investors opted to turn to the yellow metal.

The consistent high prices of gold is hurting the business of small dealers in the local market, which may trigger the slowdown of the gold business and subsequently unemployment in the local markets, he added.

The price of gold in the international market has surged to its highest level in seven years as worries about the coronavirus led investors to seek a safe place for their money. Gold prices climbed more than 2.5% on Monday to levels not seen since February 2013.

The price went as high as $1,690 an ounce. At the time of filing this report, gold was trading at $1684 on Monday.

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