Gold prices reached a new high at Rs. 108,300 per tola in the local market on Wednesday following the increase in prices in the international market.
The local gold association set the rates of gold at Rs. 108,300 per tola, which is almost discounted by Rs. 6,000 compared to the original price hike when converting from the global market, according to Karachi Sarafa Jewelers Group.
The price of the yellow metal has been set by ARY Gold at Rs. 110,537 per tola across the country.
The demand for gold in the local market has been dampened due to prevailing issues as the purchasing power of the customers weakened considerably in the country.
On the other hand, trading in gold remains limited due to a spike in the gold prices as the investors are expecting a drop in the coming days during the prevailing scenario of volatile prices.
Internationally, the precious metal remains a preferred choice of investors as the safe-haven for the future rather than stocks and currency, which influences the prices of gold considerably.
The gold prices hit the eight-year peak at $1,800 per ounce recently. The level is projected to go up further in the coming days with the upsurge of the Covid-19 cases worldwide, however, investors maintain profit-taking at the same time which could adversely push down the prices of gold in the international market.
According to the details, Gold surged through the $1800 level for the first time since 2011 as G-3 central banks ballooned their balance sheets.