Gold continues to rise

The Newspaper's Staff Reporter Published June 24, 2020

From January 1, 2019 till to date, per tola and 10 gram gold price has increased by Rs35,300 and Rs30,263, following the rise in world gold price by $474 per ounce. — AFP/File

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KARACHI: Local gold prices continued their upward trend on Tuesday, hitting a peak of Rs103,100 per tola and Rs88,391 per 10 gram, up Rs1,100 and Rs943 from Monday’s rates.

According to All Sindh Saraf Jewellers Association, world gold price further went up by nine dollars to $1,757 per ounce from $1,746 on Monday.

From January 1, 2019 till to date, per tola and 10 gram gold price has increased by Rs35,300 and Rs30,263, following the rise in world gold price by $474 per ounce. On Jan 1, 2019, local per tola and 10 gram gold prices were Rs67,800 and Rs58,128 while international bullion price was $1,283 per ounce.

On Jan 1, 2019, one dollar was equal to Rs139 as compared to the current rate of Rs167.65. Rupee devaluation against the dollar also plays a main role in raising the prices of imported items.

Director Top Line Securities, Mohammad Sohail said that with falling returns on bank deposits and national savings, investors are looking at other avenues like dollar, stocks and gold.

Published in Dawn, June 24th, 2020

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Karachi Wala

Jun 24, 2020 09:44am

Gold can further go up with second peak of corona looming around the world

Recommend 0

Asif Meer

Jun 24, 2020 01:30pm

That is completely true. Unfortunately Coronavirus is causing massive problems. Inflation rate is increasing. Gold rates in Pakistan are increasing as well as you can also review here https://mawazna.com/blog/gold-rates-in-pakistan/. USD dollar is also hiking a bit. We should focus on saving these days and trimming our daily unnecessary expenses since everyone is facing touch times whether he/she is a businessman or employed.

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Syed A. Mateen

Jun 24, 2020 06:34pm

People are more concerned how to save their lives from coronavirus instead of bothering about the gold prices no matter if the prices touches sky high. It is not written in any book of law that a boy could not marry with a girl who is not in possession of gold ornaments. If people will boycott buying gold from the market, the prices of gold will come down in international market. In the time when food has become necessary to buy eatables to remain alive, whereas, without possession of gold one can remain alive. As people during coronavirus are returning one by one to their Creator, people should forget to purchase gold as people cannot take gold ornaments into graves.

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INDIAN LOVE

Jun 25, 2020 03:44am

Gold price in Pakistan is cheaper than Indian price on gold .

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Jun

Jun 25, 2020 08:17am

Vey intelligent is the poster, Syed A. Mateen, you should join pti economic recovery and planning team.

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