KARACHI: The per tola and 10 gram gold price on Wednesday rose to Rs105,100 and Rs90,106, showing an increase of Rs2,000 and Rs1,715 from Tuesday. Price of gold in international markets saw a jump of $20 per ounce in world price to $1,777.

BIPL Securities said gold prices climbed to its highest level in nearly eight years on Wednesday as demand for the safe-haven asset was boosted by worries over a surge in coronavirus infections and hopes of more stimulus measures to combat the economic blow. Spot gold was up 0.2 per cent at $1,769.76 per ounce after touching $1,773, its highest level since October 2012 in early Asian trade. US gold futures rose 0.2pc to $1,785.80.

Central banks across the globe have taken aggressive stimulus measures and kept interest rates low helping gold prices surge more than 16pc this year, BIPL said. The precious metal is widely viewed as a hedge against inflation and currency debasement.

Published in Dawn, June 25th, 2020