Gold scales new peak

The Newspaper's Staff Reporter Published July 8, 2020

The recent price hike has pushed the gold prices in the country to their highest level.

comments

Join our Whatsapp Channel

Add Dawn as a trusted source

KARACHI: The All Sindh Sarafa and Jewellers Association (ASSJA) on Tuesday increased per tola and 10-gram gold prices to Rs105,900 and Rs90,792, up by Rs1,000 and Rs857 respectively.

However, the price of gold in the international market remained unchanged.

Explaining the rationale behind the increase in prices, ASSJA President Haji Haroon Rasheed Chand said that investor interest had increased in yellow metal, raising the demand for the commodity. Meanwhile, the losing value of rupee against the dollar is also putting pressure on local prices.

The recent price hike has pushed the gold prices in the country to their highest level as the ASSJA quoted ‘unchanged world gold rate at $1,776 per ounce.’

Published in Dawn, July 8th, 2020

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Business

Gold hits new peak of Rs105,200

Gold rebounds as Covid-19 infections surge

Gold continues to rise

M. Saeed

Jul 08, 2020 09:08am

Gold price was Rs. 113 Pak Rupees per tola, in 1947. Today, it is 105,900 per tola. It is a 937 fold increase in 72 years.

Recommend 0

Vikas

Jul 08, 2020 01:06pm

Till the government comes to terms with its weird decision to reduce interest rates to ridiculous levels and makes a U turn, this is going to continue. There is no point for people with little spare money to deposit it in a bank at these rates when they don't even get an interest meeting inflation. People are likely to invest in gold or buy dollars instead.

Recommend 0

Vikas

Jul 08, 2020 01:07pm

@M. Saeed, Good statistics, but your point being?

Recommend 0

rana1

Jul 08, 2020 06:13pm

@Vikas, that gold should Not serve as backing for paper-currency systems! its over priced intentionally.

Recommend 0

M. Saeed

Jul 08, 2020 08:00pm

@Vikas, point is, Gold investment is much more profitable than in fluctuating currencies. Compare the Dollar rate over the same period. It was Rs.3.31 for a dollar in 1947 against Rs. 162 per Dollar today, in Pakistan. Just a 49 fold increase against the 937 fold increase in the price of Gold.

Recommend 0

Branded Content

Kia expands Its SUV line-up with the New Sorento PHEV in Pakistan

The launch of the Kia Sorento PHEV in Pakistan introduces another option for customers seeking the flexibility of electric driving without the range limitations associated with a fully electric vehicle.

The power of going public: ABHI Bank IPO

Banking is fundamentally a business of trust, and trust is underpinned by capital.

Punjab Housing Minister Bilal Yaseen endorses high-rise development at Alif Holdings' Real Estate CEOs Conference

The event was attended by prominent television anchors, alongside senior real estate executives, developers, investors, and representatives from across the industry.