Gold price spike continues

Updated 09 Jul 2020

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US gold futures rose 0.2pc to $1,814.10 per ounce. — File
US gold futures rose 0.2pc to $1,814.10 per ounce. — File

KARACHI: The one tola and 10-gram gold rates on Wednesday hit an all-time high of Rs108,300 and Rs92,850 respectively after jumping by Rs2,400 and Rs2,058.

The All Sindh Saraf and Jewellers Association raised the rate on the basis of a $26 per ounce rise in world gold prices to $1,802.

From Jan 1 till to date, one tola and 10 gram gold prices have jumped by Rs20,150 and Rs17,276 respectively.

One tola and 10-grams of gold was selling at Rs88,150 and Rs75,574 on Jan 1.

One dollar was equal to Rs154 on Jan 1 as compared to the current rate of Rs167.

Meanwhile, gold breached $1,800 an ounce on Wednesday for the first time since 2011 as mounting fears over the fast global spread of the coronavirus sent investors scurrying for safe havens.

Spot gold rose 0.4 per cent to $1,802.15 per ounce by 1217 GMT, after hitting its highest since November 2011, at $1,804.41, earlier in the session.

US gold futures rose 0.2pc to $1,814.10 per ounce.

European shares edged lower as soaring Covid-19 cases dented hopes of a swift economic recovery.

Published in Dawn, July 9th, 2020