Gold price increases for second consecutive week thumbnail

Gold price increases for second consecutive week

The price of gold has gone up by Rs9,800 per tola during the past eight working days, according to rates shared by All Sindh Sarrafa Jewelers Association. The gold price is now Rs127,800 per tola.

Meanwhile, the price of per 10-gram
gold rose by Rs515 per tola to Rs109,568 a tola.

Dealers in the bullion market
claimed that domestic prices were pushed higher by international rates and also
because of attrition in the value of the rupee against the US dollar.

On Monday, the gold price stood at
$1,802 per ounce in the international market.

Since the beginning of October, the
gold price has risen by 14,300 per tola.

The price of gold started going up
internationally as countries across the world went into lockdowns in March last
year. It rose from $1,471 to reach an all-time high of $2,063 an ounce by
August 6, 2020. At that time, the gold price in Pakistan rose to Rs132,000 per
tola.

On the other hand, when the economy starts improving, investors tend to switch to the capital market from gold and other metals. The situation in the US, the biggest economy in the world, plays an important role in influencing gold prices globally.

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