Gold-Prices Touch A Recorded High in Pakistan After Worldwide Prices Shoot-Up

Gold prices touched a new height at Rs. 108,300 per tola in the local market on Wednesday subsequent the increase in prices in the international market. The local gold association set the rates of gold at Rs108300 per tola, which is almost reduced by Rs. 6,000 compared to the original price hike when converting from the global market.

The price of the yellow metal has been set by ARY-Gold at Rs. 110,537 per tola across the country.

Demand for gold in the local market has been reduced due to prevailing issues as the buying power of the customers weakened significantly in the country.

Trading in gold remains limited due to a spike in the gold prices as the stockholders are expecting a drop in the coming days during the prevailing situation of instable prices.

The precious metal remains a choice of investors as the safe haven for the future rather than stocks and cash, which effects the prices of gold considerably.

Gold prices hit the eight year peak at 1,800 $ per ounce recently. The level is expected to go up further in the coming days with the increase of the Covid-19 cases worldwide, however, stockholders maintain profit taking at the same time which could adversely push down the prices of gold in the international market.

Gold surged through the 1800 $ level for the first time since 2011 as G3 central banks stuffed their balance sheets.