The rate for gold in Pakistan reached a new record of high on Thursday due to the pandemic lead global recession and fall of the economy.
According to the All Sindh Sarada and Jewelers Association, the rate of gold has reached Rs109,100 a tola stating an increase of up to Rs. 800 per tola. Whereas the price of 10gms increased up to Rs. 686 to meet the gold import losses.
In the previous month, the gold market had also seen a surge in the gold rates. It was observed to shot up to Rs. 105,100 for a tola and Rs. 90,106 for 10gms before it stabilized and fell to Rs. 104,100 a tola and Rs89,506 per 10gm on the 29th of June.
All Pakistan Gem and Jewelry Traders and Exporter’s chairman, Akhtar Tessori explained that this volatile condition of the gold market and the increase in prices have been due to the gold imports being halted due to the coronavirus which has impacted the exports and imports of gold in Pakistan, even the international market has taken a hit because of it.
The international rate for gold in the market increases $12 an ounce to hit almost $1,814.