KARACHI: Galloping gold prices in recent rally with Rs 2000 increase to hit an all-time high of Rs96,300 per tola in the domestic market on Monday, ARY News reported.
Likewise, the price of 10 grams of the precious metal recorded an increase of Rs1715 to clock in at Rs82,562 at the end of the day’s trading.
The latest surge in prices of gold bullion is attributed to a rise in rates of the precious yellow metal in the global market.
The local bullion market continued its bullish trend as on Saturday the price of gold increased Rs650 per tola to hit a record high of Rs94,300 per tola.
Spot gold rose to $1,684 per ounce after hitting its highest level since Feb. 13, 2013 with 40 dollars per ounce hike.
Bullion risen 4% in previous week, on track for its best week since late June.
“Markets are once again anxious because the coronavirus outbreak is possibly spreading outside China. There is huge amount of safe-haven demand as economic slowdown in China, Japan and Germany is expected to persist in the first half of the year,” said Edward Moya, a senior market analyst at broker OANDA.
