Gold prices touched record new peak at Rs. 117,300 per tola in the local market following the upward price trend of the precious metal in the global market.
Gold prices reached the all-time highest level in the country, stated a Karachi-based gold traders’ website. It increased by Rs. 2,300 per tola in a single day.
Gold is usually traded at discounted prices in the local market to attract the customers however this time the traders are reluctant to offer any price reduction to the buyers. The trend of purchasing of gold jewelry and gold biscuits is not as high as it was last year however the trend of purchasing is picking up in the local market due to the wedding season despite the Covid-19 outbreak and its related restrictions.
During the month of May and June, gold has not been imported due to Covid-19, according to data of Pakistan Bureau of Statistics. The overall import of gold in Pakistan fell to 275 kg in the financial year 2019-20 compared with 335 kg of the previous financial year through legal channels.
Gold in Pakistan is being traded through informal channels usually from Dubai. Besides, the investors and people sell their savings of gold to the traders that activity play a role to meet the demand of the local market.
Internationally, the global prices are surging high to reach over $1,882 per ounce as the investors are making their investments in the yellow metal as safe-haven.