KARACHI: The gold price maintained its uptrend for the sixth successive day, hitting a new all-time high of Rs101,000 per tola (11.66 grams) in Pakistan on Thursday.
The uptrend came mainly due to a significant surge in the precious metal’s price in the global market in response to the coronavirus pandemic. The commodity has emerged as a safe-haven for investors.
The gold price increased $14 to a seven-year high at $1,738 per ounce (31.10 grams) in London market just before the All Sindh Saraf and Jewellers Association (ASSJA) announced the price for local markets at around 5pm for the next 24 hours.
Gold has maintained the uptrend since almost all the major world currencies have been depreciating at a time when the global economy is set to see its worst recession due to the pandemic. The International Monetary Fund (IMF) has projected the global economy will contract by 3% this year.
Earlier, Goldman Sachs - the US-based multinational investment bank - anticipated gold would soar to $1,750-$1,800 per ounce this year in response to the Covid-19 crisis.
ASSJA member Abdullah Abdul Razzak Chand anticipated the other day that gold may touch Rs110,000-115,000 per tola in Pakistan in the next one week or one month.
Rays Commodities’ former chief operating officer said gold may continue to move in the range of $1,600-1,750 per ounce over the next one to two months in the world market.
Published in The Express Tribune, April 17th, 2020.
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