Staff Reporter
Karachi/London
The price of 24 karat gold increased by Rs2400 on Wednesday and was traded at Rs108,300 as against its trading at Rs105,900 the previous day, Karachi Sarafa Association reported.
Likewise the price of 10 gram gold also witnessed increase of Rs2058 and was trade at Rs92,850 against its sale at Rs90,792. The price of per tola silver increased by Rs10 and was traded at Rs1060 against Rs 1050 and that of 10 gram silver also went up by Rs8.58 and was traded at Rs908.78 against recorded at Rs 900.20.
In international market, the price of per ounce gold increased by Rs 26 and was traded at $ 1802, against $1776, Karachi Sarafa association reported. Gold above $1,800 an ounce, first time since 2011.
Meanwhile, AFP reported that gold reached above $1,800 an ounce Wednesday for the first time since 2011, with the precious metal benefiting from its haven status as the coronavirus outbreak triggers global economy fears.
Gold hit $1,800.86 an ounce around 0830 GMT on the London Bullion Market, the highest level in 8.5 years, as a weaker dollar also makes the metal priced in the US unit attractive to investors.
“It is little surprise that the original safe haven is continuing its rally,” said Carlo Alberto De Casa, chief analyst at ActivTrades.
“Investors are still buying stocks but it seems they want to be covered in case of any market correction.”
Neil Wilson, chief market analyst for Markets.com, said gold was winning support also thanks to fears of high inflation caused by central bank stimulus to prop up the global economy.
“The gold bull thesis rests not only on the requirement for safe assets given the economic uncertainty, but also longer term on fears of a surge in inflation caused by the massive increase in the money supply,” he said in a client note. Gold’s record-high stands at $1,921.18 an ounce.
