Gold prices in Pakistan reach record high [23 July 2020]

KARACHI: The gold prices in Pakistan have reached a record high of Rs. 115,000 per tola (11.665 grams) after an increase of Rs. 1,500 today (23 July 2020). The massive increase in price of the commodity was in line with the global markets due to the coronavirus pandemic.

Gold prices in Pakistan have surged by Rs. 6,100 in the last week alone following today’s increase of Rs. 1,500 while prices of this commodity have also gone up internationally in the world market reaching a nine year high at $1,856 per ounce after an increase of $62 per ounce this week according to the All Sindh Saraf Jewelers Association (ASSJA).

According to an Express Tribune article, gold prices are expected to reach an all time high of around $2,000 per ounce even surpassing the all time high of $1,920 per ounce hit in 2011.

These gold prices are expected to fall once coronavirus situation improves after an introduction of a successful vaccine and after the results of the US presidential elections in November following which prices are expected to come around $1,700.

Read more: USD to PKR: Dollar rate in Pakistan [23 July 2020].

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