Gold prices touched a new record of Rs. 117,300 per tola in the local market following the upward price trend of the precious metal in the global market. The prices extended the all-time highest level in the country, stated a Karachi-based gold traders’ website. It has increased by Rs. 2,300 per tola in a single day.
It is generally traded at discounted prices in the local market to attract the customers However, this time the brokers feel hesitant to offer any price reduction to the buyers. The trend of purchasing gold jewelry and biscuits is not as high as it was a year ago. Moreover, the trend of buying is picking up in the local market due to the wedding season in spite of the Covid-19 outbreak and its related restrictions and limitations.
Therefore, due to Covid-19, it has not been imported in the month of May and June. The general import of gold in Pakistan tumbled to 275 kg in the budgetary year 2019-20 compared with 335 kg of the previous financial year through legal channels.
Gold in Pakistan is being traded through causal channels usually from Dubai. Furthermore, the investors and people who sell their reserves to brokers play an important 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.