Prices of gold rise yet again to an all-time high of 102,000Rs per tola as a result of collapsed global economic situation mainly the US dollar, reported on Monday. The rates of this precious metal were tested its highest in the last 7 ½ years at world market. It maintained its high price for three consecutive days. However, there was an increase of 3.5% recorded on Monday in the previous price of 102,000 per tola.
The investors invested for the future foreseeing a second wave of the ongoing pandemic said Ray’s former chief operating officer. The constant increase in the number of affected people indicated a second more brutal wave of the coronavirus which has been the case with the previous outbreaks. Gold prices will transcend if the death toll remains high but it might deflate if the death toll remains low. The capital values have decreased unanimously due to high investments and subsidies given by the government to revive economic activities to stable the socioeconomic conditions.
Moreover, which has motivated the investors to invest in gold rather than eroded currencies. Pakistan has a small market for gold and meets its demand through import. The prices of gold in Pakistan are directly proportional to the rupee-dollar exchange rate. The constant fluctuation in rupee rate was recorded, it stood stable after international financial institutes lend it more.