Gold price soars to Rs128,000 per tola

By: News Desk      Published: 05:47 PM, 5 Aug, 2020
Gold price soars to Rs128,000 per tola

Gold prices on Wednesday reached a historic high of Rs128,700 with an increase of Rs4,800 per tola at the close of the trading, reported 24NewsHD TV channel.

The price of 10-gram gold after an increase of Rs4,116 reached Rs110,340.

The gold price hit $2,041 an ounce for the first time in the international market, the latest surge in a commodity seen as a refuge during economic uncertainty.

On Tuesday gold price hit $2,000 an ounce for the first time. The precious metal hit the symbolically important benchmark near 1615 GMT before retreating somewhat then crossing the line again about 30 minutes later. Gold prices have risen more than 30 percent this year as the coronavirus outbreak has weakened the economy and clouded the global financial outlook.

Also weighing on investors were concerns over whether the United States will pass another spending measure to support the world's largest economy as it weathers a prolonged and deadly coronavirus outbreak.