Gold prices hit all-time high in Pakistan

By: News Desk      Published: 06:18 PM, 21 Feb, 2020
Gold prices hit all-time high in Pakistan

Gold prices in Pakistan hit an all-time high Friday as fears over coronavirus around the globe has forced the investors to reduce their risk exposure.

Gold prices in local market reached all time high of 93650 per tola, seeing 1150 per tola increase in a single day.

In the local market, gold moved up Rs986 to reach the highest level of80290 per 10 gram.

In international market, gold is flashing green for the fourth straight day and is currently trading at $1,635 per ounce, the highest level February 2013. The anti-risk yellow metal continues to draw bids from retail investors and hedge funds despite the headwinds from other markets. Despite a strong dollar index, gold is currently reporting 7.3% gains on a year-to-date basis.

Dollar strength usually hurts gold. This time, however, the rally in the greenback has failed to deter investors from pouring money into the yellow metal.

The classic haven assets like gold and treasuries have found love amid the coronavirus outbreak in China and the fears of the virus spreading to other parts of the world, leading to a sharp slowdown in global growth.

The current surge is result of continuous spread of coronavirus in China and beyond with increased cases reported on Friday.

Categories : Business