Gold scales new peak
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KARACHI: The All Sindh Sarafa and Jewellers Association (ASSJA) on Tuesday increased per tola and 10-gram gold prices to Rs105,900 and Rs90,792, up by Rs1,000 and Rs857 respectively.
However, the price of gold in the international market remained unchanged.
Explaining the rationale behind the increase in prices, ASSJA President Haji Haroon Rasheed Chand said that investor interest had increased in yellow metal, raising the demand for the commodity. Meanwhile, the losing value of rupee against the dollar is also putting pressure on local prices.
The recent price hike has pushed the gold prices in the country to their highest level as the ASSJA quoted ‘unchanged world gold rate at $1,776 per ounce.’
Published in Dawn, July 8th, 2020
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Comments (5) Closed
Jul 08, 2020 09:08am
Gold price was Rs. 113 Pak Rupees per tola, in 1947. Today, it is 105,900 per tola. It is a 937 fold increase in 72 years.
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Jul 08, 2020 01:06pm
Till the government comes to terms with its weird decision to reduce interest rates to ridiculous levels and makes a U turn, this is going to continue. There is no point for people with little spare money to deposit it in a bank at these rates when they don't even get an interest meeting inflation. People are likely to invest in gold or buy dollars instead.
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Jul 08, 2020 01:07pm
@M. Saeed, Good statistics, but your point being?
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Jul 08, 2020 06:13pm
@Vikas, that gold should Not serve as backing for paper-currency systems! its over priced intentionally.
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Jul 08, 2020 08:00pm
@Vikas, point is, Gold investment is much more profitable than in fluctuating currencies. Compare the Dollar rate over the same period. It was Rs.3.31 for a dollar in 1947 against Rs. 162 per Dollar today, in Pakistan. Just a 49 fold increase against the 937 fold increase in the price of Gold.
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