Connect with us

Hi, what are you looking for?

Online Business Success

Gold price gains Rs700 per tola, traded at Rs130,700

403807 052012 updates


A saleswoman stands behind the showcased gold necklaces at a jewellery showroom in Agartala, capital of Indias northeastern state of Tripura, August 18, 2010. — Reuters/File
A saleswoman stands behind the showcased gold necklaces at a jewellery showroom in Agartala, capital of India’s northeastern state of Tripura, August 18, 2010. — Reuters/File
  • Gold price rises by Rs600 per 10 grams to settle at Rs112,054.
  • Local gold rates are around Rs7,500 below cost.
  • In international market, gold crosses $2,000 level.

KARACHI: In line with the international market, gold prices in Pakistan rose by Rs700 per tola on Tuesday to settle at Rs130,700.

The price of the precious commodity rose by Rs600 per 10 grams to settle at Rs112,054 per 10 grams, respectively.

In the international market, gold powered past the key $2,000 level as the Russia-Ukraine crisis fuelled worries of a supply squeeze of the metal.

Gold price edged higher by $18 to close at $2,009 and continues to be a low volatility safe-haven.

Analysts suggest that the gold market is going to face a period of extremely high inflation where the central bank will be struggling to put up a defence because of other constraints.

“And that will continue to attract investors into the gold market,” they said.

Analysts have said gold, traditionally considered a safe store of value during global crises, could make another run toward an all-time high of Rs132,000 that hit on October 26, 2021, if the situation worsens.

Gold is the ultimate antidote to stagflation — economic recession with high inflation — which is increasingly plausible if things keep escalating.

Advertisement. Scroll to continue reading.

Gold rates in Pakistan are around Rs7,500 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

.



Source link

Click to comment

Leave a Reply

Latest

Online Business Success

President of GMR Transcription Services, Inc., which provides highly accurate transcription and translation solutions. getty The Wall Street Journal reported that 73% of virtual...

Online Business Success

Odell Mitchell III is an organizational effectiveness consultant, attorney and the Founder of Three Kindnesses. getty Your team leaves the conference room after a...

Online Business Success

By Jack Perkins, founder at CFO Hub, which provides on-demand CFO, controller, accounting and HR services. getty Whenever entrepreneurs prepare to run the fundraising...

Loan And Finance

It’s not easy for a new breed of professionals to navigate the changing conditions of the insurance landscape, but Insurance Business America firmly believes that there...

Technology

In brief: Snap has formally launched Snapchat+, a paid service that grants subscribers early access to exclusive, experimental and pre-release features. Snap is billing...

Online Business Success

Lisa Caprelli is a Latina entrepreneur and writer for kids & adults. An author of 19 books, she created the edutainment brand Unicorn Jazz....

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement