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Gold price racks up by Rs 1500 per tola in Pakistan

Prices moved up after Trump tested positive for COVID-19

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Gold price in Pakistan has been increased by Rs 1500 per tola in two days to reach Rs113,300, as per rates compiled by the All Sindh Sarafa Jewelers Association on Tuesday.

According to the reports, gold price has again gained an upward momentum after it recently dropped to a two-month low.

The director of AA Commodities, Adnan Agar has said the factors that likely to increase gold price and other metals are still intact, adding that the recent news of US President Donald Trump contracting the lethal infection has also affected the price.

Read More: Gold price drops by Rs16,800 within three weeks in Pakistan

Agar said Trump’s term as president has proved to be good for the capital markets, if he is not re-elected will negatively affects the business trends and the price of gold will be increased.

Gold and other metal price has been uncertain, since they are considered a safe haven for investment during uncertain times specifically after coronavirus.

Agar said the US election itself, and the possibility of a controversial one, fuels to political uncertainty. It can affect the gold price to surge because of the safe investment for investors.

the authorSamra Mazhar