The gold price maintained its uptrend in the domestic market and surged Rs2,500 to close at Rs132,000 per tola on Friday in line with the surge in international bullion market. Cumulatively, in the past five trading sessions (since July 31), the price of gold has soared Rs9,250, according to the All Sindh Saraf and Jewellers Association. Speaking to The Express Tribune, Pakistan Mercantile Exchange Managing Director Ejaz Ali Shah said the prevailing uncertain conditions have sparked a flight from risky commodities towards safer commodities. Alpha Beta Core CEO Khurram Schehzad added that there is virtually no demand for gold in Pakistan and the price rise was solely due to imports. "The price hike is a reflection of persistent rise in international price of gold," he said.

Source: The Express Tribune August 08, 2020 03:45 UTC