According to the All Sindh Saraf and Jewellers Association, the per tola price of gold recorded an increase of Rs6,500 or 6.6% in the past five trading sessions. Investors opted to relocate their capital from different securities to the safe-haven asset – gold – ahead of likely outbreak of the second wave of the coronavirus pandemic around the world. Talking to The Express Tribune, Mafa Capital CEO Adnan Agar said the increase in domestic gold price was a direct result of the skyrocketing international bullion price. International marketGlobally, gold surged to its highest level in nearly eight years on Wednesday as rising coronavirus cases dented hopes of a rapid economic recovery and pushed investors towards safe-haven assets. Spot gold prices climbed 0.6% to $1,777.53 per ounce by 0957 GMT, having earlier hit their highest since October 2012 at $1,779.06.

Source: The Express Tribune June 25, 2020 03:00 UTC