KARACHI: Following surge in of bullion price, gold prices increased Rs1,150 per tola to an all-time high of Rs93,650 per tola in the local market the other day, said All Sindh Sarafa Jewellers Association (ASSJA) President Haji Haroon Rasheed Chand.
The All Sindh Saraf Jewellers Association attributed the increase in gold prices in the local market to a surge in gold rates from $23 to $1,635/ounce in the international market. Price of 10 gram gold increased Rs986 to new Rs80,290. The international market showed hike in prices after investors purchased gold due to market unrest created by the coronavirus.
Meanwhile, many countries including Russia have continued filling its coffers with gold.
The Russia’s total gold holdings amounted to 73.2 million troy ounces (2,276.8 tonnes) as of February 1, and are worth around $116 billion, according to the latest data from the Central Bank of Russia (CBR).
The bullion stockpile comes at a time of gold price skyrocketing to a 7-year high, as traders have turned to traditional safe havens amid the coronavirus outbreak