Gold price makes history, surges to record high of $1944 an ounce

July 27, 2020 (MLN): Bullion market seems unstoppable. Gold surged to a record price on Monday as mounting tension between US and China increased investor appetite for safe havens.

In the international market, gold reached the record high of $1,944 per ounce, well above its previous record of $1,921 witnessed in 2011.

Market analysts expect the gold price is likely to remain elevated for the foreseeable future.

Tracking a global rally, the price of 24 Karat-Gold at the domestic bullion market surged by Rs 5,100 to Rs 123,800 per tola. The valuable yellow metal had closed at Rs 118,700 per tola on the previous trading day. 

The yellow metal of 24 Karat continued its bullish momentum for the ninth-successive day, reached an all-time high of Rs 123,800 per tola, taking a cumulative gain of Rs 14,900 i.e. 13.68%.

Similarly, the price of 10-gram gold also gained by Rs 4,372 to settle at Rs 106,138 against Rs 101,766 on the last trading day, as investors continued to park their money on haven assets in times of uncertainty.

According to the Karachi Sarafa Association, the 24 Karat- Silver also witnessed an increase of Rs 100 to close at Rs 1,500 per tola.  Moreover, 10-gram silver gained Rs 85.73 to amount at Rs 1,286.

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