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Gold price increases by record Rs 5,100 to Rs 123,800 per tola

Gold price increases by record Rs 5,100 to Rs 123,800 per tola
July 27, 2020
KARACHI (92 News) – The gold price witnessed a record increase of Rs5,100 per tola in a single day on Monday. After the increase, the gold price soared to Rs 123,800 per tola. Meanwhile, price of 10 grams of gold was increased by Rs 4,372. As a result, 10 grams of gold was being sold at Rs 106,138. Reuters adds: Gold soared to an all-time high on worsening ties between the United States and China, a sinking dollar and ultra-low interest rates on Monday. Europe’s main stock markets were still hurting after their first weekly drop in four and as the euro’s fastest gains since early 2016 took past $1.17, but it was weakening dollar and precious metals surge that dominated. Gold made a 1.6% jump to surpass its 2011 highs and put $2,000 per ounce in its sights. Silver climbed another 7.5%, to take its July streak past 30%, which would be its best month on record. Travel and leisure stocks were down nearly 2.5%, with airlines and tour operators such as TUI AG,, Easyjet, British Airways owner IAG falling between 7.5% and 12% after Britain imposed a 14-day quarantine on travellers returning from Spain, where coronavirus cases are rising again. Key for markets this week will be the US Federal Reserve’s latest meeting, US gross domestic product figures and earnings releases from the world’s main tech companies, including Facebook on Wednesday and Amazon, Apple and Google on Thursday. Hopes for a quick US economic recovery are fading as coronavirus infections showed few signs of slowing. That means the economy could capitulate without fresh support from the government, with some of the earlier steps such as enhanced jobless benefits due to expire this month.