Gold Prices Skyrocket Once Again
Gold has been one of the most loved precious metals in the subcontinent, but it is getting harder to purchase it as prices keep increasing day by day.
Gold reaches a new high of Rs. 80,500 per tola i.e 11.66 grams which is a new historic high. There have been tensions between Iran and USA due to which the prices of gold have increased in the international market making the prices of this precious yellow metal skyrocket.
All Sindh Saraf and Jewellers Association (ASSJA) officially announced an increase of Rs.1300 per tola after the prices of gold went up in the international market. The prices shot up $21 to $1,429 per ounce in London market. This price increase has created a disturbance in the domestic market hence the increase of gold prices.
ASSJA President Haji Haroon Chand said:
“Gold has gone out of the purchasing power of the common man in Pakistan”
This massive surge in gold prices came after US imposed a new sanctions on Iran. These tensions are likely to cause even more changes in the price hike and the expected rise in price is $1500-1550 per ounce in short to medium run. Gold has surged around $135 per ounce in the past 25 days in the world market.
