The price of gold has been falling across the world. The precious metal has been losing its value since the emergence of several vaccines against the novel coronavirus. The vaccination process has begun in many countries, including the US.
The gold price dropped by another Rs2,000 in Pakistan over the last three days, according to rates shared by the All Sindh Saraf Jewelers Association. A tola of gold now costs Rs104,000.
Prices of gold and other precious metals increase during uncertain times such as wars and disasters as these are considered safe havens for investment. Their prices fall when stable times are expected ahead. Investors turn to gold when things don’t look in favor of the economy and stocks. The same happened during the Covid-19 pandemic.
The gold price stood at $1,736 an ounce in the international market by the time this story was filed.
The gold price started increasing internationally as countries across the world went into lockdowns in March 2020. It rose from $1,471 to reach an all-time high of $2,063 an ounce by August 6. The per tola price in Pakistan peaked to Rs132,000 at the time.
