KARACHI: Gold rates continued their upward trend in the domestic market on Wednesday as per tola price of yellow metal rose to Rs105,100 after an increase of Rs2,000.
Likewise, 10 gram gold price rose to Rs90, 106 showing an increase of Rs1,715.
Rate of precious yellow metal in international markets increased by $20 per ounce to $1,777.
According to Reuters, gold prices surged to their highest in nearly eight years on Wednesday, while global shares cooled as signs of an acceleration in coronavirus cases kept investors on edge.
Fuelling concerns about sustained weakness in the pace of the economic recovery was data showing several U.S. states seeing record infections and the death toll in Latin America passing 100,000.
The European Union is even prepared to bar U.S. travellers because of the surge of cases in the country, putting it in the same category as Brazil and Russia, the New York Times reported.
All that and softness in the dollar, along with endless cheap liquidity from central banks, helped spot gold gain 0.2% to $1,770.92 per ounce after touching $1,773, its highest level since October 2012 in early Asian trade.