Gold prices soar in Pakistan, across the globe owing to COVID-19, China-US tensions

Gold prices soared in Pakistan and around the world on Monday, as the spike in coronavirus cases in the US and other countries as well as recent tensions between Beijing and Washington saw the price of the metal increase to a record number.

“Always a sign of trouble, gold continued its red hot streak on Monday, the safe haven commodity looking mighty attractive after another troubling weekend of COVID-19 and US-China headlines,” said Spreadex analyst Connor Campbell.

Last week, bullion had surged for the ninth consecutive day on Friday, reaching Rs118,700. The ASSJA noted that gold rates shot up Rs1,400 a tola (11.66 grammes), while the price of 10 grammes rose Rs1,200 to Rs101,766.

A day prior to that, the precious metal had registered a rise of Rs2,300, clocking in at Rs117,300 a tola despite vaccine trials around the world churning out successful results to curb risks of a recession over the ongoing coronavirus pandemic.

The yellow metal has been been on a steady path to go beyond the $1,900-an-ounce levels in the global markets — past the nine-year peak hit earlier — as fears of economic stagnation grew owing to the skyrocketing coronavirus cases.

Gold prices at 10:30am GMT

• Gold: UP 2.0% at $1,940.15 per ounce
• London – FTSE 100: DOWN 0.2% at 6,111.62 points
• Frankfurt – DAX 30: UP 0.3% at 12,878.37
• Paris – CAC 40: FLAT at 4,953.42
• EURO STOXX 50: FLAT at 3,312.67
• Tokyo – Nikkei 225: DOWN 0.2% at 22,715.85 (close)
• Hong Kong – Hang Seng: DOWN 0.4% at 24,603.26 (close)
• Shanghai – Composite: UP 0.3% at 3,205.23 (close)
• New York – Dow: DOWN 0.7% at 26,469.89 (close)
• Euro/dollar: UP at $1.1711 from $1.1656 at 2100 GMT
• Dollar/yen: DOWN at 105.42 yen from 106.14 yen
• Pound/dollar: UP at $1.2832 from $1.2794
• Euro/pound: UP at 91.25 pence from 91.10
• West Texas Intermediate: DOWN 0.1% at $41.24 per barrel
• Brent North Sea crude: DOWN 0.1% at $43.29