Karachi: A new wave of inflation has emerged globally with the announcement of imposing duties on US imports by these same countries in response to the US imposing duties of 10 to 25 percent on imports from China, Europe and Mexico.
In this wave of inflation, the trend of investing in gold to secure one’s capital has increased globally, which has led to gold prices reaching historic highs not only globally but also in Pakistan.
Globally, the price of gold per ounce has increased by $74 in the past week to a new high of $2,984, as a result of which the price of gold per tola has also increased by Rs7,700 in local gold markets.
With this increase, the price of gold per tola has reached a new high of Rs 313,700, while the price of gold per ten grams has also increased by Rs 6,602 to reach a high of Rs 268,947.
During the weekly trading, the price of silver per tola has also increased by Rs 142 to Rs 3,530, while the price of ten grams of silver has increased by Rs 122 to Rs 3,026.
In this new global trade war environment, countries including Russia, China, India and others are converting their foreign exchange reserves in dollars into gold reserves as they fear that the dollar will possibly strengthen and devalue their currencies.
Several countries are selling dollar reserves to buy gold to get rid of the dollar’s interference in their economies, while several influential countries are planning to introduce a new global currency instead of the dollar.
