Gold price dips Rs2,500 on vaccine hopes

It has been learnt that Turkey has emerged as the world’s largest buyer of gold these days. PHOTO: AFP With a fresh drop of Rs2,500 per tola (11.66 grams) on Tuesday, the gold price has fallen by a total Rs3,900 in the past three successive working days to a 10-day low at Rs112,100 in Pakistan in line with a downward trend in the global market.

“Gold lost around $100 per ounce (31.10 grams) in one-go to $1,877 in the past one-day following the announcement by the global pharmaceutical firm Pfizer that its Covid-19 vaccine has achieved over 90% effective results in the final testing phase,” Rays Commodities former chief operating officer Adnan Agar said while talking to The Express Tribune.

International investors mostly invest in gold during crisis times to avoid deflation in their respective currencies. The much-awaited announcement for the successful Covid-19 vaccine has started to end the global health […]

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