Another day, another rise in gold prices. The new gold price in Pakistan reaches Rs. 105,200 per tola which is Rs. 90,192 per 10 gram.
This is a good sign for those who had invested in gold. It’s even said to be a ‘safe-haven’ commodity. And on the other hand, oil prices faced a drastic decline recently.
The recent past trends and expert’s opinions are all in favor of gold prices. It’s unclear and unpredictable to what extent the gold prices continue to increase. But according to the trends, it’s still a good commodity to invest.
Gold remains a key safe-haven asset among others (like the US dollar and international crude oil). People will continue to invest in the precious metal until the uncertainty associated with Covid-19 persists.Quoted from an interview by The Express Tribune with Ejaz Ali Shah, MD PMEX.
on the same day i.e. Wednesday, July 1st, the international market observed a record peak of $1,800 per ounce (31.10 gm). However, this price was just for a little while and soon returned near to its norm of $1,775
Adding as an advice to the investors, MD PMEX added
Trends suggest investors may continue to prefer investing in gold until Covid-19 and the uncertainty is there.
However, if the world succeeds in controlling Covid-19 and introduces a successful vaccine, then the reversal in the commodity’s price would be at the same speed at which it has been rising.Source: The Express Tribune
While it’s clear that no one can assure the extent to which the surge in gold prices is expected, MD PMEX also advised to withdraw investment when the gold reaches $1,800 per ounce.
While investing in gold is one side business (investment opportunity) for all, stock trading and forex trading is also beneficial if done properly. As a beginner, you must learn some basics of both financial markets including key differences between the two trades.